Before the arrival of ChatGPT, there was a common misconception that artificial intelligence (AI) was the preserve of tech giants and global corporations – that it required an army of data scientists and AI engineers to implement. AI seemed abstract compared to other ground-breaking tech that you could see and feel. But behind the scenes, companies were already embedding AI into technology across industries like accounting to automate repetitive tasks.
Fast forward, and the seemingly magical interactions with ChatGPT, Gemini, Claude, and other conversational AI tools have brought AI to the forefront. Now, there is a common understanding that AI is accessible to everyone. So, the question now is how do we empower SMBs to truly harness this breakthrough in AI capability? Not only to automate the routine, but to truly transform their businesses and, as we like to say, elevate human work.
The challenge for small and medium-size businesses (SMBs) is not whether AI is for them, but deciphering what tools can do, which they should trust, and how to use them safely.
According to TheresAnAiforThat.com, there are currently approximately 13,000 AI tools for 14,000 unique tasks, and rising. This can lead to a paradox of choice as SMBs look to ride the AI wave.
If decision-makers aren’t going to get left behind, they need to focus on skills training, lean on trusted advisors, and identify and understand the right tools – being developed by trusted companies – that will be instrumental in building the efficiency and agility needed for sustainable growth.
A shift in mindset to address pain points
When you tackle a problem the same way for so long, it can be easy to think there aren’t any alternative methods — even if the existing methods aren’t hitting the mark. If SMBs are going to take advantage of AI to transform their business, a shift in mindset is required.
That means forgetting what they think is possible with technology today and, instead, start asking themselves, ‘What are the biggest challenges in my business?’; working back from there. Whatever the problem, or opportunity, the chances are there will be an AI tool that can help. Removing this mental barrier can help businesses unlock new ways to overcome longstanding barriers to their success.
Take cash flow forecasting, for example. Unreliable cash flow forecasts are a recurring challenge for accounting teams and, therefore, the wider business – whatever the size. But it can disadvantage SMBs in particular, in terms of their ability to invest and grow. For instance, 41% of small businesses admit to often turning down growth opportunities because they’re unsure about cash flow.
Developing understanding
This shift in attitude is part of a bigger education piece that is vital if SMBs are to capitalize on the AI wave.
There is certainly appetite to introduce automation and AI – 91% of businesses are considering it as a way to elevate themselves over the competition. But the sheer number of AI tools and the speed with which they have arrived has created a wild west environment that can be overwhelming. Especially when SMB decision-makers are busy overseeing all elements of a business so don’t necessarily have time to dedicate to looking under the hood of every AI tool on the market.
Recent research showed only one in five IT decision-makers have a strong understanding of how to harness artificial intelligence. Because AI comes with an aura of complexity about how it works, it is understandable that some decision-makers may simply opt to stick to what they know because they feel overwhelmed or out of their depth when it comes to incorporating such solutions into their teams.
This is why the role of trusted advisors is so important. Consultants, implementers, and technology vendors must take it upon themselves to support SMBs and their employees to better understand the intricacies (and capabilities) of AI and how it can support their work.
The second part of the education piece is helping businesses understand that AI is here to elevate rather than replace employees. By taking on the repetitive, administrative tasks, AI empowers employees to concentrate on more strategically important work. For example, with AI handling supplier invoice processing, employees can focus on managing the supplier relationship. Explaining this hierarchy between AI and employee is an important step to ensuring the business is able to benefit from productivity gains without worrying if AI is doing the job safely and confidently.
Working with trusted advisors with experience in this space can help SMBs navigate what is a complex landscape, alleviate anxiety around the unknown, and make sure they make informed decisions that align with their unique needs and goals.
Fit for purpose
Of course, if AI tools are to impact the business to their full potential, the right tools need to be chosen for the job at hand. That means selecting and investing in solutions that are fit for purpose. Especially in accounting, where accuracy and trust in results is paramount and data can be complicated to digest.
That doesn’t mean every tool used by an SMB needs to be 100% bespoke and purpose-built (a costly process). “Off-the-shelf” solutions can be highly effective in doing the job required of them to a high standard. What matters, in a world where a wealth of AI tools are available to SMBs, is the credentials of those providing the ready-made tools.
That means opting for solutions offered by trusted experts who have a transparent and proven track record of investing the time and resources into creating their AI solutions. And have trained the solutions on the type of tasks and data that they will encounter in the real world of SMB accounting.
A considered approach
The potential of AI to transform SMBs is immense, but realising this potential requires a thoughtful approach. SMBs must prioritize identifying and implementing AI tools that align with their unique challenges and goals, and shift mindsets to embrace innovative solutions.
This is where trusted advisors play a crucial role. Not only can they guide businesses through the complexities of AI, but they can ensure they invest in purpose-built solutions that deliver results safely, accurately, and reliably. Empowered with these AI solutions, SMBs will not only streamline operations and enhance efficiency but they will also increase confidence and unlock new opportunities for growth – priceless returns for business leaders navigating today’s challenges and uncertainties.
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