Learnings for the future, Accountancy in review

5min Read

Last year, Silverfin hosted a series of online breakfasts with accountants across the UK to discuss how they were approaching this challenging year.

COVID-19 has impacted firms across every industry and at the financial frontline of this were accountants and bookkeepers. They are working tirelessly to help businesses cope in the midst of uncertainty whilst adapting to new, remote ways of working.

Here at Silverfin, we had the privilege to catch up with over 150 accountants in more than 20 events last year and hear how they’ve approached one of the most challenging periods in memory.

Our main takeaways from these conversations are captured in this report and address:

1. Helping customers manage the pressures of COVID-19.
2. Maintaining and managing long-term change within their firm despite this.
3. Integrating technology to achieve success.

Not only do our breakfast attendees’ observations summarise the profound impact 2020 has had on the profession, but they also provide a blueprint for how firms should approach the future.

2020 may be over but the lessons that we have all learnt will impact the accounting profession for years to come.

Helping customers manage the pressure of COVID-19

The pandemic has clearly wreaked havoc on the world’s economies with the UK unemployment rate reaching record levels. Accountants have spent much of their time trying to manage these pressures and more generally advising companies on how to overcome this once-in-a-lifetime situation.

The accounting role has reached a turning point in this new operating environment. Clients want accountants that can offer them real insights and practical support with liquidity and cash flow planning. How can businesses survive during lockdowns with their doors shut to customers whilst rent and utility costs remain? Even the strongest of businesses have had to rethink their operating model due to the pressures of having significant periods of little or no income. Fortunately, accountants and bookkeepers have been by their side to help them. They’ve provided their clients with detailed cash flow forecasts. They’ve modelled best and worst-case scenarios, given critical advice on ensuring their cash flow suffers minimal disruption, and helped businesses unearth key cash sources that need to be protected going forward.

Planning for liquidity and cash flow

Technology has enabled this level of service as accountants were able to help clients identify contraction trigger events — in other words, events which would have a profound impact on their businesses’ cash flow and liquidity. This level of service has allowed them to protect their cash flow as much as possible, while also giving business owners the confidence they know if (and how) they could survive this period.

Coping with the rapid shift to remote working

In 2020, accountants have had to provide their services almost entirely virtually and ensure that quality didn’t suffer as a result. This new normal of remote working revealed exactly where firms are on their digital journey. During these breakfasts, attendees had the opportunity to discuss exactly what issues they were experiencing with remote working and shared how they were using technology to increase collaboration and communication. Naturally, the less tech-savvy had the biggest shift to make in devising a remote working strategy that works for both the practice and client. The converse was true for digitally mature firms who found a ‘quick virtual meeting’ to be much less onerous than the traditional face-to-face meeting but not always when the frequency has increased ten-fold. If 2020 has taught us anything, it’s that flexibility is key. Our discussions suggest that the best firms will grant their employees the freedom to work from where they feel suits them (and their clients) best and sort out the management culture accordingly.

Developing new skills and providing training

Besides changes to where accountants are working, we found that COVID-19 meant gaining knowledge on new topics and training on new skills. Many of the accountants we spoke to have had to restructure their internal knowledge management processes and become experts in a variety of subjects: management, IT, finance, and HR, to name but a few. If they’re going to meet their clients’ increasing expectations and provide as much value as possible, practices will have to find a way to conduct crucial training at scale — even if everybody is working remotely. In order to keep up with rapid societal change, we all must continue to learn new skills. Accounting is no different. Accountants that develop new skills will be the ones who can help their clients meet the future head-on. Nowhere is this more true than in the role of technology in business. 15 years ago, the cloud was something you saw in the sky. Nowadays, it’s technology at the heart of most accounting practices and their clients.

Read more about the conversations we had with these leading accountants in 2020. The expert insights we got from them into the profession and their views on understanding the challenges and opportunities that accountants will face in 2021.

Download the whitepaper here.

More Posts

5 Ways Accounting Workflow Software Can Help Your Firm

Your accounting firm may use workflow software to onboard new clients and manage deadlines, but workflow software can do so much more for your accounting ...
Read More

How Gravita is pioneering the AI evolution in accounting

Discover how UK accounting firm, Gravita is leveraging AI to automate manual processes and free up time to focus on value-added services.
Read More
silverfin

Silverfin partners with Docusign giving accountancy firms seamless documentation in the cloud

Discover how Silverfin and Docusign’s integration streamlines electronic signing, enhancing workflow efficiency through the cloud.
Read More
The best AI tools for accounting firm

What’s new and useful? The latest AI innovations and what to use them for

In this chapter from our recent AI whitepaper ‘Beyond the hype: the real benefits of AI for your accountancy firm’, we check our understanding of ...
Read More

Elevating Efficiency: Customer Portals Transform Workflows for Accounting Firms & Boost Customer Service

Ideally, a customer portal for accounting firms is a secure cloud-based platform that can improve how you interact with your clients. With a seamless exchange ...
Read More

Everything you need to know about cloud-based accounting software for UK firms

Learn how to boost efficiency with cloud-based accounting software for UK firms. Automate tasks, improve accuracy, and streamline compliance processes.
Read More

Artificial intelligence in accounting: market trends for 2025 and beyond 

Explore the evolving role of artificial intelligence in accounting in the UK, with our market outlook for 2025 and beyond.
Read More
Excel for Working Papers

Stuck in the Excel (dis)comfort zone? It’s time to reimagine your working paper process

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
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 Best Software for Accounting Firms: Benefits and Key Considerations  

Manual data entry, human errors, and fragmented client communication. These are common issues accountants face every day. Often caused by inefficient processes and legacy tools, ...
Read More

Enhancing Corporation Tax: Effortless, compliant Corporation Tax filings every time

Our Corporation Tax whitepaper will help you create capacity with automation, and file Corporation Tax effortlessly.
Read More
best of breed technology

The thirst for best of breed technology is great. So, why are there no clear winners in tech firms usage?

In this Elite Business exclusive, Silverfin's Phil Hobden explores the increasing demand for best-of-breed technology in accounting.
Read More

Let’s Chat

Stay connected

Sign up for our newsletter to receive the latest news from Silverfin including blogs, product updates and event invites.

By subscribing you agree to with our Privacy Policy

Scroll to Top