Unlocking AI Solutions: Silverfin’s Guide to Combating Accountancy Burnout
In today’s fast-paced business environment, UK accountancy firms are losing a staggering 16% of potential revenue due to outdated systems, overwhelming administrative tasks, and underutilization of technology for productivity improvement. According to research from Silverfin, a leading cloud-first accountancy SaaS platform, firms have the opportunity to reclaim up to £48,000 in billable time for each accountant annually by addressing these challenges.
Key Findings from the Silverfin Research
The Silverfin report, titled All Accounted For, highlights that only 14% of firms dedicate time to strategic planning, despite over half (51%) stating that growth is their primary strategic objective. Here are some critical insights from the study:
- For every hour spent on client advisory, accountants are wasting 1.5 hours on internal admin tasks.
- Economic instability is affecting 34% of firms in their growth efforts this year.
- The technical skills gap is a barrier to digital transformation for 23% of firms.
- Accountants lose an average of 1.2 hours per day on non-value-adding tasks.
- Outdated or non-integrated systems are a significant time drain for 20% of accountants.
The Human Cost of Inefficiency
The consequences of these inefficiencies extend beyond financial loss. The research indicates that:
- 25% of accountants report experiencing signs of burnout.
- Over 31% are working six or more extra hours each week.
- A significant 77% of accountants support a formal right-to-disconnect policy.
Despite the pressing need for improvement, many accountants find training and mentoring junior staff mundane, with 21% expressing reluctance to upskill the next generation of talent.
Insights from Industry Leaders
Lisa Miles-Heal, CEO of Silverfin, emphasized the urgency of addressing these issues: “This isn’t just about inefficiency; it’s about lost opportunity. Every hour wasted could be spent advising clients, growing the firm, and making a real difference to UK businesses.”
Leveraging Technology to Combat Burnout
In light of economic pressures, 89% of firms are investing in automation and digital tools. However, the implementation of new technology only consumes about 8% of their time, with 9% allocated for team training. This suggests that many firms are yet to fully realize the benefits of their investments in technology.
Artificial Intelligence (AI) shows potential for improvement, with 85% of firms reporting time savings and an average of 9% time saved estimated for the future. However, barriers remain, as 44% of accountants are uncertain about how AI can be beneficial, and 28% face resistance from staff regarding technological changes.
Research Methodology
This research was conducted by Censuswide in January 2025, surveying a sample of 350 partners and senior to mid-level employees in UK accounting firms. The sample included 210 large firms (with turnover between £50.1 million and £1 billion) and 140 medium-sized firms (with turnover between £1 million and £50 million), all employing over 15 individuals.
For additional insights into enhancing productivity within your accounting firm, visit our guide on improving accounting productivity. For more on the role of technology in business growth, check out this Forbes article on AI transformation.
