SMEs Prefer AI for Finance Over Their Accountant

What happened?

A TechRadar report published in January 2025 reveals that 70% of small and medium-sized enterprises (SMEs) in the UK consult artificial intelligence chatbots for financial advice before speaking with their accountant. The survey, conducted among 500 SME owners, shows that these entrepreneurs act on AI recommendations without verifying the information with a human professional. This behavior is not entirely new: as early as 2023, a QuickBooks study indicated that 40% of British SMEs used AI for basic accounting tasks. However, the jump to 70% in two years reflects an acceleration driven by improvements in chatbot quality (such as GPT-4 and specialized models) and the cost pressures faced by SMEs. Experts cited by TechRadar warn that this trend will intensify, and accountants must adapt by offering higher-value services, such as strategic and proactive advisory.

Why is it important?

This behavioral shift has profound implications for the accounting sector and the financial health of SMEs. On one hand, AI can provide quick and accessible answers, but it lacks the specific context of each business and the ability to interpret complex regulations. For example, a chatbot might recommend a standard tax deduction without considering changes in local legislation or the company's actual cash flow. On the other hand, traditional accountants risk being relegated to verification functions if they do not evolve toward a more consultative role. The pressure on professionals to offer high-value services, such as strategic tax planning or risk analysis, is increasing. According to a 2024 analysis by the Association of Chartered Certified Accountants (ACCA), 60% of accountants in the UK have already incorporated AI tools into their workflow, but only 25% offer strategic advisory services. This creates a market gap that SMEs are filling with chatbots, often without oversight.

Consequences and analysis

The trend reflects a growing distrust of traditional processes and a preference for immediacy. However, errors in financial advice can be costly: from poor investment decisions to tax non-compliance. A notable case occurred in 2024 when a British SME followed a chatbot's advice on declaring income and was penalized by HMRC for incorrectly applying VAT. For SMEs, using AI without human supervision could lead to a false sense of security, especially in areas like tax planning or obtaining financing. For accountants, the opportunity lies in positioning themselves as strategic partners, offering analysis that AI cannot provide, such as interpreting qualitative data, personalized advice based on experience, and stakeholder relationship management. Additionally, accountants can use AI to automate repetitive tasks and focus on high-value services. According to a 2024 Deloitte report, accounting firms that adopt a hybrid model (AI + human) increase profitability by 30% and client satisfaction by 45%.

What should readers know?

• AI is a complementary tool, not a substitute for human judgment in finance. Current chatbots lack empathy, deep business context, and the ability to adapt to sudden regulatory changes.
• Accountants should adopt AI technologies to improve efficiency, but also specialize in high-value services, such as mergers and acquisitions advisory, succession planning, or climate risk analysis.
• SMEs should be cautious: always verify AI recommendations with a qualified professional, especially on tax or legal matters. The UK's Financial Conduct Authority (FCA) has issued warnings about the use of unregulated AI in financial decisions.
• The financial advisory market for SMEs is transforming; those who do not adapt will be left behind. By 2027, 80% of SME financial interactions are expected to involve AI, according to Gartner.

"The pressure on accountants to offer higher-value services is only going to grow," notes the TechRadar report.

Context and outlook

This phenomenon is not isolated: in other sectors, such as legal or medical, increasing consultation of AI is also observed. For example, a 2024 study by the American Bar Association showed that 45% of lawyers use AI for legal research, although only 12% do so without human verification. In the financial field, the risk is particularly high due to regulation and economic consequences. The key will be finding a balance between AI efficiency and the trust that only a human advisor can provide. In the long term, new business models are likely to emerge, such as subscriptions to hybrid advisory (AI + human), and accountants may become "AI curators," validating and personalizing algorithm-generated recommendations. The most successful SMEs will be those that combine AI speed with the experienced judgment of an accountant. The transformation is already underway, and both professionals and entrepreneurs must prepare for a future where technology and human judgment collaborate closely.