The accounting industry is booming, with around 94,000 accountancy firms in the UK as of 2023. But there’s a catch: a shortage of skilled accountants is creating challenges for accounting firms trying to keep up.
This talent gap makes it crucial to adopt systems that can automate, streamline, and boost efficiency. That’s where AI comes in, revolutionising how firms operate by handling repetitive tasks and providing valuable insights.
In this guide, we’ll explore what to look for in AI accountant software, helping you find the perfect solution to enhance your practice and stay competitive in this rapidly evolving field.
1. Efficiency and Automation
Efficiency is vital for any accounting firm. The right AI accountant software should automate routine tasks, saving time and reducing errors.
Key Features to Look For:
- Live Data Syncs: Connected data that’s also up-to-date is crucial. Software that syncs data in real time reduces the need for manual entry and ensures that information is always current. Silverfin excels in this area by providing real-time data synchronisation with AI mapping.
- Automated Compliance Processes: Automation helps manage compliance tasks, ensuring they are completed accurately and on time.
- For example, Silverfin streamlines compliance by automating these processes, allowing accountants to focus on elsewhere.
- Training and Control: AI accounting software should provide insights and suggestions while keeping accountants in control. This feature not only improves accuracy but also serves as a training tool for junior staff.
Silverfin’s AI-powered Assistant identifies anomalies and offers actionable insights, freeing senior accountants to focus on high-value advisory work.
Did You Know? An impressive 73% of surveyed firms are confident in recommending technology implementations, including AI and accounting automation. This shows just how much the accounting world trusts these tools to boost efficiency and accuracy. If your firm isn’t using AI yet, it might be time to consider it.
2. Flexibility and Tailoring
Accounting firms vary in size and clientele, so flexibility is key. The software should adapt to different needs and workflows.
Key Features to Look For:
- Live Data Integration: Working papers fed with live data from client files enhance accuracy, efficiency and responsive timings. Silverfin integrates live data directly into its templates, ensuring that all information is up-to-date.
- User-friendly Templates: The ability to tailor working papers and templates to fit specific needs is essential.
With this, Silverfin offers best practice templates and client reports that are easy to brand according to clients’ unique requirements. - Support for Various Client Types: The software should accommodate different client types, including limited companies, LLPs, sole traders and partnerships.
Silverfin’s templates support a wide range of client types, and their continuous updates ensure compliance with regulatory changes.
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3. Integration Capabilities
Integration with other software is crucial for seamless operations. The right AI accountant software should easily connect with your existing systems.
Key Features to Look For:
- Bookkeeping System Integration: The software should integrate with major bookkeeping systems like Xero, QuickBooks, and Sage. Silverfin easily integrates with these systems, plus many more, ensuring smooth data flow.
- Open APIs: Open APIs allow for easy connectivity with other software solutions. Silverfin offers open APIs, making it easy to connect with various tools and systems, enhancing its versatility.
4. AI and Data Analysis
AI can significantly enhance accuracy and provide valuable insights. Look for software that uses AI strategically for maximum impact.
Key Features to Look For:
- Continuous Monitoring: AI should monitor data continuously to ensure accuracy and compliance. Silverfin’s AI tools provide constant oversight, reducing the risk of errors and ensuring data integrity.
- AI-Powered Analysis: The software should use AI to identify discrepancies and provide actionable insights. Silverfin’s always-on AI-powered Silverfin Assistant excels in this area by continuously analysing data for errors and opportunities.
“Instead of reviewing the data manually, we ran it through Silverfin Assistant. The tool ran around 100 checks and spotted three or four opportunities that were ‘nice to know’, but also four errors that were spot-on. It would have taken an accountant 30 minutes or more to dive into the file and find those anomalies.” Russell Frayne, Director of Transformation at Gravita
5. User Experience and Support
User-friendly software with robust support is critical for adoption and effective use.
Key Features to Look For:
- Intuitive Interface: The software should be easy to navigate and use, even for those who are not tech-savvy. Silverfin offers a user-friendly interface designed by accountants for accountants, ensuring that it meets the needs of its users.
- Customer Support: The availability of customer success managers and helpdesk support is vital.
In this regard, Silverfin provides comprehensive support, including dedicated customer success managers, a helpdesk with email, online chat and an extensive knowledge base.
“The team absolutely love it. Silverfin makes their lives easier and their work more enjoyable. We’re much more productive as a team.” Jo Gibson, Outsource Business Partner, Hurst
6. Pricing and Scalability
Clear cost and scalability are important considerations. The software should offer flexible pricing and the ability to grow with your firm.
Key Features to Look For:
- Flexible Pricing Models: Pricing should adapt to the firm’s size and needs. For example, Silverfin offers flexible per client file pricing, making it suitable for firms of all sizes.
- Scalability: The software should grow with your firm, adding more features as needed. Silverfin scales with your firm’s growth, ensuring it meets your evolving needs. For example, start with live client data flowing into working papers and then add modules such as accounts production and corporation tax to specific client files when you are ready to extend live data, automation and other benefits.
7. Security and Compliance
Security and compliance with regulations are paramount in accounting software.
Key Features to Look For:
- Data Security: Robust security measures are essential to protect sensitive client information. Silverfin ensures data security through advanced encryption and secure access controls.
- Regulatory Compliance: The software should continuously update to comply with new regulations. Silverfin keeps its software up-to-date with the latest regulatory changes, giving you peace of mind.
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Why Silverfin?
Silverfin stands out as a comprehensive AI accountant software solution. Its features address all the key areas discussed, making it an excellent choice for accounting firms.
Comprehensive Features:
- Efficiency and Automation: Silverfin syncs data in real time and automates compliance processes.
- Flexibility and Tailoring: It offers customisable workflows and templates, supporting various client types and updating templates with live data.
- Integration Capabilities: Silverfin integrates with major bookkeeping systems and offers open APIs.
- AI and Data Analysis: The always-on Silverfin Assistant provides continuous AI-powered analysis.
- User Experience and Support: Silverfin provides a user-friendly interface and comprehensive support.
- Pricing and Scalability: Flexible per client file pricing and scalable features.
- Security and Compliance: Ensures data security and compliance with regulatory changes.
“One particularly notable time-saving occurred with a set of accounts that previously took around 25 hours in 2021. However, in 2022, the same task only took 12 and a half hours! This substantial time-saving is solely attributable to the use of Silverfin.” Jason Appel, BKL Partner
Unlocking Your Accounting Firm’s Future
Choosing the right AI accountant software is key to unlocking the full potential of your accounting practice.
There are many features to consider, such as customisation, integration, user experience and pricing when making this your choice. But most of all, choose a tool that is as invested in driving your success as you are.
Silverfin, designed by accountants who truly understand the needs of accounting firms, excels in all these areas, making it a top choice for firms looking to enhance their operations.
To experience the benefits firsthand, book a demo with Silverfin today and explore its features in depth.
