How accountancy firms are turning tech and talent into business value
How accountancy firms are turning tech and talent into business value
Lisa Miles-Heal, CEO of Silverfin, explains why firms are making strides through digital transformation, and that recognising talent and training will be essential to unlocking returns
Accountancy firms are at a pivotal moment. Inefficiencies are draining valuable time, employee expectations are shifting, and technology adoption is accelerating. But without better execution across processes, skills and systems, the full potential of new technology will remain untapped.
In-depth research undertaken by Censuswide from a sample of 350 large and mid-sized UK accountancy firms sought to find out exactly what’s going on at the coalface. Their answers highlight challenges shaping the profession, barriers to progress, and the real opportunities to create value.
The headlines show a mixed picture. Inefficiencies are preventing firms from being truly client centric. Accountancy firm partners spend 1.5 hours on internal admin for every hour dedicated to client advisory. At the same time, wider daily inefficiencies including manual data entry, chasing colleagues and clients, repetitive work and using outdated systems add up to nearly £48,000 in lost billable time per accountant each year.
Firms are making strides through digital transformation, and many recognise that talent and training will be essential to unlocking returns. Yet at the same time, many accountants remain hesitant to prepare the next generation of professionals for the roles of tomorrow.
Clearly, there are opportunities for those willing to take them, but it’s not a straightforward journey. Three key areas stand out: achieving growth that lasts, reducing wasted time, and turning tech investment into business impact.
1) The growth challenge
Perhaps unsurprisingly, more than half (51%) of accountants say growth is their top priority in 2025. But they face a lot of drag. Economic instability ranked as the most frequently cited barrier, with the skills gap, increased client demands, and excessive workload close behind. That’s a multi-pronged attack – pressure from the macro-economy, from clients, and from the rapidly-drying talent pool.
Digital transformation is seen as part of the solution and 42% have made it a strategic priority. However, as of right now, they are only spending 8% of their time on implementing new tech and 9% on training staff. Over a fifth (21%) admit they find training junior staff mundane. With nearly a quarter of respondents saying up to a third of their staff reported or showed signs of burnout last year, and one in five reporting reliance on outdated systems, both of these areas need addressing fast. Growth relies on the right people, with the right skills, using the right tools.
2) Stop wasting time
Firm leaders understand the importance of focusing their time on activities that fuel growth, but in practice, too much of their time is going elsewhere. Currently, only 14% of their time is dedicated to strategic planning.
Overall, accountants say they lose an average of 1.2 hours each day to tasks they feel don’t add value– almost exactly matching the five additional, non-contracted hours they typically work each week. Over the course of a year, that adds up to more than a full month of lost productivity. For over a quarter of accountants (28%), the impact is even greater, with more than 1.5 hours a day consumed by low-value tasks.
To unlock impact, firms must fundamentally rethink how time is allocated, placing greater emphasis on advisory services. Yet outdated processes and built-in inefficiencies continue to drain significant amounts of partner capacity.
There are encouraging signs, however. Firms recognise that the right technology investments, especially those that bring them closer to clients can help reposition their role as more strategic. In fact, the amount of time partners spend exploring and deploying new technologies is expected to nearly double from 9% to 17% by 2028.
3) Turn tech investment into value
Over the past year, 89% of firms invested in automation and digital tools, a clear sign that the sector is embracing large-scale change. The challenge now is ensuring those investments actually translate into business advantage. To see returns, firms must improve training and development, hire more tech-savvy talent, and upskill existing teams, while building a culture of data literacy. Clean, well-structured data and strong skills are the foundation for turning technology into a genuine strategic advantage. The firms that find the right balance between adoption and execution will be the ones to achieve the greatest returns.
A key part of that picture is AI. Already, 85% of firms say AI is helping them save time, with average savings of 9%. By 2028, they expect this to rise to 12% of total working time. Yet barriers remain with 44% of accountants unsure of how AI could benefit them, and 28% citing staff resistance to change. The firms that embed AI into workflows and give teams the expertise to use it, will be well-placed to capitalise. But those that can’t join the dots between technology, ambition, and execution risk leaving growth on the table as the industry evolves around them.
Being bold, seizing the day
Change is possible, and now is the time to act. Those that move decisively will reduce inefficiencies, strengthen profitability, and build a more competitive position in an industry that’s evolving at unprecedented speed.
This article is sourced from the following link:
