How AI technologies are revolutionising accounting firms in the UK

6min Read

Globally and across all industries, the Artificial Intelligence (AI) market is projected to expand 37% each year by 2030.

From healthcare to retail, agriculture to wine production, AI is redefining operational efficiencies and bringing innovative solutions to traditional – often manual – ways of working. 

And accounting in the UK is just another area where AI is making its mark. 

Now, AI technologies are revolutionising accounting firms in the UK allowing accountants to focus on higher-value activities such as advisory services. 

In this article, we delve into the significant impact of AI in accounting firms, and explore how AI technologies can revolutionise your accounting practice by enhancing data accuracy, automating routine tasks and improving overall productivity.

Did you know: By 2034 AI will contribute to boosting productivity in firms by 40%

Understanding AI in Accounting Firms in the UK

AI, simply put, is the simulation of human intelligence in machines, programmed to think and learn like us. In the accounting landscape, AI harnesses technologies like machine learning (ML) and natural language processing (NLP) to crunch vast datasets, spot patterns and anomalies, and extract actionable insights – all with minimal human input.

Traditional accounting in the UK relies on manual data entry and analysis, which are time-consuming and error-prone. But AI automates these tasks, freeing up accountants to work on value-added services.

This shift leads to more accurate, efficient and insightful client management.

Did you know: More accountants are excited by AI than those actively investing in AI training for their teams? Training is key to the development of AI in your firm. 

Benefits of AI in Accounting Firms

  1. Automating manual tasks

One of the primary benefits of AI in accounting is the automation of routine tasks. Tasks such as data entry, invoice processing and financial forecasting, which traditionally rely on manual effort, can now be automated. 

Plus, AI can continually update balance sheets, flag anomalies and predict cash flow trends based on historical data. This not only reduces the risk of human error, it also frees up valuable time for accountants to focus on strategic initiatives, like advisory and client engagement.

  1. Enhancing data accuracy

AI technologies excel at managing and analysing large volumes of data that far exceed what any human could handle. It standardises financial data and then identifies anomalies and inconsistencies in it, ensuring higher accuracy in overall reporting. 

This enhanced data accuracy is key for making better, more informed business decisions and maintaining compliance with regulatory standards.

  1. Improving firm productivity 

As a result of being able to improve data accuracy and automate manual tasks, accounting firms can significantly enhance their overall productivity. 

By leveraging the power of AI, accountants can free up time to focus on strategic activities that rely on human insight and drive business growth, such as client advisory services. 

Read more: The 3 best AI tools for accounting firms

How Silverfin Can Help

With AI transforming the landscape of accounting, it’s clear that embracing these technologies can have a huge impact on your firm’s efficiency. But understanding how to effectively integrate AI into your firm can be a challenge. This is where tools like Silverfin Assistant come into play. 

Silverfin Assistant is a prime example of how AI can transform your firm’s operations. It’s designed to handle repetitive tasks with ease, freeing up your team to concentrate on high-impact activities. Here’s what it can do:

  • Automated Data Review: Effortlessly scans and assesses client files, cutting down on time spent manually checking
  • Error Detection: Spots inconsistencies and errors that might be not get detected by the human eye
  • Boosted Efficiency: Executes hundreds of checks continuously on your live data, saving you hours compared to manual processes

Accuracy is essential in accounting, and Silverfin Assistant helps you ensure this with:

  • In-Depth Reviews: Conducts detailed evaluations of financial data to ensure every entry is correct
  • Instant Alerts: Provides real-time notifications of anomalies, giving you time to correct any mistakes
  • Increased Client Confidence: Fewer errors translate to more reliable reports, and this fosters greater trust in your firm

Read more: How accounting intelligence can give your firm a competitive advantage 

“If AI gives back time used to have contact points with your client – which means you understand them better and ask simple questions of their business – it’s a win”. – Russell Frayne, Director of Transformation, Gravita

The Future of AI in Accounting Firms

According to a recent survey, 54% of accountants believe a firm drops in value if it doesn’t integrate AI into its processes. 

By embracing a proactive approach to AI, your accounting firm can leverage its potential to maintain a competitive edge and boost client satisfaction.

Silverfin Assistant is a prime example of the potential AI can have on your firm.  

To ensure your firm is ready for the future, be sure to invest in the right tools alongside continuous learning and development, foster a culture of innovation from the top down to ensure you’re not falling behind the pack.

To find out more about Silverfin and its AI capabilities including Silverfin Assistant, why not book a introductory call today?

Download Whitepaper now: Beyond the hype: the real benefits of AI for your accountancy

More Posts

overworked accountant

Accountancy’s long hours: Is a work-life balance possible?

A recent survey by Silverfin has uncovered a concerning trend in the UK accountancy sector: nearly two-thirds of accountants, 63%, say that they regularly work ...
Read More

AI accounting: 5 benefits of using embedded intelligence in your firm

Does your accounting firm struggle with increasing demands for accuracy and efficiency? Maintaining quality service in the face of growing client expectations and market competition ...
Read More
cloud accounting solutions

Enhancing client relationships with digital solutions

Learn how cloud accounting solutions and digital tools help accounting firms build stronger client relationships and improve collaboration.
Read More

The advantages of using technology in accounting: why the cloud is crucial to your growth

Accounting firms face many challenges, from handling vast amounts of data to ensuring compliance with evolving regulations.  These daily pressures can make it hard to ...
Read More

We took the Camel to the future @PKF

From May 14th to 16th, Silverfin had the pleasure of attending the PKF EMEI Conference, held at the Radisson Blu Hotel in Marrakech. As strategic ...
Read More

AI in accountancy – making sense of implementation

Discover how AI is transforming accounting, with tips on tools, data structure, and enhancing client communication for firms. Watch the full webinar for actionable insights.
Read More
Dear Excel, it’s not you, it’s me. Knowing when it’s the right time to date other software

Dear Excel, it’s not you, it’s me. Knowing when it’s the right time to date other software

Many accounting firms still use Excel for managing client accounts, but a steady relationship with Excel may be holding them back. Here's why.
Read More
accounting compliance - Silverfin UK

How accounting compliance software helps reduce risk

UK accounting companies are subject to increasing pressure to meet growing regulatory expectations from bodies like HMRC and Companies House. As regulations continue to evolve ...
Read More

Driving New Standards With Accounting Compliance Software

If there is one thing you can count on, it’s changes to compliance regulations. In fact a recent report by Accounting Web Intelligence cited the ...
Read More
The future of AI in accounting

The AI Advantage: Why AI and Accountancy Goes Hand in Hand

Accounting firms face the dual challenge of managing burgeoning data while maintaining precision and compliance. As regulatory landscapes become more complex and client demands for ...
Read More

Getting your data in the right place for AI, with AI

When Accountants discuss AI it often concerns whether machines will replace them with AI ‘taking over’. But, before you get anywhere near replacing a human’s ...
Read More

EP 6 – AI implementation at FreeAgent: Insights from Stu McEwan, FreeAgent

In the latest episode of the Silver Linings podcast, Stuart McEwan, Staff Product Manager at FreeAgent, shared valuable insights about implementing AI in accounting software. ...
Read More

Let’s Chat

Scroll to Top