SMBs are acting on financial advice from AI chatbots — before talking to their accountant (www.techradar.com)

A recent report reveals that 70% of UK small and medium-sized enterprises (SMEs) now seek financial advice from AI chatbots before consulting their accountants, largely due to dissatisfaction with current accounting services. This trend underscores a significant shift towards AI adoption in the financial decision-making process, as SMEs prefer the personalized and proactive nature of AI-generated advice over the traditional accountant-client dynamic. Most SMEs, dissatisfied with their accountants’ response times and the depth of their strategic insights, are willing to pay more for improved service, indicating a demand for higher quality and tailored financial guidance. As AI automates routine compliance work, accountants are evolving into “data guardians,” with a growing emphasis on providing strategic advice and validating AI outputs. The Institute of Chartered Accountants in England and Wales (ICAEW) highlights that 90% of SMEs believe compliance functions could be fully handled by AI soon, suggesting that while AI is not replacing accountants, it is reshaping the expectations of their roles. Accountants who leverage AI to enhance efficiency will be better positioned to focus on delivering high-value insights and fostering deeper client relationships, ensuring they remain relevant in an increasingly automated landscape.