Quiz: Is your business ready to use chatbots?

In 2022, more than half of consumers reported using chatbots for simple customer service requests – the first time this milestone was reached, and a 35% increase since 2020. Another 65% used self-service account portals, with millennials overrepresented in that cohort.

Andrew Coombs, Managing Director of Kings Oak Accountancy, has witnessed an increasing client preference for self-serve and always-on channels in his accounting practice.

“Clients’ expectations have changed massively. They want a much quicker service nowadays,” he says. “They often expect a response straightaway and that’s because they’re no longer comparing you to other accountants, but to the likes of ChatGPT which can provide an instant response.”

Coombs has moved from providing reports on a monthly or quarterly basis to a weekly cadence for some clients – and even daily for others.

The introduction of AI tools such as ChatGPT has also shifted clients’ expectations about the cost of services.

“Some potential clients have come back to us and said, ‘A lot of the work is already done for you’. There are all these advertisements now about how AI can do a lot of the heavy lifting, so some people get the impression that we’re just signing things off and that's all.”

Coombs thinks business-savvy accountants will embrace this challenge and use it as an opportunity to provide a higher level of client service.

“Accountants could use AI to free up their team’s time so that they have greater capacity to drill into the business and bring a human touch. Rather than being focused on getting the accounts done by a deadline, as the technology evolves, they could spend more time on improving their client’s business.”

Investigating the use of chatbots

Coombs is currently exploring whether his business could use chatbots to assess a prospective client’s fit for the business.

“Rather than an accountant sitting down to have a 10 minute call with them, we could automate that process through a questionnaire. The chatbot could ask questions and determine if our practice can help them,” says Coombs.

“At the moment there’s an option on our website to book a quick call with us. That prompt could change to ‘Fill in this questionnaire to see if you’re a good fit’. It would be a great timesaver for us and the prospective client.”

Coombs also sees potential for chatbots to interact with existing clients and obtain their feedback anonymously.

“I’m looking to introduce a questionnaire for existing clients to see how we can improve our business,” he says. “I often ask my clients if they’re happy with the service we’re providing, but I think they’d be more likely to speak candidly if it was an anonymous questionnaire.

“I’m always trying to improve and I think you learn more from your mistakes than from what you’re doing well, so I’m keen to get this rolled out.”

However, he’s wary that overusing chatbots could negatively impact the client experience, especially in a small business environment.

“A number of our clients come to our practice because of the personal touch, so we need to be very careful that we don’t move away from providing that. It’s really important that we keep a strong connection with our clients.”

Mitigating the risks of using chatbots

Dan Hanley, Director of Octane Accountants, isn’t keen to jump on the chatbot bandwagon any time soon.

After having many discussions with Octane Accountants’ web provider who offers chatbots as a service, Hanley has come to the conclusion that the technology isn’t yet advanced enough to suit his clients.

“Our service provider showcased the chatbot add-on to us, and we came away from those engagements feeling as though the technology isn’t yet providing the required standard of interaction for our business and how we like to operate,” says Hanley.

There’s a straightforward reason for this, he says.

“By definition, a chatbot is currently a transactional system designed primarily for data collection. We find that our conversations with prospective and existing clients are far more natural, open and rich when speaking face-to-face, on the phone or via email – ie, when it’s human to human.”

However, Hanley is more open to the idea of accountants using chatbots to answer generic questions such as “Do I need to pay VAT at X turnover?”, so long as clients are willing to embrace the technology.

“Accountants could quite easily assess whether their clients would be open to engaging with a chatbot. Firstly, they could run a 1-2 month experiment on their website, employing a chatbot to handle new enquiries and tracking its impact – for example, has there been a change in new customer conversions?” he says.

“Accountants should hopefully have the relationship [with existing clients] to openly canvass opinions. Make it known that a chatbot is being considered for a particular purpose, and that their honest feedback would be greatly valued and taken seriously.”

Hanley emphasises that accountants considering the use of chatbots need to ensure they have access to the necessary skills – either in-house or with an outsourced IT firm – to enable successful implementation.

“Without proactive support and advice in this area, there is a risk of compromising service provision,” he says.

“Accountants must also be prepared to carry out full consultations and assessments of their relevant departments to ensure a robust IT support system is in place before launching such a project.”

Take the quiz

To help you ascertain whether you’re ready to use chatbots to engage with clients, Public Accountant has developed a short seven-question quiz.