The accounting industry is at a crossroads. You need to either adapt to the digital era and embrace new technologies or risk exposing your firm to inefficiency and a drop in profitability.
Hurst, a leading independent accountancy firm in the north-west of England, was grappling with the growing pains of a rapidly expanding business.
With a 12% annual growth rate, the demand for efficiency and effectiveness in their operations was more pressing than ever, and Excel and other software solutions were no longer cutting it.
Like many other accounting firms, Hurst was duplicating the same information in two or three different systems, and accountants spent more time searching for numbers and information rather than adding value to clients.
This lack of efficiency led Hurst to seek a solution for accounting digital transformation.
What Is Accounting Digital Transformation?
Accounting digital transformation refers to integrating technology into accounting practices to drive positive change.
This transformation is a strategic movement, including three core areas: digitisation, automation and management.
- Digitisation involves moving away from paper-based processes to digital data collection and processing.
- Automation streamlines workflows, improves quality control, and reduces time-consuming tasks.
- Management focuses on effective technology management used to enhance collaboration and communication.
How Hurst Achieved Digital Transformation for Accountants with Silverfin
What were Hurst’s criteria for finding a solution for accounting digital transformation?
The firm was looking for:
- A cloud-based accounting solution.
- The ability to streamline and standardise processes and workflows.
- Functionality to deliver strategic advice to clients via data analysis.
“There was a clear front runner for us, Silverfin,” says Jo Gibson, Outsource Business Partner at Hurst. “It met our requirements around having everything in one place, clear visibility and understanding our client base — being able to access the client information, which we couldn’t do previously.”
Here’s how Silverfin helped Hurst overcome the challenges of outdated, manual processes and achieve a more integrated, efficient and client-centric approach.
1. Integration and Automation
The accounting industry’s digital transformation is set to dramatically enhance efficiency and accuracy in financial management through the adoption of advanced technologies like AI and cloud software.
Silverfin is a cloud-based platform that integrates with Hurst’s various accounting processes.
By connecting all their client data to a centralised hub, Hurst could pull client information from different bookkeeping systems in real-time.
This reduced the need for manual data entry, helping Hurst automate working papers, reduce human errors, and free up valuable time for the Hurst team.
“Instead of manually entering data, I can spend a lot more time looking into the numbers and adding value to our clients, which is what they appreciate,” says Lizzie Hill, Outsourcing Senior at the firm.
2. Data-Driven Client Advisory Services
With Silverfin’s automation and integration capabilities, Hurst could shift its focus from time-consuming compliance tasks to offering more strategic, data-driven client advisory services.
“We’re a huge believer in data-led advisory, so we needed a solution that would help us to understand our client base, benchmark data, and provide targeted advice to support them“
Jo Gibson, Outsource Business Partner at Hurst
The platform’s ability to analyse and present data in an insightful manner quickly enables Hurst to provide valuable, tailored advice to its clients, enhancing the firm’s value proposition.
For example, Silverfin’s Insights allow you to:
- Dig into all your clients’ data to identify trends across your portfolio.
- Set up system alerts when clients hit key benchmarks, risk factors or compliance requirements.
- Create automated and digital advisory reports for all your clients so you can deliver at scale.
“I think this is one of the biggest changes — shifting the focus away from producing the numbers towards thinking about what the numbers tell us“
Jo Gibson, Outsource Business Partner at Hurst
3. Enhanced Quality of Service
The adoption of Silverfin had a direct and positive impact on the quality of service provided by Hurst.
With Silverfin’s software tracking progress in real-time, everyone can see what stage a job has reached. This slicker end-to-end process means Hurst can schedule work more accurately and give clients a better timeline for when to expect delivery.
The cloud-based nature of Silverfin also helps with internal and external collaboration. Several Hurst team members can work on the same client file simultaneously, and all communication is shared in the context of the document being worked on, eliminating endless email trails and missing attachments.
“Increasingly, we’re seeing a lot of our clients in the cloud, too,” says Jo. “Working with them in real-time is really important, and Silverfin allows us to do that.”
Embracing Accounting’s Digital Future
Silverfin played a pivotal role in Hurst’s accounting digital transformation, addressing critical operational inefficiencies and enabling the firm to provide higher quality, data-driven client services.
As digital transformation accounting industry experts, we believe this transformation is a prime example of how embracing digital solutions can significantly improve efficiency, client service, and overall competitiveness in the accounting industry.
Inspired to find a solution for accounting digital transformation and explore what Silverfin can do for your firm?
Take the first step.
Request a demo with Silverfin today and start your journey towards a transformative digital future in accounting.
