Over two-fifths (44%) of businesses are planning to use AI in finance and accounting, according to new data insights from UK SMEs.

Cloud-based accountancy software bluQube has published a new report, Balancing the human touch in the age of AI, in which senior British business directors appeared increasingly keen to adopt AI in finance and accounting. The report is based on a survey of senior directors of medium/large UK SMEs across multiple business sectors.

When bluQube surveyed the same demographic in 2023, under a third (32%) believed finance and accounting were set to be transformed by AI.

This year, finance and accounting topped the list when businesses were asked how much they would trust AI across different business areas. Almost two-thirds (65%) of business leaders trust AI to complete the finance function, an increase of 3% year on year.

Previously, marketing and production led the way with 64% of respondents in 2023 choosing them as AI’s most trusted business functions.

Commenting on this, bluQube operations director, Rob Swan, said: “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.

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“Respondents noted the benefits they expected to see from AI, with the top being that it could take away many of the repetitive and administrative tasks associated with the role (42%). This was followed by the belief that it would allow professionals to be more strategic (35%) and require them to take on more of an advisory or client-facing role (31%). Much of this has been echoed this year, and refreshingly we have seen an even higher number of businesses welcoming the technology into their financial operations.”

The preference for AI in finance and accounting was highest amongst larger businesses with almost three in five (58%) of businesses with a turnover of £10m-£20m, and 58% of those with a turnover of £20m-£50m planning to implement AI in finance and accounting.

Swan concluded: “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.”