Aims of using Silverfin

So why are we introducing Silverfin now? We are aware that this new platform is another new piece of IT to learn as this will affect the way many of you will work. There has been much debate about the timing of this launch especially in light of the work loads over the last year. After much discussion (and testing) both within the firm and with other users including Johnston Carmichael (JC), we have decided to start introducing it this year on the basis that the advantages of the new platform will be significant (see below) but mainly in year 2 after introduction. We are also aware that offices have (historically) been less busy in the Summer and early Autumn months - if we do not therefore proceed for at least some offices now, it will be mid 2022 before we can roll our the new way of working.

After much testing we have identified the following key matters that Silverfin will help us address:

  • Replace (eventually) DAPA/DAP, which are generally unpopular and either out of licence or have an uncertain future;
  • Standardise accounts production process, ensuring best practice in all offices and facilitating sharing and training of staff;
  • Streamline processes, automating where possible to ensure we remain competitive in the marketplace, where relevant, in the knowledge that other firms we compete with are already using Silverfin;
  • Ensure as far as possible that we only do the right work for the right client and that we don’t over work the clients data where they either will not pay or do not want the additional work – or identify work that we could actually charge the client for as it isn’t in our underlying agreement with them;
  • Use time gained through efficiencies to spend more time interacting directly with our clients, identify added value advice opportunities or reduce workload pressure on staff as well as reduce future recruitment needs as we continue to grow (which has fast become a major issue for all parts of the practice);
  • Update and finish the previous accounts production Business Process Review exercise, whilst not simply replicating our current practice into Silverfin;
  • Ensure the figures in final accounts and working papers/lead schedules are identical (the working papers and accounts both draw from the same TB so cannot be different);
  • Automate production of documents such as Letters of Rep and Dividend Vouchers/minutes, again with figures that match accounts and lead schedules;
  • Streamline VAT return and management accounts work so all work done within period builds toward year end work (this will be introduced later in the roll out);
  • Facilitate benchmarking exercise on client sectors (Doctors, Solicitors, Hotel, Farmers, etc) through both standard Chart of Accounts and building standard reporting (including third party or industry data) into Silverfin; and
  • Facilitate firmwide reporting of accounts production status.

Finally, it also plays a key part in bringing the disparate systems and databases within FC together. It will allow access to client live data (where possible) to enable its use within FC for either dashboards (i.e. showing current trends of turnover, profits or cash when talking to client) or auto prompts (client nearing VAT limit or QIPs, VAT return not submitted, overdraft limit breached, etc). 

However, we are aware that partners and staff are very familiar with the current Excel/DAPA process and, even if many do not like it, they have all found ways to compensate for the foibles. Like the current process, it will take time for everyone to get used to the new process and then start to properly appreciate the above benefits – JC saw staff only started to see advantages after they had completed six to ten jobs and this was partially confirmed during our testing. In addition to the initial learning of Silverfin and new processes, there are initial client setup activities that need to be completed as a one-off exercise including account code mapping (there is an AI tool available to assist with this), import fixed asset register and opening balances. It is therefore key to remember our focus on the above benefits over the next six months.