Most businesses use ChatGPT before consulting their accountant
Almost two-thirds (64 per cent) of businesses are now using public AI chatbots for advice before consulting their accountant, according to new research exclusively shared with City PM.
A survey of 500 senior decision-makers within UK accountancy firms, conducted by Ravical for its ‘Accounting in the Age of AI‘ report, found clients are no longer waiting for the accountancy profession to take the lead on AI; instead, they are experimenting with tools themselves.
The research found that more than half of accounting firms report having been required to correct advice their clients received from ChatGPT, while a further 20 per cent say they are frequently asked to intervene.
A problem from this trend is that many accountants have said that the guidance clients have received from easily accessible AI tools, such as ChatGPT, has been misleading or incorrect.
AI tools are also being used by clients to validate or challenge the accountant’s advice, as reported by 39 per cent of respondents.
Joris Van Der Gucht, co-founder and CEO of Ravical, said: “The research highlights the mounting pressure on accountants as client expectations rise, shaped by the speed, clarity, and proactivity they now experience when engaging directly with technology.”
The research shows concerns surrounding the rise of AI, revealing that over half of accountancy firms have reported that clients have asked if AI could replace them entirely.
Nearly nine in 10 (87 per cent) of these accountants report feeling stretched, citing meeting client expectations (42 per cent), keeping up with new tools (38 per cent), and explaining complex data simply (37 per cent) as the primary challenges.
This comes as small to mid-tier accountancy firms reported facing “serious” barriers to growth due to staffing shortages.
“AI will not replace accountants, but it will change the way they work,” Van Der Gucht added.
He continued: “We are entering a post-knowledge economy, where knowledge alone is no longer a differentiator, with the real value now coming from combining AI’s capabilities with professional oversight, context and judgement.”