Businesses in UK consult ChatGPT for advice: Ravical

Core Insights - 64% of businesses consult ChatGPT before seeking advice from accountants, indicating a shift in client interaction with accountancy services [1] - 54% of accountancy firms have amended guidance provided by ChatGPT, and 20% are frequently called to address AI-generated advice [2] - 51% of firms have faced clients questioning the potential for AI to replace their services, highlighting the transformative impact of AI on the profession [3] Client Utilization of AI - Clients are using AI for general financial inquiries (59%), financial planning and forecasting (59%), and bookkeeping/data entry (54%) [2] - 39% of clients use AI to cross-check or contest advice given by their accountants [2] Challenges and Skills Evolution - Accountants are experiencing challenges due to client expectations shaped by AI's prompt responses, with 46% of firms predicting a decline in traditional skills relevance [3] - Skills in working with AI tools (83%) and data analysis (68%) are recognized as increasingly important for the future [4] Future Impact of AI - 49% of firms anticipate AI will significantly affect productivity, service quality, and career development in the next five years [4] - The CEO of Ravical emphasizes that while AI will not replace accountants, it will change their work dynamics, necessitating a combination of AI capabilities with professional oversight [5][6]