- 70% of UK small businesses turn to AI for financial advice before their accountants
- Most business leaders are dissatisfied with current accounting services
- Customers want more personalized, proactive advice
Nearly three-quarters (70%) of UK SMEs say they often or always act on AI-generated financial, tax or business advice before they consult their accountant, according to a new report of 500 UK SMEs commissioned by Ravical.
Conversely, only 5% rarely or never do this, highlighting just how widespread AI adoption is when it comes to seeking advice.
Answering tax questions, responding to financial planning queries, serving up business strategies and triaging day-to-day accounting issues are among the most common use cases, with accountants instead being used to validate AI-generated advice as a secondary layer.
SMEs prefer to ask AI before an accountant
As for the role of a human accountant, only one-third of UK SMEs described their accountant as a genuine working partner who proactively contributes ideas and delivers strategic insight, which could be why business leaders have turned to artificial intelligence – personalization, as well as efficiency.
Clearly, leaders aren’t happy with their existing accountants, because 91% have considered changing during the past year over a desire for more advice, quicker responses, forward planning and proactivity.
Cost isn’t actually so much of an issue, with 92% saying they’d be prepared to pay higher fees if accountants actually delivered the quality of services they wanted.
While the report confirms that many turn to AI in the first instance, it also offers an insight into why human accountants might be losing business, with customers still happy to spend the money with them.
Leaders aren’t actually looking for compliance…
