• Silverfin whitepaper addresses the most frequently asked questions we hear from accountants and the real benefits of AI for accountancy firms
• AI isn’t a ‘miracle drug’ but accountants will improve productivity and profit margins if they review process, culture and technology by following seven smart steps for successfully implementing AI

The team at Silverfin developed this whitepaper to bring together industry analysis of the key AI issues occupying accountants’ minds today. Using explanations of the ways AI is being applied to accountancy, technical expertise, customer experiences and practical advice, Beyond the AI hype: the real benefits of AI for your accountancy firm is a complete guide to successfully introducing AI to accounting practices. 

In easy to understand chapters, the whitepaper considers four core themes, highlights the productivity gains and improvements to profitability that using AI brings:

WHAT’S REALLY AT STAKE? The risk of falling behind competitors who are embracing AI

WHAT’S NEW AND USEFUL? The latest AI innovations and how to use them

WHAT ARE SMART STEPS FORWARD? 7 steps to understanding and managing AI in your accounting firm including:

• Prepare your company, mindset and staff. 
• Assess your current processes. 
• Get your data ready.
• Evaluate the risks to manage them. 
• Team up with forward thinking technology partners. 
• Define how you’ll measure AI success.
• Engage with clients, stakeholders and partners

WHAT ARE MY PEERS DOING? Case in point: how Gravita unlocks the power of AI with Silverfin

> Too busy to read the whole whitepaper, why not check out our summary infographic here

Ken Bastiaensen, Director of Special Projects and Innovation at Silverfin, describes AI’s appeal to accountants; “Imagine getting more work done to a higher standard of accuracy with fewer resources and higher profit margins. Sounds too good to be true, but a study by Accenture predicts that AI can help accountancy firms boost productivity by up to 40% by 2034. It’s this tantalising promise that continues to make AI the talk of the town. But, many are still asking if the current buzz is worth the fuss.”

Ken notes that AI will mean different things to different firms and the whitepaper will help accountants understand how AI can help their specific needs and find an AI solution that works for them: “In this whitepaper, we summarise the multiple conversations we have with accountants every day, providing pragmatic advice and showcasing the tangible gains of AI for accountancy firms. We also address possible pains and provide practical solutions. We aim to provide answers that don’t just fan the flames of the hype. Rather, we explore the true impact of AI on accountancy.” 

Ambitious UK firms including top 30 firm Gravita are already working with Silverfin and other providers to assess and implement AI that enhances core accounting work.

“AI should replace processes, not people,” explains Russell Frayne, Director of Transformation at Gravita. “If you automate the processes that you spend ages doing manually, you’ll free up time to have more interactions with your clients and take up more of an advisory role.” 

AI is not a miracle drug

“While many headlines speak to the impending AI takeover, it is not a miracle drug,” explains Ken. 

“While AI can automate some tasks, it enhances human abilities rather than replacing them entirely. Put differently, AI will change the responsibilities of existing roles rather than creating new ones, all while reducing the – often heavy – workload many accountants face.”

Ken says the whitepaper looks at the concern many partners have that AI will bring chaos to client data governance and compliance. “With proper protocols and oversight, these concerns can be mitigated while even making your compliance work easier and better. All in all, the key is finding a way for the human and machine to work together hand in hand, so that each compliments the other.”

Ken explains it’s about finding the right technology partners too: “At Silverfin, we see it as our duty to ensure that relevant, state-of-the-art AI features are readily accessible – with a steadfast commitment to assisting accountants and staying ahead of the curve by actively engaging with the latest advancements. That’s why and how we’ve seamlessly integrated AI and deep machine learning into Silverfin for several years.”

Gravita uses AI to find data errors and improve productivity

“When Gravita tried out Silverfin Assistant for the first time in the accounts preparation stage, the advanced AI tool immediately showed its value,” Russell explains. 

“Instead of reviewing the data manually, we ran it through Silverfin Assistant. The tool ran around 100 checks and spotted three or four opportunities that were ‘nice to know’, but also four errors that were spot-on. It would have taken an accountant, say, 30 minutes or more to dive into the file and find those anomalies.”

Former PwC accountant and now Silverfin’s UK General Manager, Cameron Ford, concludes: “Accountancy has already been evolving due in part to cloud-based software. But the change AI brings is an even greater acceleration, which also propels the need for accountancy firms to have an AI strategy in place as the resulting changes will invariably affect everyone in the firm.”

“We hope this whitepaper will give accountants a solid understanding of AI’s potential and how to approach it safely while maximising the opportunities.”

A copy of ‘Beyond the hype: the real benefits of AI for your accountancy firm’ can be downloaded here

About Silverfin

Silverfin is the cloud platform that makes accountants successful. Silverfin dramatically improves the efficiency, accuracy and profitability of traditional accounting work. With centralised data, standardised and automated workflows, this work takes hours rather than days. 

But that’s not all. With more time available (and Silverfin’s data, reporting and analytics tools at their disposal) accountants can also deliver the advisory services their clients value.

Launched last year in the UK, Silverfin Assistant continuously analyses client files to find unusual balances, missing transactions and outliers. Flagging these and suggesting fixes, saves hours of manual checking, improves accuracy and improves client service.