AI is playing a pivotal role in the evolution of Silverfin’s products, as outlined by both Nick Meerlaen, Product Manager, and Martin Lysholt, VP of Product. The company’s approach to AI is deeply embedded in solving real user problems rather than merely implementing AI for the sake of it.
A problem-first approach to AI
Nick Meerlaen explains that Silverfin’s AI strategy revolves around identifying concrete user problems and leveraging AI as a tool to solve them. He states:
“One of the reasons that we’ve been quite good at releasing AI features is because we don’t treat them as very different to other elements of our product. It all starts with a very concrete user problem that we then solve with an AI solution.”
Martin Lysholt echoes this sentiment, emphasising that AI is not just a gimmick but a necessity in response to the evolving accounting industry. He highlights the pressure on firms to be both more efficient and more value-driven:
“The accounting industry is under a lot of change and pressure to be more efficient while also providing more value to clients. AI can play a huge part in achieving both.”
AI mapping: reducing time and improving accuracy
One of the most impactful AI-driven solutions Silverfin has developed is AI Mapping, which significantly reduces the time required to standardise charts of accounts. Nick explains:
“We used to have a solution where people manually standardised charts of accounts. In 2017, we introduced AI Mapping, which predicts the meaning of an account based on historical mappings and allows for automation. This reduced the time spent on mapping by 97%.”
Martin adds that automation needs to be paired with transparency to maintain user trust:
“We’ve learned that it’s more important for people to be confident about what’s happening rather than aiming for complete automation. Ensuring easy validation of AI outputs has been key.”
Silverfin assistant: addressing staff shortages and training gaps
Silverfin Assistant was developed in response to the increasing automation of bookkeeping and the resulting gap in junior accountants’ learning. Nick explains:
“A lot of accounting offices worry that new joiners don’t get enough hands-on experience with posting journals. Silverfin Assistant helps by guiding them on which questions they should ask and flagging unexpected situations in client files.”
By incorporating patterns from client data and legislative requirements, Silverfin Assistant ensures that junior accountants can still develop the critical thinking skills necessary for their roles.
AI input automation: the next step forward
Looking ahead, Silverfin is prioritising AI-driven input automation to further streamline compliance processes. Nick shares:
“We’re focusing on AI input features that automate data entry into templates, such as hire purchases and bank loans, making reconciliation much faster and easier.”
Martin highlights the broader implications of this innovation:
“We see AI transforming accounting in the next few years, not just by improving efficiency but also by enabling accountants to provide deeper insights. This shift from data entry to data interpretation will be key.”
A competitive edge through AI and data
Silverfin’s unique advantage in the market comes from its cloud-native platform and extensive data integration capabilities. Martin explains:
“We’re in a strong position because we aggregate and process vast amounts of financial data in real time. This allows us to apply AI effectively to deliver insights that accountants can use to support their clients.”
The future of AI in accounting
Both Nick and Martin agree that AI’s future in accounting lies in:
- Efficiency gains – Automating manual processes to reduce workload and costs.
- Deeper insights – Using AI to extract and present meaningful financial insights.
- Proactive AI – Moving from reactive data queries to AI-driven recommendations.
Martin concludes:
“We’re moving towards a world where AI proactively provides insights rather than just responding to user queries. That’s where the real transformation lies.”
Final thoughts
With a strong AI team and a commitment to real problem-solving, Silverfin continues to develop solutions that make accountants’ lives easier. Rather than chasing AI trends, the company remains focused on delivering practical, high-impact innovations that drive efficiency and insight across the industry.
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