AI in Accountancy: Real Benefits for Your Firm | Silverfin

In this session, we explore the practical applications of AI in accounting, including:

• ​The latest AI innovations and how to use them
• ​Seven steps to understanding and managing AI in your accounting firm
• ​How industry peers are harnessing AI’s potential

Introduction

Phil Hopton, UK Product Lead at Silverfin, and Russell Frayn, Director of Transformation at Gravita, discuss the current landscape of AI in accountancy. Both speakers bring experience from technology and transformation roles within the industry.

Silverfin and AI

Silverfin serves over 850 accountancy firms, including 30% of the UK top 100. The company has embedded AI into its software to improve data accuracy and insight, launching its AI tool, Silverfiner, in August 2023. Silverfin’s AI Lab was established after acquiring an AI and machine learning business in 2021.

AI Beyond ChatGPT

A poll revealed that about half of attendees use AI beyond ChatGPT, though many may not realize they are already using AI in various forms. AI is increasingly embedded in everyday tools and processes, often without explicit awareness.

The Cloud and AI Journey

The adoption of cloud accounting has been gradual, with only about 25% of firms fully cloud-based. AI is expected to accelerate digital transformation, making the gap between tech-enabled and traditional firms more pronounced. Firms that do not adopt AI risk falling behind as technology becomes a key differentiator.

What’s at Stake?

AI is not about replacing people but about automating processes. The speakers emphasize that technology should replace processes, not people. Accountants who focus on value-added advisory work and client relationships will remain indispensable, while repetitive, manual tasks are prime candidates for automation.

Mindsets Toward AI

Another poll showed that 61% of attendees are enthusiastic about AI, 25% are a bit nervous, and a small percentage are confused. The speakers note that nervousness is natural with new technology, but contextualizing AI’s benefits can help overcome fear.

Key Statistics

• ​Up to 50% of activities carried out by accountants could be automated using technology.
• ​AI could boost productivity in accountancy firms by 40% by 2034 (Accenture).

AI can impact six key areas:

1. 1.Capacity and efficiency
2. 2.Consistency, accuracy, and quality
3. 3.Customer service
4. 4.Talent attraction and retention
5. 5.Competitiveness
6. 6.Financial performance

What Would You Do With More Time?

AI’s automation of repetitive tasks can free up time for accountants to focus on advisory work, client engagement, and exploring new service areas. The speakers encourage firms to use this capacity to deepen client relationships and innovate, rather than simply reducing headcount.

Advisory and Compliance

While compliance remains essential, the future of accountancy lies in blending compliance with advisory services. AI can help accountants provide more insightful, data-driven advice to clients, moving beyond basic compliance to proactive business support.

Seven Steps to Getting Ready for AI

1. 1.Prepare your company mindset and staff for change.
2. 2.Assess your current technology and data landscape.
3. 3.Identify processes suitable for automation.
4. 4.Start small with pilot projects.
5. 5.Invest in training and upskilling.
6. 6.Monitor, measure, and iterate on AI initiatives.
7. 7.Foster a culture of continuous improvement and innovation.

Change management is critical, especially in larger firms. Successful transformation requires both top-down strategic vision and bottom-up engagement from staff. Building a culture that embraces technology and continuous improvement is essential for leveraging AI’s full potential.