Over two-fifths of UK small and medium-sized enterprises (SMEs) are planning to incorporate artificial intelligence (AI) into their finance and accounting functions, according to a recent report.
Cloud-based accountancy software firm bluQube has published findings in a report titled "Balancing the human touch in the age of AI," based on a survey conducted among senior directors of medium and large UK SMEs from various business sectors.
This year, nearly two-thirds of business leaders expressed trust in AI to manage finance and accounting tasks, marking a 3% increase from the previous year. In the 2023 survey, just under one-third believed that finance and accounting would be significantly transformed by AI. The latest findings reveal a significant leap in confidence and planned adoption of AI in these functions.
Rob Swan, Operations Director at bluQube, stated, "Last year we produced a report on AI, right as the adoption of ChatGPT surged. Some hesitancy was clear throughout the research, largely down to the limited understanding some businesses had. However, one area that did stand out was finance and accounting."
Respondents in the survey cited multiple expected benefits from AI in finance and accounting. Chief among these was the reduction of repetitive and administrative tasks, noted by 42% of the participants. Additionally, 35% of respondents believed AI would allow finance professionals to engage in more strategic activities, while 31% anticipated that it would enable them to adopt a more advisory or client-facing role.
The interest in AI's application in finance and accounting was particularly prominent among larger businesses. Approximately 58% of firms with a turnover ranging from GBP £10 million to GBP £20 million, as well as 58% of businesses with a turnover between GBP £20 million and GBP £50 million, reported plans to implement AI in their financial operations.
Rob Swan commented further on this growing trend: "Perhaps this growing trust and acceptance of the technology is due to a growth in awareness. Or maybe, businesses are starting to see the benefits and are becoming more confident in its proficiency. Either way, it's great to see more businesses embracing AI and its potential efficiencies. As it continues to advance, AI is certainly here to stay and the businesses that lose out will be those that don't embrace it and adapt."
Last year, AI was most trusted in the areas of marketing and production. In bluQube's 2023 survey, 64% of respondents identified these functions as the most reliable for AI implementation. However, this year's shift highlights a growing trust and reliance on AI specifically for finance and accounting tasks.
Overall, the report indicates a notable shift in the business community's perception of AI in finance and accounting roles. The increase in trust and planned adoption signifies a move towards leveraging advanced technologies to enhance business efficiencies and strategic capabilities. The survey outcomes reflect an evolving landscape in which AI is increasingly viewed as a valuable asset in transforming traditional finance functions, potentially yielding substantial operational advantages for adopters.
