Is your firm struggling with human errors, duplication of work, and a lack of available resources?

Client automation software for accounting firms is the solution.

Through automation, you can streamline and improve the preparation and management of your working papers as well as the quality of your reporting.

With your data in the cloud, you’ll have access to deeper analytics, which you can monetise and use as a competitive advantage.

BKL’s (a UK top 100 London accountancy firm) experience with client automation software mirrors the above.

Below, we’re breaking down their journey to finding a solution and digging into the transformative impact of client automation software on their accounting practices, 

What is Client Automation Software?

Client automation software for accounting firms automates and centralises tasks like data entry, making it possible to avoid duplication and human errors.

Having a single source of truth to manage and organise your client information, documents, and communications speeds up your firm’s efficiency, accuracy and service quality.

With less time spent on mundane tasks and automation handling large volumes of data to ensure compliance, you have more resources available to focus on strategic advisory roles and client relationships.

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The Challenge: Data Duplication and Lack of Standardisation

To see how data automation for accounting firms can transform your business, let’s look at BKL, a leading firm of accountants, tax specialists and auditors based in London with 230 staff members. 

Before finding a solution, BKL grappled with time-consuming manual processes and a lack of standardisation. With no clear system for “this is how we work”, the firm often had to deal with human errors, data duplication, and inefficient workflows.

“We needed a new solution for our accounting compliance function,” explains Jason Appel, BKL partner. “We wanted to free up time to free up time for our staff, enabling us to engage with clients more frequently and with better data.”

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The Silverfin Advantage: BKL’s Transformation

Silverfin emerged as the solution for BKL, offering standardisation of working practices across the firm, automation, and real-time accurate client data.

Here’s how data automation for accounting firms helped to improve BKL’s efficiency and profitability.

Increased Efficiency

With Silverfin’s automation, BKL streamlined its processes, ensuring all client files were produced in a consistent, high-quality format. 

“On accounts where we have management information, management accounts, and bookkeeping, all flowing into the final year-end accounts,” says Jason. “It’s been one of the key benefits we’ve seen since implementing Silverfin over the last year.”

With standardised procedures in place, it has improved the firm’s operational efficiency, increasing capacity for more work without reducing the quality of work or increasing operating costs.

Time Savings

The adoption of client automation software at BKL marked a significant reduction in the time required for accounting tasks. 

“One particularly notable time-saving occurred with a set of accounts that previously took around 25 hours in 2021”, explains Jason. “However, in 2022, the same task only took 12 and a half hours! This substantial time-saving is solely attributable to the use of Silverfin schedules.”

With more time, BKL has the capacity to shift resources towards developing additional income streams, increasing profitability for the firm.

Client Satisfaction

By leveraging Silverfin, BKL drastically reduced the turnaround time for preparing management accounts. 

“Previously, preparing a set of management accounts was a manual process that could take up to two weeks”, explains Holly Moore, a manager at BKL. 

“With Silverfin, I can access the data instantly. The process is now significantly shorter, allowing clients to receive their management accounts by the 3rd or 4th of the month, rather than waiting until the 14th or 15th.”

That’s not all.

With the Insights module, BKL can improve their client relationships. The tool lets you interrogate data at a client or portfolio level and turn your analytics into talking points to drive advisory conversations.

The powerful charting and reporting tools make spotting and communicating trends in data easy, and you can compare clients’ data to identify any trends across your portfolio.

Using automatic alerts for when a client hits key benchmarks, risk factors or compliance requirements, you’ll never miss an opportunity. Your team will have the information to act proactively, which makes all the difference in delivering powerful advice that leads to better, longer relationships.

Collaboration 

Remote work is an unavoidable obstacle for modern accounting firms. Many are choosing hybrid or fully remote work modules, which adds a layer of complexity when it comes to workplace collaboration.

How can two team members efficiently work on the same client file and avoid geographical barriers impeding your firm’s workflow?

The answer is a cloud-based platform like Silverfin.

“We operate a hybrid office, with most employees working from home a few days a week, explains Holly. “Additionally, we have colleagues in India and South Africa who can access the files just as if they were in the office,” says Hollie.

That’s not the only benefit of switching to a cloud-based platform. It also reduces the burden on your IT team.

“Maintenance and software updates are installed automatically, so there’s nothing for the IT team to worry about,” explains Tom Li, Cloud Accounting Lead at BKL.

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Embracing the Future of Client Automation Software with Silverfin

BKL’s journey from manual processes to automated efficiency with Silverfin underscores a broader narrative in the accounting industry. 

Client automation software for accounting firms is more than a tool. It’s a strategic asset that empowers firms to excel in a competitive market. 

The more efficient your firm is, the more time you have to focus on value-adds like advisory services and increase your profits. When your firm can deliver efficient service and strategic advice, it improves client satisfaction, mitigating the risk of churn and sets your firm up to become an indispensable part of each client’s business.

Book a demo with Silverfin today and start your journey towards operational excellence and sustained growth.