Silverfin

Deep Dive into Silverfin Review and Communication Features

The webinar provides an in-depth exploration of Silverfin’s review and communication features, highlighting how the platform centralizes and integrates accounting processes through AI-driven data standardization and open APIs to overcome inefficiencies caused by disconnected systems, thereby enhancing collaboration and streamlining workflows for accounting teams.

In this Deep Dive webinar, we’ll explore some powerful features within Silverfin that enhance collaboration and streamline the review process for accounting teams.

Good morning, everyone, and welcome to the latest in our Silverfin in action webinar series. Today, we’re focusing on review and communication. Earlier in the series, we covered working papers, accounts production, and corporation tax. If you haven’t already, check those out.

Introductions

  • Alicia, Head of Customer Success at Silverfin, with experience at Xero and as a qualified accountant in practice.
  • Hope, Customer Success Manager at Silverfin, with a background in accounting and software.

Housekeeping

  • The webinar is being recorded. A link will be sent out afterward.
  • The Q&A panel is open for questions during the session.
  • There will be a short poll at the end for feedback.

The Role of Silverfin in Modern Accounting

Silverfin aims to address challenges faced by accountants, particularly around outdated or disconnected technology. Even with modern tools, many firms experience overlap, duplication, and inefficient processes due to lack of integration between systems (cloud, servers, manual processes).

Moving to the cloud helps, but often systems remain disconnected. For example, a cloud practice management tool may not integrate with e-signing or accounts production tools, leading to repeated tasks and increased risk of human error.

Silverfin seeks to centralize and interlink key processes and data within your practice. The platform includes an open API to connect with other tools (practice management, e-signing, etc.), creating a truly connected tech stack built from best-in-breed solutions.

What Silverfin Does

  • Compliance Platform: Integrates with bookkeeping data, supporting both cloud and desktop sources (e.g., Excel, Sage).
  • Data Standardization: Uses AI tools to standardize client data, regardless of source, enabling efficient preparation of working papers.
  • Working Papers: Comprehensive digital working paper solution with templates and AI integration for efficiency and standardization.
  • Data Flow: Working papers data automatically flows into accounts production and corporation tax modules, ensuring data is only entered once and used throughout the process.
  • Outputs: Enables filing with HMRC and Companies House, and delivers financial statements and reports to clients.
  • AI Assistance: Includes tools to guide users through preparation and review, supporting preparers, managers, and partners.

Customer Outcomes

  • BKL: 50% time saving on a typical 25-hour accounts job.
  • Hurst: £200k growth in revenue after three years using Silverfin.
  • PKF: 120% increase in the number of reviews completed per month.

Silverfin serves over 1,000 accounting firms globally, including over 30% of the UK Top 100, managing over 400,000 client files across 17 countries.

Deep Dive: Review and Communication Features

Hope demonstrates Silverfin’s communication and review features, designed to resolve common issues such as tracking progress, avoiding duplicated effort, and improving team and client communication.

Communication Tools

  • Communications can be raised across any workflow by any user (preparer or reviewer).
  • Users can flag items for review, ask questions, or highlight issues directly within the platform.
  • Messages can be added as either a "note" (general information) or a "to do" (task to be completed).
  • Messages support text formatting, links, and attachments.
  • Message visibility can be set, and notes can be pinned for visibility in future periods.
  • Users can tag internal or external users (e.g., clients, auditors) using the @ function, ensuring the right people are notified.
  • Tags can be added for easy filtering (e.g., "point for manager").

Managing Communications

  • All communications across a file are visible in the client overview under the communications tab.
  • Messages are grouped by file section (working papers, management accounts, year end), aiding teams working on different areas.
  • Filters allow users to view by note type, tag, author, or search for keywords.
  • Messages can be managed directly from the overview: reply, edit tags, edit message, remove, mark as read/unread, or open in context.

Review Process

  • Managers and partners can access the review panel for an easy-to-navigate review screen, structured by workflow sections.
  • The left-hand tree menu allows navigation by template, with visual indicators (green ticks) showing what has been reviewed.
  • Multi-file reviews are supported, with different colored ticks for each reviewer.
  • Reconciliation status is indicated (red triangles for action needed, green circles for complete).
  • Messages can be added during review, with tags for client questions or manager points.
  • The audit log shows recent edits and who made them, aiding accountability.
  • Filters help reviewers focus on outstanding to-dos or unreconciled items.
  • Period comparison allows users to compare current and previous periods.
  • If figures change after review, Silverfin flags the changes and marks the template as unreviewed, ensuring transparency.

Benefits

Silverfin’s communication and review features provide a structured, transparent process for collaboration. All comments, tasks, and communications are logged within the client file, linked to the relevant data, reducing missed points, speeding up reviews, and smoothing the sign-off process. This frees up accountants’ time to focus on insights and client conversations rather than administrative tasks.

If you have any questions about the features demonstrated, please use the Q&A panel.