Digital transformation in the world of accountancy is a broad, influential and far reaching topic. The implications for all accountancy firms, big and small, should not be underestimated. In our regular blog series, we delve down into the specifics and highlight our key learnings and insights. If you’ve any questions, feel free to reach out and contact us (see footer for contact details)

It was around late last year that we witnessed another body blow to finance professionals: of the businesses surveyed for Xero’s ‘State of Accounts’ report, 59% said they did not think they would need an accountant at all in 10 years’ time.

It might be hard to believe it - but one of the most accurate summations of UK accountancy’s digital, post-Making Tax Digital (MTD) future comes in the form of a Twitter bio.

At the recent Accountex conference, Receipt Bank’s director Michael Wood raised an excellent point about how technology’s relentless advance can creep up on us.

Mark Lee frames the modern accountant’s dilemma with a simple question: Are you an accountant or a magician?

In a blog on merging with other practices, the accounting pioneer Elaine Clark phrased her opinion on mergers rather succinctly: “Don’t merge your accountancy practice – change it”.

It’s hard to believe but it wasn’t that long ago that there was still a raging debate around cloud accounting. “Should you put your small business accounts in the cloud?”, asked a Guardian headline in 2014.

Leading up the Accountex, where Silverfin can be found at stand 920, I had a chat about the challenges and opportunities in accountancy with a young and dynamic accountant. Glenn Martin, like many Northerners, prides himself on plain-speaking pragmatism. But if his manner of speaking is traditional, his methods are distinctly modern. The county Durham-based accountant prides himself on augmenting his skills with the latest technology. 

There’s a quaint simplicity to hourly billing. You have your rate and you simply multiply it by the hours spent on the job. Easy.

The prominent digital culture magazine Wired published a story about the accounting sector recently. You don’t even need to read the full article to get the gist - the headline says it all: