Silverfin

Silverfin Accounts Production Webinar: Streamline Your Workflow

The Silverfin Accounts Production Webinar highlights how Silverfin’s cloud-based platform streamlines accounting workflows by integrating working papers, accounts production, corporate tax, AI-driven processes, and complex reporting into a seamless system with real-time data syncing, intelligent compliance checks, and external integrations like DocuSign and HMRC submissions, addressing inefficiencies caused by outdated, disconnected technologies commonly used in accounting firms.

Discover how Silverfin streamlines Accounts Production with real-time data syncing, intelligent compliance checks, and seamless submission.

Thanks everyone for joining us this morning. This is the second in a new series of webinars. About four weeks ago, we focused on the accounts production element of Silverfin. Today, we’re going to dive into the accounts production module. Here’s a rough agenda:

  • Overview of the platform and what it does
  • Deep dive into the accounts production module
  • Q&A session at the end

Introductions

  • Mark: Senior accounting exec at Silverfin, with experience in enterprise financial close software and cloud digitization.
  • Curtis Blanchard: Customer success manager at Silverfin, with ten years of practice experience. Curtis helps with onboarding and ongoing support.

The Problem with Current Compliance Technology

Most firms use outdated technology for compliance work, often relying on Excel or even paper records. This limits potential and efficiency. While other industries have moved on to modern solutions, many accounting firms are still using decades-old technology.

Modern firms often have a messy and disconnected tech stack, with data spread across various systems that don’t communicate well. This leads to inefficiency, data re-entry, and increased risk.

How Silverfin Helps

Silverfin offers a unique, cloud-based platform that connects:

  • Working papers
  • Accounts production
  • Corporate tax
  • AI-powered workflows
  • Complex reporting

All these modules are integrated, so data flows seamlessly between them. For example, when you start a year-end prep job, all relevant data is available for accounts production, tax, and reporting without manual re-entry.

Silverfin’s open API allows integration with other best-in-breed systems, such as DocuSign for e-signing, Companies House and HMRC for submissions, and various bookkeeping platforms like Xero and QuickBooks. Practice management integrations (e.g., Carbon) are also available.

How It Works

  • Silverfin is agnostic about data sources. Data can be imported from cloud bookkeeping platforms or via CSV/Excel.
  • Imported data is converted to a standard chart of accounts, cleaning and standardizing client data.
  • This enables consistent workflows for all clients, regardless of their bookkeeping system.
  • The platform covers compliance workflows such as working papers, accounts production, corporate tax, and management accounts.
  • All workflows are interconnected, so data and adjustments flow automatically between them.
  • The API enables submissions to governing bodies and integration with third-party systems.
  • A client portal allows for client interaction, document sharing, and e-signing.
  • AI features help with data mapping, compliance checks, and anomaly detection.
  • Review and collaboration tools support structured sign-off and quality control.

Modular Adoption

  • Firms can adopt Silverfin modules gradually or migrate quickly, depending on their needs.
  • Support is provided throughout the adoption process.

Benefits for Accounting Firms

  • Time savings: Firms like BKL report up to 50% time savings on year-end jobs.
  • Revenue growth: Some firms have grown revenue by £200,000 per year after adopting Silverfin.
  • Quality control: Improved review processes and reduced risk of errors.

Silverfin is suitable for a wide range of firms, from large multi-location practices to smaller, growth-focused firms. It supports standardization, efficiency, and scalability.

About Silverfin

  • Serves over 12,000 accounting firms, including 36 of the UK Top 100
  • Supports over 400,000 client files
  • Active in seven countries
  • Acquired by Visma, a leading Scandinavian tech group

Demo: Accounts Production Workflow

Curtis provides a high-level demo of the accounts production software:

  • The Silverfin overview page is the starting point when logging in.
  • Demo data (e.g., JetSet Go) is used to illustrate features.
  • When a client is set up, their nominal accounts are mapped to Silverfin’s chart of accounts using AI mapping (covers ~98% of codes).
  • This mapping determines tagging and which notes/disclosures are pulled into accounts.
  • The accounts production workflow is added to the client overview page. Workflows can be changed or added as needed.
  • Silverfin supports various frameworks (FRS 102 1A, FRS 102, FRS 105, LLP, etc.) and entity types (unincorporated, corporate, sole traders, partnerships, farming, consolidated accounts). Charity accounts are in development.

Workflow Navigation

  • The workflow includes templates, reconciliations, notes, and disclosures.
  • Red triangles indicate required actions or data input; green circles indicate completed/reconciled items; grey boxes mean no reconciliation/data entry is needed.
  • A snapshot of financials is displayed at the top, showing original bookkeeping data, adjustments, and year-end figures.
  • A progress bar tracks completion of starred items in the workflow.
  • Information flows automatically from working papers to accounts production, so progress is reflected across workflows.
  • Navigation bars allow filtering by assets, outstanding tasks, unreconciled items, and selected items for inclusion in accounts.
  • The workflow is intuitively ordered, starting with general settings, then profit and loss, and then notes.

General Settings

  • The general settings area contains all company information and determines the details of the accounts to be prepared.

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