Chatbot Or Chartered Accountant: Who Do UK SME Owners Trust More?

UK SMEs were asked what they would change about their accountant, the responses were all pretty much the same: the business owners want faster and more responsive assistance that helps them plan for the future.

Businesses told researchers they wanted “forward-looking advice, not just compliance”, and wanted their accountant to, in their words, “reach out with useful advice when they see something important” rather than waiting for questions to arrive.

This all comes from research by Ravical that spoke to 500 UK SMEs. Joris Van Der Gucht, founder and CEO of Ravical, said the relationship between accountants and clients is changing, saying, “Clients are now going to AI first. For an accountant, that is a harder place to stand. You become the second opinion, and you have to be better and faster than the tool the client already used. That pressure is only going to grow as businesses lean on these tools more.”

The findings show that many SMEs now see AI as a quick source of information, especially for everyday questions that previously would have gone straight to an accountant, which would need an appointment or phone call (at certain hours only).

But, if business owners already have an answer from a chatbot before they pick up the phone, what do they want from a human adviser?

Is There A Risk In Handing Financial Questions To AI?

Before looking at who SMEs trust most, it is worth remembering that using AI for financial matters comes with risks.

Earlier, we looked at how reliance on AI for personal financial information can be dangerous. OpenAI itself says that ChatGPT is not a replacement for professional financial advice and has warned users against treating it as one.

There is also the issue of privacy… Cybersecurity specialists regularly advise people not to upload sensitive financial documents into AI systems because data leaks and security failures can happen.

AI can answer questions quickly, but businesses and consumers need to think carefully about how much personal information they hand over.

Are Accountants Giving Businesses What They Want?

The Ravical study tells us that many SMEs feel there is room for improvement with only 33% saying their accountant is a genuine strategic partner who brings ideas and insights to the table. Meanwhile, 91% said they had considered switching accounting firms during the past 12 months.

Businesses aren’t looking for cheaper services per se. In fact, 92% said they would pay more for better advisory support if it better met their needs.

The research also found that 90% believe compliance work could mainly be automated by software or AI within the next few years, and 35% believe that is already possible.

SMEs clearly see routine accounting tasks as something tech can handle, leaving human advisers to offer guidance, planning and expertise.

So, Who Do SMEs Want And Trust More?

The answer is more complicated than it first seems because on one hand, SMEs are already acting on AI advice before contacting their accountant. Ravical found that 70% always or often do this, making chatbots the first port of call for many financial questions.

On the other hand, the same research found businesses are actively searching for more human advice, not less. The fact that 92% would pay more for better advisory support shows there is still a need for expert guidance.

So, maybe this should be something financial providers should think about: with AI providing a much more efficient and cheaper solution, businesses still want and hope for quality and expertise from a human advisor. Businesses operating in this department can use this, as well as the need for security as ways to win clients – who want a better all-round option – back.