Make Your Working Papers Work: Comparing Top Tools

Written by: Ana Ansell

28/08/2024 - 09:22

TOPICS:

UK, Competition, Blog, Working Papers, Excel

Make Your Working Papers Work: Comparing Top Tools

8min Read

The world is going digital fast, and accounting firms need smart tools to keep up and thrive. Finding the right technology partner for working papers is crucial in this shift, acting as the backbone of modern accounting practices.

> 60% of midsize firms saying that tech and automation are key to their growth, picking the right tool can make all the difference in staying competitive.

However, choosing the right tool takes careful consideration of all the features. It’s also important to choose a tool that is flexible to your needs, and not one that your accounting firm has to adapt to be able to use.

In light of this, let’s see how two leading digital working paper softwares, Silverfin and MyWorkpapers, weigh up against each other in solving key accounting problems.

What Are the Main Problems They Solve?

Choosing the right tool means understanding the problems it addresses. Silverfin is an obvious MyWorkpapers alternative as both have solid cloud credentials and connect with a wide range of client bookkeeping systems through open APIs.

Silverfin

Accounting firms often struggle with wasted time tracking down or working on outdated data. Staff get frustrated with repetitive tasks and manual data updates, and inconsistencies in file preparation and review can cause major headaches. Fragmented communication between colleagues and clients further complicates matters, and delayed or incomplete reporting can hinder advisory services.

Silverfin helps to address these issues:

Centralised Client Data: Keeps all client data in one place, facilitating easy access and integration across various workflows.
Automation of Compliance Processes: Streamlines and automates compliance tasks, cutting down on manual effort and boosting accuracy. In fact, with Silverfin, you can cut down year-end preparations and corporation tax submissions by up to 50% with automation, AI data checking and in-context communications.

MyWorkpapers

Accounting can be complex, especially during audits and year-end processes. Recently acquired by tax, accounting and payroll software company, Bright, MyWorkpapers offers robust solutions to streamline these tasks, making it easier for accountants to manage their workload and collaborate effectively:

Simplified Audit and Year-End Processes: Provides tools to standardise and automate audit and year-end tasks, reducing errors and enhancing efficiency.
Enhanced Collaboration: Secure portals facilitate seamless document exchange and communication between clients and other accounting firms.

Ease of Use

No one wants to struggle with clunky software. Ease of use can make or break your experience with a tool.

Silverfin

Navigating complex accounting tasks becomes a breeze with Silverfin’s user-friendly design. Developed by accountants for accountants, the intuitive interface simplifies even the most intricate processes:

Cloud-based, user-friendly interface designed to be intuitive and easy to navigate.
Integrated communication tools make collaboration straightforward and efficient, eliminating the need for external communication channels.

MyWorkpapers

MyWorkpapers prides itself on its cloud-first, user-centric design. Features like PDF annotation and Excel integration make it accessible for both tech-savvy users and those more comfortable with traditional tools:

Intuitive platform with features like PDF annotation and Excel integration, making it user-friendly.
Smooth transition to digital processes, thanks to familiar tools and interfaces, making it easy for users to adapt.

Time Savings

Time is money, especially in accounting. The right tool can save you hours of work.

Silverfin

Silverfin’s automated processes are designed to save time and ensure accuracy at every step. By leveraging live data syncs and automated reconciliations, manual data entry is drastically reduced. Additionally, the AI-powered Silverfin Assistant helps make sure the data is accurate:

Automatically synchronises data, eliminating the need for repetitive manual entry.
Uses AI to detect discrepancies and errors, cutting down the time spent on manual checks and freeing up accountants for more strategic work.

MyWorkpapers

MyWorkpapers is all about efficiency. By automating key processes, it helps accountants complete their tasks faster:

Automated solutions for year-end and audit processes significantly reduce preparation time.
Centralised data and automated workflows streamline operations and eliminate redundant tasks, allowing accountants to focus on higher-value activities.

Flexibility

Every firm is different. It is important to choose a tool that allows you to tailor workflows to suit your specific needs.

Silverfin

Silverfin provides substantial flexibility by offering adaptable workflows and templates that match the unique needs of your accounting firm. This adaptability means you can tailor reports and management accounts to specific client needs, enhancing overall efficiency.

Tailor workflows and templates to suit your accounting firm and the specific needs of the various types of clients you work with.
Support for all major Client Types, with templates designed to support limited companies, LLPs, sole traders, and partnerships. Continuous software updates reflect regulatory changes, keeping you up-to-date and compliant.

MyWorkpapers

MyWorkpapers also understands the need for personalisation. Its customisable templates and processes ensure that it meets the specific requirements of different client types and firm structures:

Offers standard and customisable templates for various client types and accounting firm sizes.
Personalise processes and integrate with existing tools like Excel with Excel Connect, for a more customised experience, making it a versatile choice for diverse accounting needs.

Integrations

Integration capabilities can greatly enhance the functionality of your accounting tool, making it more powerful.

Silverfin

Silverfin shines with its extensive integration capabilities. It works seamlessly with major bookkeeping systems and offers open APIs for added flexibility:

Seamlessly integrates with major bookkeeping systems such as Xero, QuickBooks, and Sage.
Open APIs facilitate easy connectivity with other software, enhancing its versatility and making it a comprehensive solution for accounting firms.

MyWorkpapers

MyWorkpapers connects with a wide range of software, ensuring that it fits into your existing tech stack without any hassle:

Integrates with a wide range of software, including IRIS, Sage Accounting, and QuickBooks.
Features secure client and firm portals for document exchange and collaboration, adding an extra layer of functionality and security.

AI Data Analysis for Checking Discrepancies

AI is a growing part of accounting and can revolutionise the accuracy and efficiency of your accounting processes.

Silverfin

Silverfin leverages AI to enhance its data analysis capabilities. Silverfin Assistant continuously monitors data, providing error reporting for accountants and suggesting fixes:

The Silverfin Assistant uses AI to analyse data, identify discrepancies, and suggest fixes, enhancing accuracy.
Continuous AI monitoring ensures that data remains accurate and reliable, reducing errors and improving overall data quality.

MyWorkpapers

MyWorkpapers also identifies AI as a valuable tool for better data accuracy and has plans to incorporate AI in the future.

Pricing

Cost is always a consideration. The right tool should offer value for money.

Silverfin

Silverfin offers flexible pricing that can scale with your firm’s needs. This makes it accessible for firms of all sizes, providing great value:

Flexible per client file pricing, suitable for firms of all sizes.
Value-based pricing that scales with your firm’s growth and needs, ensuring that you only pay for what you use.

MyWorkpapers

MyWorkpapers offers a variety of pricing plans to cater to different firm sizes and requirements. Its transparent pricing structure ensures that there are no hidden costs:

Provides a range of pricing plans to suit different firm sizes and requirements.

Detailed Comparison Chart

Feature	Silverfin	MyWorkpapers
Problems Solved	Automates compliance, centralises client data, ensures accuracy	Simplifies audit/year-end, enhances collaboration
Ease of Use	User-friendly, integrated communication tools	Intuitive platform, PDF annotation, Excel integration
Time Savings	Live data syncs, AI-powered error checks, AI data mapping	Automated workflows, centralised data
Flexibility	Tailored workflows and templates	Standard/custom templates, personalised processes
Integrations	Xero, QuickBooks, Sage, open APIs plus many more	IRIS, Sage, QuickBooks, secure portals
AI Data Analysis	AI for discrepancies, continuous monitoring, data mapping	N/A
Pricing	Flexible per client file pricing	Various plans

The Verdict: Silverfin’s AI Edge

Both Silverfin and MyWorkpapers offer robust solutions for accounting firms, but Silverfin’s advanced AI capabilities undoubtedly give it an edge.

Silverfin excels in automation and AI-driven data analysis, making it ideal for firms looking to enhance accuracy and reduce manual tasks. This not only will give your accounting firm a competitive edge but is a future-proofing leap forward in accounting technology for ambitious firms.

With 43% of firms moving towards a virtual-only presence, adopting a cloud-first, automated tool is more critical than ever. Add AI power to this with Silverfin and the sky is the limit.