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 AI and introduce several companies already using it to help innovative accounting firms.

With AI advancements evolving at rapid speed, keeping track can feel like trying to catch a comet. Fear not, our team of Machine Learning and AI experts – who have been working on unlocking AI value for accountants for many years – are happy to provide insights into the bigger picture.

But first: understanding 3 common types of AI in accountancy

• Natural Language Processing (NLP): NLP makes it possible for AI to comprehend, interpret and even generate human language. In accountancy, NLP proves highly valuable for extracting data from text- based documents such as invoices, receipts and statements.
• Robotic Process Automation (RPA): RPA is when bots are deployed to automate repetitive processes governed by predefined rules. Accountancy firms can leverage RPA to streamline data entry, reconcile invoices and execute other routine financial operations.
• Machine Learning (ML): This is when AI uses algorithms to discern patterns and insights from data sets. In accountancy, ML algorithms sift through financial data to detect fraud indicators, predict market trends and forecast financial outcomes.

4 of the best AI tools for accounting firms currently out there

NO. 1 – SILVERFIN ASSISTANT

To streamline your accounting workflows Silverfin Assistant serves as your AI-powered advisor, offering reliable data and actionable insights for your firm.

Here’s how:

By continuously analysing client files, Silverfin Assistant detects unusual balances, missing transactions, outliers, etc. This saves you time, all while eliminating human errors, reducing the risk of incorrect outputs and improving data quality.

Silverfin Assistant’s AI capability automatically and continuously identifies opportunities within your data. This empowers your accounting firm to provide proactive advice to clients – faster and more consistently than ever.

Silverfin Assistant can help train junior staff, without burdening your senior employees. How? By showing new recruits what to look for in client files and how to work according to your standard practices – bridging knowledge gaps and boosting confidence in the process.

Good to know: While Silverfin Assistant flags suspected anomalies, accountants retain control over accepting or rejecting these proposals.

NO. 2 – DEXT PRECISION

To simplify your financial records

Dext Prepare is very much the foundation of any bookkeeping workflow – and if you’re not using AI or ML (machine learning) to do that, then you’re really missing a trick in simplifying your financial records. Dext Prepare employs AI to streamline the accounting process, particularly in managing financial records such as receipts and invoices. It reduces manual input, enhances data accuracy and categorises expenses automatically based on custom rules.

Dext Prepare is supported by Dext Precision, which verifies data accuracy, and Dext Commerce, which facilitates connections to real-time e-Commerce platforms such as Shopify.Dext Precision employs AI to streamline the accounting process, particularly in managing financial records such as receipts and invoices.

“We’re entering an exciting new chapter in the accounting world, where AI is already cemented as a transformative force”

Dext

NO. 3 – KARBON AI

To enhance communications and task management

Karbon AI, currently in Beta, leverages ChatGPT to provide accounting firms with a collaborative practice management environment. Through automation, it summarises lengthy emails, drafts progress updates as tasks, and facilitates quick email replies with adjustable tones to match various situations.

NO. 4 – VIC.AI

To speed up your accounts payable processing

Vic.ai revolutionises the accounts payable process with its innovative platform, boasting a remarkable 355% improvement in invoice processing productivity. By replacing traditional methods with AI-powered solutions, it minimises manual errors and accelerates invoice processing from ingestion to payments. Additionally, it offers real-time insights and benchmark data by analysing costs using AI and statistical analysis.

Why not try Silverfin for yourself with our free 14-day trial? Sign-up here

Silverfin is the cloud platform that makes accountants successful. Silverfin dramatically improves the efficiency, accuracy and profitability of traditional accounting work. With centralised data, standardised and automated workflows, this work takes hours rather than days. 

But that’s not all. With more time available (and Silverfin’s data, reporting and analytics tools at their disposal) accountants can also deliver the advisory services their clients value.

Launched last year in the UK, Silverfin Assistant continuously analyses client files to find unusual balances, missing transactions and outliers. Flagging these and suggesting fixes, saves hours of manual checking, improves accuracy and improves client service