Technology is having a significant impact on how businesses operate today. Innovations like cloud computing, automation and AI are becoming increasingly accessible, transforming the way tasks are managed and teams collaborate.
The pace of digital adoption seems to be picking up speed as technology becomes more readily available. According to the EY Work Reimagined Survey, 49% of employees last year reported using or planning to use generative AI. This year, that number has surged to 75%, showing just how quickly these tools are becoming part of everyday work.
For the accounting profession, this presents an opportunity to rethink traditional approaches and explore new ways to work more efficiently and deliver greater value. The benefits of digital transformation for accountants are manifold: optimised workflows, better collaboration, reduced accounting errors and more opportunities to deliver client value, to name just a few.
Of course, the concept of digital transformation is nothing new. It’s been on the agenda for forward-thinking accounting firms for years. Yet, the possibilities available today bring a fresh sense of momentum. With advanced technologies becoming more attainable, firms are better positioned to refine processes, increase accounting efficiency and stay future-fit in an evolving landscape.
Cloud-based solutions are changing how firms handle data
Accounting firms depend on data at every level, whether they’re focused on accounts production, preparing working papers, managing corporation tax or solving clients’ business challenges.With live data connectivity and real-time accounting software, firms can access the most up-to-date information and collaborate in real-time, no matter where team members are located. By centralising information on unified platforms, firms break down silos and establish a single source of truth that benefits everyone involved.
The results speak for themselves. According to the PwC 2024 Cloud and AI Business Survey, 74% of top-performing companies using cloud technologies reported higher profits, while 72% noted increased productivity. And these are just a few of the benefits of digital transformation in accounting.
Automation and AI further complement these capabilities
Cloud-based and AI-driven accounting software allows firms to reclaim time previously spent on time-consuming tasks like data entry, transaction reconciliation and analysing files. For clients, this could mean more timely support and more opportunities for strategic conversations with their accountants.
Among the firms that PwC surveyed, 41% have already seen improved customer experiences through AI, while 40% reported enhanced productivity.
By 2030, as much as 30% of the hours currently worked could be automated, with AI playing a key role in driving this shift.
McKinsey Global Institute
Meeting client expectations in a competitive market
Some clients appreciate having access to real-time financial information and advice tailored to their specific situations. Modern accounting software like Silverfin can support these preferences by centralising data and standardising processes, saving time and contributing to reduced accounting errors. This increased accounting efficiency and responsiveness can set firms apart in a crowded market.
Digital communication tools further enhance the client experience by making it easier to share updates, reports or messages in a timely and secure manner. For clients, this can offer greater transparency and the convenience of staying informed without unnecessary delays.
9 out of 10 firms have harnessed accounting technology to help meet clients’ growing needs over the past two years. Intuit Quickbooks
Technology supports compliance and regulatory requirements
Operating within a framework of regulations that are constantly updating, accounting firms face the ongoing task of keeping pace with updates to local and international standards. Cloud-based accounting software like Silverfin helps reduce the reliance on manual processes, offering a smoother and more efficient approach to managing compliance.
For instance, Silverfin simplifies compliance with HMRC tax regulations, offering pre-built templates that align with best practices and tools that reduce risk. Firms can produce compliant, high-quality CT600 returns every time, with built-in data validation to catch any errors. When ready, iXBRL-tagged returns can be filed with HMRC in just one click.
Empowering people with technology
The benefits of digital transformation in accounting are widely recognised within the profession. According to industry reports, 93% of UK accountants believe that technology enhances their ability to deliver greater value, whether to their organisation or their clients.
Ongoing digital transformation is also shaping the accounting workplace of the future. By equipping teams with modern tools and streamlined systems, accounting firms show they value their people’s time and are committed to helping them reach their full potential.
Planning ahead
As technology continues to evolve, accounting firms have a growing opportunity to reimagine how they operate and serve their clients.
Cloud computing, automation and AI can be used as much more than tools to increase accounting efficiency. They also have the potential to reshape how firms use data, focus their time, retain talent and support their clients’ business goals.
By integrating these technologies thoughtfully, accounting firms can stay ahead in an evolving industry, delivering peace of mind to their clients while positioning themselves for success in 2025 and beyond.
