SilverFin

Silverfin operates as a cloud-based platform tailored for accounting firms, designed to enhance the efficiency and profitability of compliance and advisory services. The company was founded in Ghent, Belgium, in 2013 by Joris Van Der Gucht and Tim Vandecasteele. The founding stemmed from Van Der Gucht's direct experience as an accountant, where he identified significant inefficiencies in financial reporting and a lack of standardization, such as excessive time spent on repetitive tasks. This frustration, combined with Vandecasteele's background as a software architect with expertise in cloud solutions and user experience, led to the creation of Silverfin.

The firm's business model is centered on providing a B2B SaaS platform that serves accounting firms of all sizes, from small practices to large enterprises, including the Big 4. Revenue is generated through a flexible, per-client-file pricing structure, where the cost per file decreases as the volume increases. The company's core product, termed "connected accounting," centralizes client financial data from various bookkeeping systems into a single, secure cloud data hub. This integration allows for real-time data synchronization, which eliminates manual data entry and ensures that financial information is always current. The platform then uses customizable templates and automated workflows to streamline compliance processes like preparing working papers, generating financial statements, and filing corporation tax returns.

Beyond compliance automation, Silverfin provides tools that empower accountants to expand their advisory services. The platform features analytics and reporting capabilities that help identify financial trends, risks, and opportunities across an entire client portfolio. Automated alerts notify accountants of issues or chances to offer strategic advice, transforming their role from simple compliance to valued business advisors. Key features include an AI Mapping tool that standardizes client charts of accounts, customizable templates, integrated collaboration tools, and modules for accounts production and corporation tax. In September 2023, Silverfin was acquired by the Norwegian software group Visma for a reported €300 million, a move intended to accelerate its global expansion and product development.

Keywords: connected accounting, accounting automation, financial reporting, compliance software, cloud accounting, advisory services, workflow automation, data standardization, tax computation, financial data hub, accounting practice management, accounts production, working papers automation, client data management, portfolio analysis, financial analytics, real-time accounting, B2B SaaS, fintech, Visma