Is Your Isle of Man Business Getting Guidance or Guesswork from AI?

Artificial intelligence is now part of everyday life — from writing emails to planning meals and even managing money.

According to a Lloyds Banking Group study (2025), 56% of UK adults — that’s around 28.8 million people — are now using AI tools to help manage their finances, including budgeting, savings, pensions and even investments.

It’s an astonishing leap in such a short time.

But for business owners, it begs the question: When you ask AI for advice on your business finances — are you getting sound guidance, or just clever guesswork?

AI: Smart, Fast and Here to Stay

Let’s get one thing straight though — we’re not anti-AI. Far from it.

At Purple Accounts, we’ve always embraced smart tools that help entrepreneurs save time, earn more and keep more of what they earn. It can scan data, spot trends and highlight insights faster than any spreadsheet ever could. Used wisely, it’s a fantastic business ally.

We already use AI-driven tools behind the scenes, but within strict protocols, professional level tools, policies and procedures - and only ever with anonymous data.

So yes, we love tech. But we also know AI doesn’t know you.

Why Human Expertise Still Matters

An AI tool can tell you your profit margin has dipped or that your expenses are trending upward. What it can’t tell you is why that’s happening, or how best to respond within accounting rules, tax frameworks or regulations.

That’s where your accountant steps in — to interpret, advise and apply context. Because business isn’t just about numbers — it’s about timing, strategy and knowing what will (and won’t) work for your specific situation.

OpenAI themselves have now updated their guidelines to clarify that ChatGPT and similar tools should not give personalised financial, legal or medical advice. They’re classed as educational tools — helpful for learning, not licensed to advise.

That’s good news. It helps protect you from taking action based on inaccurate or incomplete information.

When “AI Advice” Goes Wrong

It’s easy to see the attraction: instant answers, no waiting, no jargon. But even the smartest AI can get it wrong — and in finance, that can mean real losses.

Real-life examples have already shown what happens when people or businesses rely on advice that isn’t personalised or properly regulated:

A property developer recently alleged they lost £3 million in tax and penalties after following poor financial guidance that wasn’t tailored to their case (Financial Times, 2025).

Now imagine that same risk multiplied when people rely on AI instead of regulated experts. The potential for error — or misunderstanding — is enormous.

The Balanced Approach: Tech + Trust

At Purple Accounts Isle of Man, we believe the real power lies in combining smart technology with trusted human insight. AI gives us speed, efficiency and data visibility.

Our team brings interpretation, accountability and experience.

Together, that means:

• You get faster insights into your numbers

• We spot potential red flags sooner

• You stay compliant while planning ahead confidently

  
  

That’s the balance we’ll always champion — using technology to enhance advice, not replace it.

So, What Should Isle of Man Business Owners Do?

Here’s our take:

• Use AI for education and exploration — to learn, test ideas and understand financial concepts.

• Rely on qualified experts (like us!) when it comes to decisions that affect tax, compliance, payroll or strategy.

• Keep a healthy scepticism — if advice sounds too generic or too good to be true, it probably is.

AI is brilliant at numbers. But your accountant is brilliant at knowing you and your business.

Final Thought

AI is revolutionising how we work, learn and make decisions — and that’s exciting. But business owners deserve more than guesswork.

At Purple Accounts, we’re proud to embrace AI — not as competition, but as a collaborator. Together, smart tech and trusted people make business simpler, sharper and more successful.

Find out more about how we can help you. Call 01624 777018 or email: enquiries@purpleaccounts.com