A third of SMEs distrust AI in finance

Aug 7, 2024

Although artificial intelligence (AI) holds promise for the future of finance, some remain hesitant to replace human elements in their roles. While many SME business leaders are confident AI can handle mundane administrative tasks, the majority believe human interaction remains crucial.

In accounting roles, 25% of finance managers prefer tasks to be completed by humans, with only 16% favouring AI. Administrative tasks, however, are seen as more suitable for AI, with humans taking on a supervisory role. When it comes to payroll, opinions are split, with 22% of respondents valuing human interaction and 19% believing it could be automated.

For tax work, 23% prefer a human touch, compared to 20% who trust AI. Accounts, which are seen as strategic and detail-oriented, are more often entrusted to humans. In contrast, payroll and tax functions, which are more administrative, are seen as better suited for AI, with businesses more willing to use technology for these tasks.

Confidence in AI varies across sectors. Two-thirds of respondents in accounting roles trust AI for task completion. Confidence is also high in marketing (63%), with 56% in sales, and around 50% in HR and customer service trusting AI.

Moreover, 44% of SME leaders plan to integrate AI into their finance and accounting departments. Among larger companies with turnovers of £10-£50 million, 58% are looking to invest in AI, reflecting a growing trend towards adopting technology in finance.

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