Unlocking AI: Transforming your accountancy firm

4min Read

Aiming higher with AI

On many fronts the accounting industry is being pushed hard to become more efficient and, at the same time, level up the value of their services to their clients. So, the industry needs to achieve cost efficiencies and differentiation – while also dealing with a growing talent shortage. 

Using the cloud to improve access while standardising data and schedules, Silverfin already delivers efficiencies to firms, alongside the automation that its software enables. However, AI’s potential to boost these enhancements further and create new opportunities, including differentiation for ambitious firms, is something no firm should ignore.

As a team at Silverfin, half of whom are ex-Accountants, we strongly believe that AI is an essential in accountants’ technical tool kits. It should and is already improving the work that accountancy firms and the businesses they serve rely on. 

We see software with AI outperforming software without AI in many forums and consistently for our clients around the world. Research companies such as Accenture and McKinsey have also proven that companies embracing AI outperform those that don’t. Meanwhile, recent ACCA research shows modern tools and training on AI is a priority for the best accountants. 

So, AI is clearly a tool that accountancy firms need. But, I and the rest of Silverfin believe that truly successful firms will not only embrace AI they will do so in trustworthy, transparent and ethical ways that allow humans to stay in control. 

It’s with these values in mind that we designed and built our Silverfin Assistant; to work with accountants, not circumventing them but involving them for even greater benefits. We have numerous examples from clients using Silverfin Assistant describing how our AI caught data inaccuracies that a human couldn’t be expected to spot. By improving data quality and removing human error, accountants are also left with time to invest in resolving issues or being trained by AI and become more knowledgeable.

We hope this guide provides a start to your firm’s AI journey or expands your expectations and AI ambition because AI’s potential for you, your team and your clients is amazing.

MARTIN NIELSEN, VP of Product, Silverfin

Six way AI can improve your accountancy firm’s performance:

Capacity and efficiency

From data entry to report generation and account reconciliation; AI can help automate a lot of routine or manual work.

Consistency, accuracy and quality

By mitigating human error, AI technologies hold the potential to enhance the precision of financial reporting, using intricate algorithms to scrutinise extensive datasets and uncover anomalies that may be difficult to spot by the human eye.

Customer service

Think, for example, of AI-powered chatbots offering quick responses to common queries 24/7. Or how about AI-driven platforms that fast-track your compliance workflows, producing precise financial management accounts and providing deeper insights into cost-saving opportunities, financial planning and risk management?

Talent attraction and retention

Employees like to work for forward-thinking companies. This is true in accountancy, too. If you want to attract and retain new or tech-savvy talent, they’ll expect your firm to follow suit.

Competitiveness

The sooner you adopt a new promising technology, the better your chances of dominating the market. But don’t take our word for it… A study by McKinsey found that early adopters of digital technologies outperformed their industry peers by a factor of 2 to 3 in revenue growth.

Financial performance

The bottom line is… your bottom line matters. And on this account, some of your competitors may be separating themselves from the pack, financially, as we speak.

Unlocking AI: Transforming your accounting firm

About Silverfin:

Silverfin is a cloud platform with live client data, connected workpapers and AI that’s built by accountants for accountants. Silverfin dramatically improves the efficiency, accuracy and profitability of traditional post accounting work. With centralised data, standardised and automated workflows, this work takes hours rather than days.
Built by accountants for accountants, Silverfin supports over 340,000 client files a year for customers including 30 of the top 100 accounting firms in the UK.

Creating consistency and capacity, Silverfin helps firms thrive with improved quality, insights and the benefits of AI trained on accounting data. Our cloud Data Hub enables access to real-time data and eliminates errors so that preparing and submitting end-of-year accounts and corporation tax returns often takes 50% less time.

About Silverfin Assistant: 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.

Keen to read more? Download our full guide. 

More Posts

How to get started with AI in accounting: insights from Billie McLoughlin, 20:20 Innovation

Should accountants fear AI? 20:20 Innovation's Billie McLoughlin breaks down AI myths, practical use cases and how firms can adopt AI safely.
Read More

Insights on the future of entrepreneurship: What the UK can learn from Europe

With over 2000 SMEs surveyed across Europe, unlock key insights that can inform UK accountants on how to better serve their clients.
Read More

Using standardised data to unlock greater accounting firm profit margins

No one knows better than accountants that profit margins are what’s left when your salaries and costs (like rent and software subscriptions) are deducted from ...
Read More

How cloud-based accounting software can improve your firm

Discover the benefits of cloud-based accounting software—improve accuracy, efficiency, and collaboration with real-time data and automation.
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
time saving finance accounts production

Time-saving tips for accounts production

When accuracy, speed, and compliance are non-negotiable, accounts production can be a time-intensive bottleneck. Manual processes, outdated spreadsheets, and fragmented workflows consume valuable hours, draining ...
Read More
silverfin

Enterprise HMRC compliance software: accuracy through automation for UK accounting firms

Simplify tax compliance with enterprise HMRC compliance software. Streamline workflows, reduce errors, and ensure accurate, real-time submissions.
Read More

EP 3 – How to (actually) use AI at work | Billie McLoughlin, 20:20 Innovation

In episode three of the podcast, Phil sits down with Billie McLoughlin, tech and AI lead at 2020 Innovation, who shares practical advice for accountants ...
Read More

The Benefits of Digital Working Papers for Accountants

The use of working papers in accountancy started in the 19th century at the beginning of modern accountancy, and have evolved significantly over time.  First ...
Read More
Stephanie Dechamps, Vice President of Marketing

Silverfin appoints Stephanie Dechamps as VP of Marketing to support next phase of growth

As Silverfin continues to grow and evolve, we’re excited to announce two key leadership appointments that will help drive our vision forward.
Read More

A farewell and new Product leadership at Silverfin

It’s with mixed emotions that we announce a change in our product leadership team at Silverfin. Recently we bid a heartfelt farewell to Tim Vandecasteele, ...
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

Let’s Chat

Scroll to Top