AI Benefits for Accountancy Firms | Silverfin

Silverfin developed a whitepaper to address the most frequently asked questions from accountants and to highlight the real benefits of AI for accountancy firms. The guide, "Beyond the AI hype: the real benefits of AI for your accountancy firm," brings together industry analysis, technical expertise, customer experiences, and practical advice for successfully introducing AI to accounting practices.

The whitepaper covers four core themes and demonstrates the productivity gains and profitability improvements that AI can bring:

What's Really at Stake?

• ​The risk of falling behind competitors who are embracing AI.

What's New and Useful?

• ​The latest AI innovations and how to use them in accountancy.

What Are Smart Steps Forward?

Seven steps to understanding and managing AI in your accounting firm:

1. 1.Prepare your company, mindset, and staff.
2. 2.Assess your current processes.
3. 3.Get your data ready.
4. 4.Evaluate the risks to manage them.
5. 5.Team up with forward-thinking technology partners.
6. 6.Define how you’ll measure AI success.
7. 7.Engage with clients, stakeholders, and partners.

What Are My Peers Doing?

• ​Case study: How Gravita unlocks the power of AI with Silverfin.

Ken Bastiaensen, Director of Special Projects and Innovation at Silverfin, describes AI’s appeal to accountants: "Imagine getting more work done to a higher standard of accuracy with fewer resources and higher profit margins. Sounds too good to be true, but a study by Accenture predicts that AI can help accountancy firms boost productivity by up to 40% by 2034. It’s this tantalising promise that continues to make AI the talk of the town. But, many are still asking if the current buzz is worth the fuss."

Ken notes that AI will mean different things to different firms, and the whitepaper helps accountants understand how AI can help their specific needs and find an AI solution that works for them. The guide summarises conversations with accountants, provides pragmatic advice, showcases tangible gains, addresses possible pains, and offers practical solutions. The aim is to explore the true impact of AI on accountancy, beyond the hype.

Ambitious UK firms, including top 30 firm Gravita, are already working with Silverfin and other providers to assess and implement AI that enhances core accounting work.

Russell Frayne, Director of Transformation at Gravita, explains: "AI should replace processes, not people. If you automate the processes that you spend ages doing manually, you’ll free up time to have more interactions with your clients and take up more of an advisory role."

AI is Not a Miracle Drug

Ken Bastiaensen explains: "While many headlines speak to the impending AI takeover, it is not a miracle drug. While AI can automate some tasks, it enhances human abilities rather than replacing them entirely. Put differently, AI will change the responsibilities of existing roles rather than creating new ones, all while reducing the – often heavy – workload many accountants face."

The whitepaper addresses concerns about AI bringing chaos to client data governance and compliance. With proper protocols and oversight, these concerns can be mitigated, and compliance work can even become easier and better. The key is finding a way for humans and machines to work together so that each complements the other.

Ken also highlights the importance of choosing the right technology partners: "At Silverfin, we see it as our duty to ensure that relevant, state-of-the-art AI features are readily accessible – with a steadfast commitment to assisting accountants and staying ahead of the curve by actively engaging with the latest advancements. That’s why and how we’ve seamlessly integrated AI and deep machine learning into Silverfin for several years."

Gravita Uses AI to Find Data Errors and Improve Productivity

Russell Frayne shares Gravita's experience: "When Gravita tried out Silverfin Assistant for the first time in the accounts preparation stage, the advanced AI tool immediately showed its value. 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, say, 30 minutes or more to dive into the file and find those anomalies."

Cameron Ford, Silverfin’s UK General Manager and former PwC accountant, concludes: "Accountancy has already been evolving due in part to cloud-based software. But the change AI brings is an even greater acceleration, which also propels the need for accountancy firms to have an AI strategy in place as the resulting changes will invariably affect everyone in the firm. We hope this whitepaper will give accountants a solid understanding of AI’s potential and how to approach it safely while maximising the opportunities."

About Silverfin

Silverfin is a cloud platform designed to make accountants successful by improving the efficiency, accuracy, and profitability of traditional accounting work. With centralised data and standardised, automated workflows, tasks that once took days can now be completed in hours. With more time available and access to data, reporting, and analytics tools, accountants can also deliver the advisory services their clients value.

Launched last year in the UK, Silverfin Assistant continuously analyses client files to find unusual balances, missing transactions, and outliers. By flagging these and suggesting fixes, it saves hours of manual checking, improves accuracy, and enhances client service.