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The key takeaways from Silverfin’s Technology Trends in Accounting 2021 research
What progress have firms made in transforming their business and client services, and how has the pandemic impacted their efforts?
Accounting is transforming.
Let's take a look
Technology is driving change in client services and working practices. Opening up new opportunities. Here we share views and advice on how to respond.
“Accounting is in the middle of a major shift in purpose, services and business model. Technology is playing a foundational role in supporting firms as they change and look to turn transformation into business opportunity. We call this the era of connected accounting.”
Joris Van Der Gucht, co-founder – Silverfin
The future of accounting is connected
Changing client expectations and technology are transforming the traditional services of the accounting profession. Clients want much more than annual compliance reporting from their accountant.
Core accounting services need to be fast and efficient. Advisory needs to be based on reliable data and insights. Automation needs to free up resources to dedicate to clients and the delivery of advisory services. We call this future connected accounting.
How is accounting changing?
Accountancy is at a turning point. The traditional ways of working are changing at an incredible rate, driven on by the fast pace of technological change. In response progressive firms are rethinking their purpose, evolving their service offerings and transforming their business practices.
Cloud accounting
The connected accountant
How technology is transforming post-bookkeeping and creating new advisory service revenue.
Advisory services
The new rules of accounting
How to build the accountancy firm of the future and develop new value-added advisory services with technology.
What does a successful digital transformation strategy look like?
We’ve helped 800+ firms and have identified a common roadmap they follow in their digital strategy for accounting. We call this the connected accounting maturity curve.
The connected accounting maturity curve
Starting out on your technology strategy is hard. Where do you begin? Follow our maturity curve and its 4 stages to understand the key technologies you need and how they work together to ensure success.
Fullsight
Stage 1 is all about data. Create a single and reliable source of truth for all client data.
Hindsight
Stage 2. It’s time to automate your core compliance work. Free up precious resources from manual and repetitive work.
Insight
Stage 3 is where you start to develop value-added advisory capabilities built on data. Put yourself in best place to offer powerful and timely advice.
Foresight
Now you’re ready to move beyond analysing past performance and use data and analytics to predict the future.