AI & Automation: Solving Accounting’s Capacity Crunch | Silverfin
Silverfin's whitepaper, developed with senior leaders from flinder, Moore, and BKL, addresses the accounting sector's urgent capacity crunch caused by a predicted shortage of 60,000 qualified accountants by 2050, advocating for AI and automation to attract and retain talent by offering flexible, engaging work and modern technology, and outlines a three-stage strategy focusing on understanding workforce challenges, leveraging AI's benefits, and selecting appropriate technology and partners to reverse professional attrition and drive growth.
Silverfin has released a whitepaper, written in collaboration with senior leaders at accounting firms flinder, Moore, and BKL, that addresses the accountancy sector’s ongoing 'capacity crunch.' The whitepaper argues that AI and accounting automation software are essential for attracting and retaining talent, as well as solving the skills gap predicted for the industry. The Association of Taxation Technicians (ATT) forecasts a shortfall of 60,000 qualified accountants by 2050, making it urgent for firms to act to secure the future of the profession.
Cameron Ford, Silverfin’s UK General Manager and a former PwC accountant, notes that the effects of the talent shortage are already being felt in cities like Manchester and Nottingham. Many accountants are leaving the profession due to heavy workloads, repetitive tasks, inflexible working practices, and compliance demands. Ford emphasizes that younger generations, particularly Gen Z, are seeking careers with flexible terms, stimulating work, and modern technology. He warns that the UK economy cannot afford for accountancy firms to ignore these demands.
The whitepaper, titled 'Tackling the capacity crunch in accountancy: a three-stage journey,' provides guidance for firms to address these challenges using AI and cloud-based accounting automation. It includes case studies from flinder, BKL, and Moore, illustrating the importance of a clear technology and people strategy to reverse the professional exodus and attract new talent.
The Three-Stage Approach
Step 1: Understanding Four Key Challenges
- Finding and securing the right people
- Keeping people engaged
- Training people in a competitive world
- Maximising people’s contribution to growth
Step 2: The Three People-Related Superpowers AI Can Unlock
- Speed and flexibility
- Accelerated growth
- Strength and resilience
Step 3: Evaluating the Right Technology and Partners
Industry Perspectives
Tine Deklerck, partner at Moore Belgium, highlights the importance of introducing technology to handle manual tasks, which builds a foundation for future company growth and acquisition. She states that providing teams with tools to reduce repetitive chores and enable flexible work is key to job satisfaction and building a strong community.
Alistair Barlow, CEO and co-founder of flinder, explains that a blended technology and people approach has helped attract high-caliber, tech-savvy candidates and future-proof the practice. The use of technology is appealing to the new generation of accountants.
Hollie Moore, early careers manager at BKL, discusses the appeal of being a tech-led firm for new hires, especially those who are already experienced or qualified. She notes that employees appreciate the time savings and innovation, as well as the flexibility to work from anywhere in the world thanks to cloud-based technology.
Cameron Ford concludes that AI and accounting automation are making a difference at every level, helping firms of all sizes tackle the capacity crunch. Both clients and employees benefit, and firms that embrace these technologies are better positioned to provide market-leading advisory services. He warns that firms that hesitate to adopt AI will face negative consequences.
About Silverfin
Silverfin is a cloud platform designed for accountants, offering live client data, connected workpapers, and AI-driven features. The platform improves efficiency, accuracy, and profitability in post-accounting work by centralising data and automating workflows. Silverfin supports over 340,000 client files annually, including for 30 of the top 100 UK accounting firms. Its cloud Data Hub provides real-time data access and reduces errors, often halving the time required for preparing and submitting end-of-year accounts and corporation tax returns.
Silverfin Assistant, launched in the UK, continuously analyses client files to identify unusual balances, missing transactions, and outliers, suggesting fixes to save manual checking time and improve accuracy and client service.