Before the arrival of ChatGPT, there was a common misconception that artificial intelligence (AI) was reserved for tech giants and global corporations—that it required an army of data scientists and AI engineers to implement. AI seemed abstract compared to other cutting edge technology that you could see and feel. But behind the scenes, companies were already integrating 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 fore. Now there is a common understanding that AI is accessible to everyone. So the question now is, how do we empower SMBs to truly take advantage of this breakthrough in AI capabilities? Not just 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-sized businesses (SMBs) is not whether AI is for them, but deciphering what tools can do, which ones to 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 counting. This can lead to a paradox of choice as SMBs look to ride the AI wave.
If decision makers are not going to be left behind, they must focus on skills training, lean on trusted advisors, and identify and understand the right tools—developed by trusted companies—that will help build the efficiency and agility necessary for sustainable growth.
A shift in mindset to address pain points
When you tackle a problem in the same way for so long, it can be easy to believe that there are no alternative methods – even if the existing methods are not hitting the mark. If SMBs are to take advantage of AI to transform their business, a shift in mindset is required.
This means forgetting what they think is possible with technology today and instead starting to ask themselves: ‘What are the biggest challenges in my business?’; working back from there. Whatever the problem or opportunity, chances are there will be an AI tool that can help. Removing this mental barrier can help businesses unlock new ways to overcome long-standing barriers to their success.
Take cash flow forecasting, for example. Unreliable cash flow forecasting is a recurring challenge for accounting teams and therefore the wider business – regardless of size. But it can particularly disadvantage SMBs in terms of their ability to invest and grow. For example, 41% of small businesses admit they often turn down growth opportunities because they are uncertain about cash flow.
Development of understanding
This shift in attitude is part of a larger education piece that is essential if SMBs are to capitalize on the AI wave.
There is certainly an appetite for introducing automation and artificial intelligence – 91% of companies see it as a way to elevate themselves above 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 every element of a business, so they don’t necessarily have time to dedicate to looking under the hood of every AI tool on the market.
Recent research found that only one in five IT decision makers have a strong understanding of how to leverage artificial intelligence. Because AI comes with an aura of complexity around how it works, it’s understandable that some decision makers simply choose to stick with what they know because they feel overwhelmed or out of their depth when it comes to incorporating such solutions in 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 possibilities) of AI and how it can support their work.
The second part of the education piece helps companies understand that AI is here to elevate rather than replace employees. By taking on the repetitive, administrative tasks, AI allows 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 ensure that the company is able to benefit from productivity gains without worrying about whether the AI is doing the job safely and confidently.
Working with trusted advisors experienced in this area can help SMBs navigate what is a complex landscape, alleviate anxiety around the unknown and ensure 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 must be chosen for the job at hand. This means choosing and investing in solutions that fit the purpose. Especially in accounting, where accuracy and confidence in results are paramount and data can be complicated to digest.
This does not mean that every tool used by an SMB must be 100% custom and custom built (an expensive process). “Off the shelf” solutions can be highly effective in carrying out the work required of them to a high standard. What matters, in a world where a plethora of AI tools are available to SMBs, are the credentials of those providing the ready-made tools.
This means choosing solutions offered by trusted experts who have a transparent and proven track record of investing time and resources into creating their AI solutions. And have trained the solutions on the type of tasks and data they will encounter in the real world of SMB accounting.
A well-considered approach
AI’s potential to transform SMBs is huge, but realizing that 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 companies 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 increase efficiency, but they will also increase trust and unlock new opportunities for growth – invaluable returns for business leaders navigating today’s challenges and uncertainties.
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