Nearly two-thirds (64%) of UK businesses are now consulting public AI chatbots such as ChatGPT for financial advice before speaking with their accountant, according to new research.
The survey of 500 senior decision-makers across UK accountancy firms, conducted by Ravical for its Accounting in the Age of AI report, shows that clients are no longer waiting for accountants to take the lead on artificial intelligence. Instead, many are experimenting with the technology themselves.
More than half of accountancy firms reported having to step in and correct inaccurate advice their clients had received from ChatGPT. A further one in five accountants said they are frequently asked to intervene after businesses rely on chatbot guidance.
The findings highlight that as AI tools like ChatGPT become a go-to resource for businesses, the advice they provide can often be misleading or incorrect, creating extra work and risk for accountants.
Sachin Agrawal, Managing Director for Zoho UK commented: “Many businesses are increasingly turning to AI tools such as ChatGPT as a first step in dealing with financial queries. When combined, AI and professional input can complement each other with AI delivering efficiency, while accountants provide reassurance, and context. However, businesses should be mindful of privacy. Entering sensitive financial or client data into AI platforms may carry risks, as information could be stored, used to train systems, or otherwise leave a digital footprint that organisations do not intend.”
Agrawal continues, “At the same time, financial decisions often need interpretation, judgement, and a full understanding of individual circumstances. Human expertise ensures that AI-generated insights are applied correctly, in line with regulations, and aligned with long-term business goals so AI cannot be relied upon as a credible and definitive answer without additional expert checking in these important matters.
“Accountants and advisers can build on AI’s guidance, transforming general recommendations into tailored advice. Together, AI and professional input create a more effective approach for managing financial tasks, helping business owners feel both empowered and supported in their decision-making.”
The research highlights growing concerns around AI, with more than half of accountancy firms reporting that clients have questioned whether the technology could eventually replace them.
Alongside general financial queries, clients are largely using AI for financial planning and forecasting (59%) and bookkeeping and data entry (54%), according to the study. On the other hand, and perhaps more concerningly for firms, more than two thirds of clients (39%) even use AI to validate or challenge the advice they receive from their accountant.
Joris Van Der Gucht, co-founder and CEO of Ravical, stated: “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 findings included:
- Nearly nine in 10 (87%) of these accountants report feeling stretched
- The reasons accountants felt stretched included:
- meeting client expectations (42%)
- keeping up with new tools (38%), and
- explaining complex data simply (37%) 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. “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.”
