Silverfin

AI Innovations in Accounting: What’s New and Useful | Silverfin

The chapter from Silverfin's AI whitepaper explains how AI technologies like Natural Language Processing, Robotic Process Automation, and Machine Learning are transforming accounting by automating data extraction, routine tasks, and financial analysis, highlighting tools such as Silverfin Assistant that enhance workflow efficiency, improve data quality, detect anomalies, identify client opportunities, and support junior staff training in accounting firms.

In this chapter from the recent AI whitepaper ‘Beyond the hype: the real benefits of AI for your accountancy firm’, the understanding of AI is explored, along with several companies already using it to help innovative accounting firms.

With AI advancements evolving rapidly, keeping track can feel overwhelming. The team of Machine Learning and AI experts at Silverfin, who have been working on unlocking AI value for accountants for many years, provide insights into the bigger picture.

Understanding 3 Common Types of AI in Accountancy

  • Natural Language Processing (NLP): Enables AI to comprehend, interpret, and generate human language. In accountancy, NLP is valuable for extracting data from text-based documents such as invoices, receipts, and statements.
  • Robotic Process Automation (RPA): Involves deploying bots to automate repetitive processes governed by predefined rules. Accountancy firms can use RPA to streamline data entry, reconcile invoices, and execute other routine financial operations.
  • Machine Learning (ML): AI uses algorithms to discern patterns and insights from data sets. In accountancy, ML algorithms sift through financial data to detect fraud indicators, predict market trends, and forecast financial outcomes.

4 of the Best AI Tools for Accounting Firms

1. Silverfin Assistant

To streamline accounting workflows, Silverfin Assistant serves as an AI-powered advisor, offering reliable data and actionable insights for firms.

  • Continuous analysis of client files: Detects unusual balances, missing transactions, outliers, and more. This saves time, eliminates human errors, reduces the risk of incorrect outputs, and improves data quality.
  • Identifies opportunities within data: Empowers accounting firms to provide proactive advice to clients faster and more consistently.
  • Training junior staff: Shows new recruits what to look for in client files and how to work according to standard practices, bridging knowledge gaps and boosting confidence.

Note: While Silverfin Assistant flags suspected anomalies, accountants retain control over accepting or rejecting these proposals.

2. Dext Precision

To simplify financial records, Dext Prepare is foundational for any bookkeeping workflow. Using AI and ML, it streamlines the accounting process, especially in managing financial records such as receipts and invoices. It reduces manual input, enhances data accuracy, and categorises expenses automatically based on custom rules.

Dext Prepare is supported by Dext Precision, which verifies data accuracy, and Dext Commerce, which facilitates connections to real-time e-Commerce platforms such as Shopify.

“We’re entering an exciting new chapter in the accounting world, where AI is already cemented as a transformative force”

Dext

3. Karbon AI

To enhance communications and task management, Karbon AI (currently in Beta) leverages ChatGPT to provide accounting firms with a collaborative practice management environment. Through automation, it summarises lengthy emails, drafts progress updates as tasks, and facilitates quick email replies with adjustable tones to match various situations.

4. Vic.ai

To speed up accounts payable processing, Vic.ai revolutionises the process with its innovative platform, boasting a remarkable 355% improvement in invoice processing productivity. By replacing traditional methods with AI-powered solutions, it minimises manual errors and accelerates invoice processing from ingestion to payments. It also offers real-time insights and benchmark data by analysing costs using AI and statistical analysis.

Why Try 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 now take hours.

With more time available and access to Silverfin’s data, reporting, and analytics tools, accountants can 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.