How Gravita is pioneering the AI evolution in accounting

5min Read

Accenture predicts that by 2034, AI could help accountancy firms boost productivity by 40%. So, it might come as a surprise to learn that in today’s tech-enabled world, 48% of accountants claim not to be using AI at all. 

The reason, according to Russell Frayne, Director of Transformation at Gravita, who recently appeared on a Silverfin webinar, is that many UK accounting firms are hesitant to fully adopt cloud technology. Despite the introduction of cloud-based solutions like Xero over a decade ago, only about 25% of firms have transitioned to the cloud. This reluctance hinders the widespread adoption of AI, which relies heavily on cloud infrastructure for data processing and automation.

As Frayne says, “the gulf between those firms that are tech enabled and those that aren’t will be very apparent. […] So for me and Gravita, the AI journey is one that we needed to get on as early as possible”.

Read more: How AI technologies are revolutionising accounting firms in the UK

Overcoming the barriers to AI adoption 

One of the reasons for the delay in cloud adoption is client led, says Frayne. “Some clients would still be quite happy to bring in a shoe box of receipts if we let them”. This hesitation has been exacerbated by the uncertainty surrounding AI – the fear that it might one day surpass human capabilities and even threaten livelihoods. But Frayne puts his own spin on this – while “technology should replace processes, not people, […] if you make yourself replaceable, you can be replaced by AI in the future”.

The reluctance of many firms to transition away from legacy systems and processes towards more innovative technologies is only widening the chasm between the firms that have adopted AI, and those that haven’t. By automating manual processes, accountants can free up time to focus on value-added services beyond compliance, like one-on-one conversations that get to the root of what a business really needs. And it’s these more ‘human’ interactions that clients appreciate, and which AI – even in its current state – can’t replicate.

To overcome the challenges to AI adoption, Frayne stresses the importance of “getting there early and getting it embedded in the mindset of the teams and where they work”. For companies that have been operating in a certain way for years, the prospect of change can be unsettling. But as Frayne quotes, “all transformation happens from the neck up. Which means it’s not about the technology, it’s the shift in mindset”.

That’s why, when it came to the Silverfin rollout, Frayne “spent a lot of time at the front end […] trying to build an understanding around why Silverfin, why the change, what does it mean for you and […] the future state.” This was also a valuable exercise in identifying where the big wins were for those accountants on the front line, and how they could unlock the most value from client data.

Read more: How accounting intelligence can give your firm a competitive advantage

Unlocking deeper insights from unified data

With data now being so fragmented, for Frayne, one of Silverfin’s unique selling points was the way the platform functions as an unstructured data aggregator, eliminating the need for customisation and manual API integrations for different clients. This simplifies the data management process by “pull[ing] everything together into one space […] from multiple sources and in different formats,” says Frayne. “You can pull so much more insight from that unified dataset.”

For Frayne, “the standardisation piece was key in selecting Silverfin” as it ensures that data handling processes are consistent across the organisation, which is fundamental to maintaining accuracy and efficiency as a business grows. “Standardisation is a top priority because it gives you consistency and scalability, and having a product that aggregates in the middle is absolutely key. Because, it then allows you to be front end agnostic with your client base as well”. This means no compatibility issues, no matter what front-end system is used. By utilising Silverfin’s platform, Gravita can be confident that the data will remain consistent and accessible at all times. 

Download Whitepaper now: Beyond the hype: the real benefits of AI for your accountancy

Accelerating innovation with the Silverfin Assistant

According to Frayne, the decision to partner with Silverfin was also driven largely by its AI proficiency. “[Silverfin’s] AI roadmap enabled me to start that journey quickly and then take full advantage of the benefits as they evolved”. This includes the Silverfin Assistant, an AI accounting tool that finds outliers, errors and opportunities in client files. For Frayne, “it felt right and aligned to the future of accounting – it sets us up to succeed”.

As for deploying the Silverfin Assistant, Gravita rolled out a training program for all members of its team to get acquainted with the new AI tool. Now, “we have regular catch-ups internally,” says Frayne. “I ask about the good, the bad, and the ugly in terms of what it’s surfacing, and then we feed that back to Silverfin – planning developments collaboratively”.

Poised for future success 

Ultimately, leveraging the power of AI and tools like the Silverfin Assistant – which Frayne says already has a strong future offering – is allowing Gravita to automate manual tasks, free up their accountants’ time and focus on what really matters: building more meaningful relationships with clients. And by taking on a more advisory support role, accountants can focus on providing the insights that will inspire business owners to do more. As Frayne puts it: “If AI gives back time used to have contact points with your client – which means you understand them better and ask simple questions of their business – it’s a win”. 

Don’t get left behind. Transform your accounting practice with AI today.

For more insights, read the Best AI Tools for Accounting.

More Posts

API Integrations You Need To Know About for Your Accountancy Firm – 6 Things That Matter

With so much financial data changing every day, the modern accounting firm needs streamlined processes and the right tools to manage them while staying compliant. ...
Read More

AI accounting: 5 benefits of using embedded intelligence in your firm

Does your accounting firm struggle with increasing demands for accuracy and efficiency? Maintaining quality service in the face of growing client expectations and market competition ...
Read More

Simplifying Tax Seasons: How To Automate Tax Workpaper Preparation

Tax season often means long hours, extensive paperwork, and an increased risk of human error. Tax workpaper automation offers a way to streamline these processes, ...
Read More

The real benefits of Artificial Intelligence (AI) in accounting

Facing an avalanche of data and the perpetual need for precise financial reporting, accounting firms are under constant pressure to deliver swift, error-free results. But, how ...
Read More

iXBRL Tagging Tool: Ensuring Compliance and Precision in Reporting 

iXBRL, or Interactive eXtensible Business Reporting Language, ensures that financial reports are precise and compliant.  However, the process can be intricate and time-consuming.  Unless you ...
Read More

Getting your data in the right place for AI, with AI

When Accountants discuss AI it often concerns whether machines will replace them with AI ‘taking over’. But, before you get anywhere near replacing a human’s ...
Read More

The Best Software for Accounting Firms: Benefits and Key Considerations  

Manual data entry, human errors, and fragmented client communication. These are common issues accountants face every day. Often caused by inefficient processes and legacy tools, ...
Read More

The AI Adoption Paradox: Why Older Accountants Are Leading the Charge

A recent Silverfin survey reveals a surprising trend: one cohort of accountants are adopting AI technology at a faster rate than other cohorts, and it’s ...
Read More

How to get started with AI in accounting: insights from Billie McLoughlin, 20:20 Innovation

Should accountants fear AI? 20:20 Innovation's Billie McLoughlin breaks down AI myths, practical use cases and how firms can adopt AI safely.
Read More

How Automation Technology for Accountants Grows Firms 

What’s your tech stack like at your accounting firm? If you’re using Excel spreadsheets and tools that don’t speak to each other, you’re increasing the ...
Read More
cloud accounting solutions

Enhancing client relationships with digital solutions

Learn how cloud accounting solutions and digital tools help accounting firms build stronger client relationships and improve collaboration.
Read More
Excel can cause frustrations and create risks

Moving beyond Excel for working papers – an introduction

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
Read More

Let’s Chat

Scroll to Top
This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.