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June Monthly Special 2023

Silverfin – Creating an innovative cloud platform to make accountants more successful

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If your company still uses desktop software or spreadsheets for accounting, it may be time to consider upgrading to a cloud-based accounting system. Cloud-based software offers many benefits over on-premises solutions, including allowing users to work from anywhere, at any time, automation of time-consuming manual processes, improves accuracy and compliance and the ability to accelerate financial close processes with less effort. With a cloud system, the work of hosting and updating your accounting software is taken on by the provider. You move your books online and then access the software over the internet from a browser, paying for the service on a subscription basis. There’s no need to buy or install any software on computers in your office, and cloud software is less expensive to implement and deploy to multiple locations.

Silverfin is one such cloud platform that makes accountancy firms more successful. It improves the efficiency, competitiveness and profitability of compliance services, and powers the development and delivery of advisory services. The company takes financial data directly from client systems and hosts it securely in a single cloud Structured Data Hub. Then templates standardize, and automate, accounting workflows and use the data hub to make compliance easy, fast, and accurate. But that’s only half the story. Leading firms use Silverfin to power their advisory services too. Looking at data and trends, right across the client portfolio is easy and automatic alerts warn of risks or identify opportunities to give advice, or sell additional services. Silverfin has made it its day-to-day business better and given them the data, tools, and time; they need to deliver the advisory services and insights their clients really value.

Building cloud accounting strategy through robust products

Working Papers: Streamline the preparation and management of your working papers to improve accuracy and efficiency. Ensure one standardized way of working across your firm for a consistent approach to preparing client files. Use best practice workflows for your different client types and processes. Their digital templates are automatically pre-populated with live bookkeeping data. Fully integrated with your accounts production and reporting so you only have to enter data once. Complex spreadsheets are prone to errors, tough to maintain and often hard to use. Their automated and template-based workflows guide users through the working papers preparation process, ensuring everyone works the same way. Workflow progress tracking gives real-time visibility of the status of any client job. Now your firm can have one standardized way of working that follows industry best practice. Use their off-the-shelf templates or tailor them to suit your needs. And for firms using the Mercia methodology, this is fully integrated into Silverfin's working papers too.

Accounts Production: Make completing year-end accounts easy and fast with their best practice templates. Automate the preparation of financial statements using data pre-populated from your working papers. Complete year-end accounts faster with their automated and standardized templates. Live data from your clients' bookkeeping systems automatically flows into your financial statements. If the working papers or source data changes your client file is updated automatically too. Reduce mistakes, risk and repeat work. Have everyone in the firm working exactly the same way and faster. Create financial statements for a wide range of client types and legal entities, including limited companies (FRS102, FRS102 1A and FRS105), unincorporated sole traders, partnerships and Limited Liability Partnerships. Plus save hours with features like roll-forward and automatic iXBRL tagging. Say goodbye to re-keying or manually moving data. Your accounts production templates are automatically updated with data from your client’s bookkeeping system, your digital working papers, and even Companies House. Save time and improve accuracy.

Corporation Tax: Say goodbye to the manual work and complete your client tax calculations and CT600 submissions in a fraction of the time. Creating corporation tax returns can be a repetitive manual task. Importing, checking and updating data. Multi-screening as you switch between spreadsheets and tools. But it doesn't have to be that way. In Silverfin all your data is linked. When you prepare working papers and statutory accounts, this information automatically flows into your corporation tax computations too. Avoid data mismatches and version control issues. Have everyone follow the same best-practice standardized tax workflows. Their intuitive schedules guided navigation and automated reconciliations all help streamline your processes and eliminate human error. Produce compliant, high-quality CT600 returns, every time. Their built-in data validation ensures you catch any errors. When ready, file your iXBRL tagged return with HMRC with a single click.

Management Accounts: Automate and improve the quality of your reporting. Create more regular contact and advisory conversations with your clients. Customize their range of out-the-box reports to create reporting bundles for the whole firm to use. Use their simple drag and drop tool to tailor packs for different client types. Add charts and graphs to bring client data to life. Data auto-populates from your working papers and accounts production templates. Drill down into the data to explore further. Export as a pdf and share with your clients via Pulse, the Silverfin portal. Wow your clients with high-impact report bundles, no matter what bookkeeping software they use. Add your logo. Customize fonts, colors, headers, footers, table of contents and titles for that consistent look.

Lisa Miles-Heal | CEO

She is an experienced leader of SaaS and technology companies with a love of expanding them globally. As a proud Kiwi with over 20 years of international experience, she has honed her passion for crafting strategy, managing growth and implementing change in progressive technology-led environments. Focused on the software industry, she has helped businesses from Professional Services to global SaaS e.g. Peace Software, Vodafone, Unleashed Software, Fresho, refines their GTM, scale their team and significantly grow. Lisa is a pragmatic, transparent and authentic senior people and product leader who still loves engaging with customers.

"We give accountants the technology and tools they need to be more successful. For themselves. For their clients."

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