The application of AI tools for accounting in the UK, such as Silverfin Assistant and Dext Precision, extends far beyond chatbot interfaces like ChatGPT, offering capabilities that enhance data analysis, automation, and financial accuracy.
It can also delve into the realm of machine learning for data analysis and helping your firm solve a myriad of challenges, such as:
- Reducing workload
- Increasing capacity without increasing headcount
- Detecting fraud
- Providing monetisable insights
Such capabilities enable accounting firms to adopt a more proactive and strategic approach to their operations, enhancing efficiency, profitability and the decision-making processes.
“AI is here to stay, and its impact will be widespread.” Bill Mew, CEO and founder of Crisis Team, Accountingweb Tech Trends for 2024
Here are some key benefits of integrating AI accounting software specifically designed for accounting firms in the UK, ensuring your practice stays competitive and efficient.
Increased Accuracy and Efficiency
AI tools like Silverfin Assistant improve accuracy and efficiency in financial reporting by automating data processing and identifying anomalies in real-time. By automating data processing with smart software, you can minimise human errors in manual data handling.
Plus, it allows you to fast-track compliance workflows and produce precise management accounts that foster trust with your clients.
- A study by Accenture predicts that AI can help accountancy firms boost productivity by up to 40% by 2034
Real-Time Data Analysis and Insights
AI’s ability to rapidly process and analyse large volumes of data enables firms to gain deeper insights in real-time. Your firm can analyse massive datasets in-depth to uncover insights and generate real-time financial reports and advice for clients.
With all your data connected in the cloud, you can also use data analysis to benchmark clients against your firm’s entire portfolio. This helps you quickly identify trends, threats, and opportunities, allowing for more informed decision-making and creating additional value for your clients.
Read more: Getting your data in the right place for AI, with AI
Automation of Repetitive Tasks
How much time do you and your colleagues spend on high-volume, routine accounting activities?
AI can reduce mundane workloads and shift your focus from data entry and number crunching to more strategic tasks. It saves time, allows you to handle a higher workload without increasing your headcount, and gives you the ability to develop new revenue streams.
- McKinsey research claims up to 50% of the activities carried out by accountants have the potential to be automated using current technologies. These tasks include data entry, invoice processing, reconciliation, fraud detection, revenue forecasting and analysing unstructured data. Automating this work frees up a significant amount of time for value-adding activities.
Train Your Team
Why not use AI to train your staff on what to look out for and how to remedy common issues? It’s a way for you to offer on-demand training without taking time away from your more senior staff.
As your juniors go through the process, they’ll learn your firm’s best practices and how to handle accounting scenarios according to your standard operating procedures (SOPs).
“Having an AI tool like Silverfin Assistant – helping with otherwise time-consuming manual processes and checks – is already a great starting point. It sits right where we as accountants work day to day – not in a separate tool. Silverfin Assistant also helps junior accountants who still have a lot to learn. There are clear and detailed explanations of the checks performed by the tool, highlighting why they were made and why they matter. These invaluable insights supercharge the progress of junior-level staff and their performance simultaneously.”Russell Frayne, Director of Transformation at Gravita
The Best AI Tools for Accounting Firms in the UK
1. Silverfin Assistant: Specifically Designed for Streamlining Accounting Workflows in UK Firms
Silverfin Assistant is your AI-powered advisor. It gives you reliable data you can trust and actionable insights your firm can monetise.
By continuously analysing your client files, the tool will find things you might miss, like:
- Unusual balances
- Missing transactions
- Outliers
It saves hours of manual work, automatically improves your data quality, and helps you serve your clients better. Additionally, Silverfin Assistant’s AI capability will swiftly identify opportunities within your data to enable firms to offer proactive and informed advice to clients.
“Using Silverfin Assistant for VAT compliance and the management account reports has delivered significant time savings, and it’s just getting less and less.” Rosie Cooper, Director, PM+M, Introducing Silverfin Assistant webinar
That’s not all. You can also use Silverfin Assistant to train your junior staff members. Let the AI program show your accountants what to look out for when analysing client files. With clear and detailed explanations it’s the perfect way to bridge knowledge gaps and boost confidence. Plus, you stay in control as Silverfin Assistant makes suggestions on suspected anomalies but it is down to the accountant to accept or reject these proposals.
Discover Silverfin Assistant: An introductory video on AI-enhanced accounting
2. Dext Precision: For Simplifying Your Financial Records
Dext Precision uses AI to simplify the accounting process of managing financial records like receipts and invoices. It helps streamline data entry, reduce manual input, and improve the accuracy of financial transactions.
Using machine learning, it extracts information from receipts and invoices and automatically categorises the expense based on custom rules.
Dext Precision is typically an add-on product that works alongside Dext Prepare and Dext Commerce. It takes all of your data from Xero or QuickBooks Online, and the AI algorithm alerts you to any discrepancies like missing or bad data.
3. Karbon AI: For Streamlining Your Communications and Tasks
Still in Beta, Karbon AI uses the power of Chat GPT to give accounting firms in the UK a collaborative practice management environment.
Using the tool, you can automate tasks and work faster by:
- Summarizing long emails into bite-sized chunks.
- Set a task within your workflow to automatically draft an email reflecting your progress.
- Reply to emails by clicking on “Compose Reply”.
- Compose emails in seconds using quick prompts and adjusting the tone to suit the situation.
4. Vic.ai: For Rapid Accounts Payable Processing
Vic.ai is an innovative platform designed to transform the accounts payable process for accounting teams. It claims it can improve your invoice processing productivity by 355%.
The platform minimises manual errors by replacing traditional OCR and rules-based methods with AI-powered solutions. Vic.ai’s technology enables faster, more accurate invoice processing, from ingestion to payments.
Vic.ai also offers real-time insights and benchmark data by normalising and analysing costs using AI and statistical analysis.
Embracing the Future of AI in Accounting
Adopting AI tools in accounting is a strategic move towards efficiency, accuracy, and insightful financial management. Explore how Silverfin’s AI tools can transform your firm’s operations—request a demo or download our whitepaper today.
These AI tools for accountants go beyond using ChatGPT for content. It’s a testament to how you can improve your accounting firm’s operations and use the technology to offer scalable solutions to meet your growing business demands.
Several of these tools are in the early stage of development. Karbon AI is still in open Beta, but other specialists, like Silverfin Assistant, have been available for several years. It offers honed developments for accountants, focusing on where AI can make the biggest difference and deliver the greatest benefits.
Read more: The real benefits of Artificial Intelligence in accounting
