Silverfin

AI in Accounting: Practical Steps Beyond the Hype | Silverfin

Alicia and Alex from Silverfin discuss practical AI adoption in accounting, highlighting research showing 85% of accountants save time—especially via workflow automation—while addressing concerns about data security and job loss, advocating starting with low-risk tasks to build confidence and demonstrating Silverfin’s AI-enabled platform that consolidates client data and delivers 30–50% time savings, amid industry challenges like talent shortages and outdated technology.

Alicia and Alex discuss practical steps for adopting AI in accounting, referencing recent research that shows 85% of accountants report time savings—especially through workflow automation—using tools like Silverfin. While concerns about data security and job loss persist, AI is largely seen as enhancing, not replacing, accountants. The session encourages starting with low-risk tasks to build confidence and aims to demystify AI, promoting its wider adoption in the industry.

Introduction

Alicia, head of customer success at Silverfin, and Alex Black, client services and innovation director at Advalorum, introduce themselves and outline the agenda:

  • Review findings from a recent Silverfin research project
  • Share Alex’s opinions and statistics
  • Demonstrate Silverfin’s AI assistant
  • Offer practical steps for implementing AI in accounting firms
  • Q&A session

Silverfin Overview

Silverfin is an AI-enabled, cloud-compliant solution that consolidates client data from various sources, supporting digital AI-enhanced working papers, accounts production, corporation tax, and reporting. The platform includes communication and review functionalities and processes over 400,000 client files annually, with customers typically seeing 30–50% time savings compared to previous processes.

Research Findings

Growth and Talent

  • Growth is a top priority for accountants, but talent shortages are significant (45% report being severely or significantly affected).
  • Job opportunities in fintech are growing faster than in traditional accounting.
  • Firms invest only 9% of time in training new staff and 8% in exploring new technology.

AI’s Role

  • AI can address both risks and opportunities, depending on how firms approach adoption.
  • Staff expect firms to provide advanced technology, given their personal exposure to tech.
  • Younger staff are less willing to perform manual, repetitive tasks and may seek roles with better technology.

Outdated Technology

  • Many accountants still use outdated technology for nonproductive tasks (e.g., copy-pasting, waiting for syncs, remote desktop access).
  • Younger accountants (18–24) report higher dissatisfaction with outdated tech compared to older colleagues.

Investment in Technology

  • Surveyed firms expect a 79% increase in time spent on new technology by 2028.
  • There is a risk of inertia if firms research but do not implement new tech.
  • Delegating tech adoption to younger, tech-savvy staff may be beneficial.

AI Adoption and Time Savings

  • 85% of surveyed accountants say AI is already saving them time (average 9% time saved; 23% report 11–15% savings).
  • This equates to significant financial and productivity gains (e.g., £176/day of chargeable time per staff member, or about £48,000/year).

AI Use Cases

  • Top uses: workflow automation, compliance tasks, and communication.
  • Many nonproductive, inefficient tasks can be solved quickly with AI.
  • Small changes, like AI note-takers for meetings, can yield substantial time savings and improve follow-up.

Generational Trends in AI Use

  • Older accountants are more likely to use AI for client insights, reporting, and compliance than younger colleagues.
  • Possible reasons: senior staff have more autonomy, budget, and authority to implement AI at work, while younger staff may face policy or budget constraints.
  • The trend is contrary to general AI adoption patterns in other industries.

Concerns About AI

  • Top concern: data security (though many enterprise solutions address this).
  • Other concerns: fear of job displacement, lack of skills, lack of knowledge/training—all interrelated and pointing to a need for better training.
  • Training and education must adapt to ensure new accountants gain foundational skills, even as AI automates traditional learning tasks.
  • The profession may need to shift hiring criteria from math skills to relationship and client-facing abilities, as technology handles more calculations.

The Human Element

  • AI is not expected to replace accountants but to enhance their capabilities.
  • Human skills—like relationship-building and critical review—remain essential.
  • The challenge is to ensure new entrants develop practical accounting skills in an AI-driven environment.

Silverfin AI Assistant Demo

  • Silverfin’s AI assistant helps map client data, align columns, and flag uncertainties for user review.
  • The assistant runs checks for outliers, anomalies, and points of attention, such as missing depreciation codes or dividend issues.
  • AI assists but does not replace the need for human expertise; it streamlines manual tasks and highlights areas for review, similar to traditional manager review notes.

The session emphasizes that AI adoption in accounting should start with low-risk, high-impact tasks to build confidence and skills. Training and education must evolve to ensure accountants can leverage AI effectively while maintaining essential professional judgment and client relationships.