How close are today’s firms to fulfilling the potential of connected accounting according to the results of our recent research?

1. connected accounting
revealed: key
takeaways from
Silverfin’s technology
trends research
How close are today’s firms to fulfilling the
potential of connected accounting according
to the results of our recent research?

2. 2
a snapshot of
the profession
We got the views of over 150 accounting
professionals from five countries.

3. 3
We surveyed accountants in practice from
managing partners to auditors as well as
accountants in business.
Accountant in practice
Managing partner
Accountant in business
Partner
Other
Department manager, accountancy practice; IT
department; project manager; operations manager; IT
manager; innovation director; transformation manager; IT
coordinator; application employee; accountant coach;
head of business development; auditor.
53%
14%
13%
12%
8%

4. 4
Our survey asked respondents to rate their progress in four key areas of
digital maturity, all of them crucial to success today and tomorrow.
data
Are companies using technology
to store their data effectively?
workflow
Have they standardised and
automated everyday tasks?
insight
Are their key reporting practices
linked to live data?
advisory
How are firms using data and
technology to unlock the potential
of client advisory services?

5. 5
the top line
Firms are making encouraging progress
in their tactical use of technology,
particularly in the areas of data
accessibility and client collaboration.

6. 6
However there are
significant areas that
require attention.
Many firms are automating key tasks
but failing to exploit the full value of
the data they create.
And while the majority of respondents
recognise a significant shift is
coming, taking them from a focus on
compliance to the delivery of value-
added advisory services, they are not
where they need to be with their use
of technology to benefit.
6

7. 7
data
62% of respondents agree that
all their client data is now being
stored digitally.

8. 8
63%
Crucially, 63% say they
can view data at the
transactional level,
allowing them to analyse in
granular detail.
8

9. 9
35%
However, most are struggling to make
their key data available in real-time.
Only 35% have a live link
to data that’s updated
automatically.
9

10. 10
workflow
Most are successfully standardising
their working practices.

11. 11
70%
agree they have a
consistent way of working
across the company.
11

12. 12
64%
Automation is increasing
across the industry. 64%
say that key accounting
workflows and processes
are being automated.
12

13. 13
insight
While technology is allowing
accounting professionals to find
operational efficiencies, not
enough progress is being made
in sharing data and using it to
compare clients across the
firm’s portfolio.

14. 14
23%
Only 23% strongly agree
that they can see the
status of client workflows
across the whole firm.
14

15. 15
Only 7% of respondents strongly
agree that they can gain insight
by benchmarking data across the
entire client portfolio.
Just 9% strongly agree they
can use systems to complete
detailed analysis of each client
account or portfolio of accounts.
7% 9%

16. 16
advisory
The numbers continue to tail off
when it comes to offering advisory
services.

17. 17
76%
A huge 76% of
respondents say they
expect advisory services
to be their biggest
revenue-earner in five
years’ time but only 14%
say this is currently their
primary revenue stream.
17

18. 18
In other words, today’s
firms have a lot of ground
to make up to fulfil their
own expectations.
And only 13% strongly agree
they have access to data and
insights that allow them to
deliver advisory services.
13%

19. 19
Download the full research report to
get the complete picture of the digital
maturity of accounting, and see how
your use of technology compares with
your peers.
download the report