AI for Accounting Firms: Insights from Silverfin & Gravita

Silverfin recently hosted a webinar to discuss the AI topics covered in their whitepaper, Beyond The Hype: The Real Benefits of AI for Your Accounting Firm, featuring two experts in accounting technology: Phil Hobden, UK Senior Product Manager at Silverfin, and Russell Frayne, Director of Transformation at Gravita. The discussion focused on the real-world impact of AI on accounting firms, including practical insights and first-hand experiences.

Topics in relation to AI included:

• ​How will accountants’ jobs change?
• ​Creating capacity de je vu?
• ​What’s really at stake?
• ​Does AI make accounting a one flavour suits all?
• ​The opportunity to pivot
• ​A first-hand Silverfin implementation journey
• ​The value of a Silverfin Assistant
• ​AI and training

To start the webinar, a poll was conducted to understand current AI usage by accountants. The attendees split 52/48, with 52% saying they are using AI beyond ChatGPT. Both presenters noted that many of the 48% who claimed not to use AI beyond ChatGPT probably are, but may not realize it.

How will accountants’ jobs change?

Russell Frayne shared his perspective: "If you make yourself replaceable, you can be replaced by AI in the future. That might seem scary, but we’re in control of that destination. Automating manual processes and aggregating unstructured data should give us more time to focus on what clients value most: added value conversations and understanding their business needs, rather than just compliance."

He emphasized that while compliance tasks can be automated, the human element of client service cannot be replaced by AI. "It doesn’t replace you. It replaces the processes that you shouldn’t want to do."

Creating capacity de je vu?

Russell acknowledged that the claim of "creating capacity" is familiar from the adoption of cloud accounting, and now applies to AI as well. Technology can’t be the trusted adviser—only people can do that. A poll showed 61% of attendees love AI, but 25% are a bit nervous, which is natural with any new technology. Russell noted that some trepidation can lead to better implementation.

What’s really at stake?

Some key statistics from the discussion:

• ​McKinsey & Company’s research shows that up to 50% of the activities carried out by accountants have the potential to be automated using current technologies.
• ​Accenture predicts AI could help accountancy firms boost productivity by 40% by 2034.

Both presenters agreed that people remain the biggest challenge in accounting, not technology. Russell highlighted that consistency, accuracy, and quality matter, but human error is inevitable. Automating tasks can give accountants more time to interact with clients, leading to more value-added services and opportunities.

Does AI make accounting a one flavour suits all?

Russell argued that AI will not lead to "vanilla" accountancy practices. Instead, it creates opportunities for firms to differentiate and pivot in new directions. Automation and AI help with compliance and accuracy, but accountants add value by interpreting data and delivering insights to clients.

The opportunity to pivot

AI can create capacity, enabling firms and accountants to pivot and explore new opportunities. Silverfin identified seven steps for successful AI implementation, discussed in the webinar.

Russell advised that change is always complicated and requires focus. Achieving buy-in from both leadership and staff is crucial. He recommended using focus groups and advocacy teams to build understanding and support for new technology.

A first-hand Silverfin implementation journey

Russell shared his experience introducing Silverfin at various firms. Standardisation was a key factor in selecting Silverfin, as it provides consistency and scalability. The company’s AI capabilities and roadmap were also important considerations, enabling firms to quickly benefit from evolving AI features.

The value of a Silverfin Assistant

Russell emphasized the importance of including Silverfin Assistant in the rollout, as it aligns with the future of accounting. Training on the Assistant is provided to all staff, with regular feedback sessions to improve the tool collaboratively. Early adoption and embedding AI in team workflows are key to maximizing benefits.

AI and training

Russell noted that traditional training methods may contribute to recruitment challenges in accounting, as the profession is sometimes seen as outdated. Phil added that some colleges still train accountants on desktop software, which is less relevant in a cloud-based world. Both agreed that involving staff in identifying where AI can have the biggest impact is essential. AI can free up capacity and enable firms to adopt new technologies that enhance client service.

You can watch the complete recording of the webinar online.