AI can answer the questions. Can you ask the right ones?

I recently joined one of our webinars (which we've been running as part of the All in Place Human First series), where Will Farnell and Imagine That's Callum Macrae explored how AI is changing the way business owners act and, in particular, how they find an accountant – namely that SME business owners are increasingly turning to AI assistants, chatbots or generative AI apps to find answers to their questions.

It highlighted something we talk a lot about at All in Place which is the relationship between accountant and client, and especially the conversations that they share.

If AI makes it easier for a business owner to find information, compare firms and get answers to technical questions, then technical knowledge alone becomes less of a differentiator. We can argue about the quality of AI advice but if it is perceived as an alternative to an expensive chat with an accountant then it is a very real threat.

The client may already know, or think that they know, the answer to the question they were going to ask you. Accountants have always had to deal with the views of ‘the bloke down the pub’ but AI is offering clients and potential clients a new, seemingly credible source of advice outside of the accountant relationship. How do we deal with this?

Well, if we really want to become more valuable to our clients, then we need to become better at asking the questions they haven't thought to ask.

And that means getting beyond the business.

Really knowing your client isn't just about knowing their turnover, profit, balance sheet and tax position.

It's knowing why they are running the business in the first place.

What are their personal goals and priorities?

What are their real concerns, fears and challenges?

What do they really want to protect and create?

These aren't traditional accountant questions, and we fear that we may be wading into unknown waters by prying but, we’re overthinking it, because these are very natural questions for someone who cares and is genuinely interested in the wellbeing of their client.

But, asking the right question is only half the job. You must listen to the answer.

And I mean, really listen.

If a client says, "I want to grow the business," don't automatically move on to the next question. Don’t dive straight into the business numbers.

Ask them why.

Then listen.

Perhaps growth is about increasing wealth for the family’s future.

Perhaps it's about creating jobs for young people.

Perhaps it's about building something they can eventually sell for their dream retirement.

Or perhaps they simply want to prove to themselves, and others, that they can do it.

Maybe growth is counterproductive to them. They seek to grow because ‘that’s what a business should do’ but their greatest frustration currently is not seeing enough of the family.

Knowing why shapes your advice, what you do next and, most importantly, the nature of the relationship. The client begins to view you as trusted adviser rather than just an accountant. You become their ‘go to’ person. You are not a compliance cost but an essential and valued partner.

This is where we used to be. Before the profession became all about compliance deadlines and accounting products, it was about the relationship between the accountant and the client. It was a people-centred profession. Because we sold time to clients, we made time for clients.  And we must do that again. I appreciate why selling by the hour is no longer the model but spending time with clients is more important than ever, for them and us. And if clients value that time, because they value the relationship, then they no longer see us as just a commodity. They see that time with us has benefit and value.

And that is a gamechanger.

AI might be able to compete against an accountant, but not a trusted adviser. It’s so much more human.

The next All in Place online webinar (11 November) – The Future of the Firm: What will clients value and pay accountants for next? – and the final one in our Human First series, will see Steve Cox, The AIR Network, and Will Farnell consider what happens to today's traditional firm model, what clients will value and pay for and, importantly, what accountancy firms need to be thinking about now to get themselves future-ready. Please sign up at the link here.