DocYT Introduces AI Bookkeeper 'Gary' for Small Business Financial Management

Docyt Adds 'AI Bookkeeper' to Small Business Financial Management Platform

GARY is built on the Docyt AI software-as-a-service (SaaS) financial management platform that integrates expense management, revenue accounting, industry vertical reporting and financial reporting of key performance indicators (KPIs), the company said in a Tuesday (July 16) press release. "Through GARY, businesses can now get real-time financials through continuous reconciliation -- KPI tracking is also performed daily in real time," Sid Saxena, co-founder and CEO of Docyt, said in the release. The AI bookkeeper is now available as a closed beta to Docyt customers, according to the release. A public beta will be launched after updates are made to it through the second quarter. GARY provides real-time assistance with account management, key insights into financials, and assistance in finding documents and understanding procedures, using natural language and AI-driven assistance, according to the release. The AI bookkeeper also integrates with QuickBooks so that SMBs can use AI without abandoning their existing workflow, the release said. "Equipping accountants with modern tools like Docyt's new AI bookkeeper will breathe new life into the accounting profession by helping them perform their jobs more efficiently and deliver greater strategic value to their clients," the company said in the release. Docyt formed as a FinTech solution designed to not only provide mechanisms to move money but also to lay atop existing portals to aggregate data from those movements of funds, Saxena told PYMNTS in an interview posted in 2021. "What we're seeing is the volume of digital transactions has grown exponentially, but the paper and documentation supporting it has equally grown in similar terms," Saxena said at the time. "Businesses are still receiving paper invoices, collecting paper receipts, and ultimately for compliance and audit purposes, these documents have to be managed." Venture capital firm Andreessen Horowitz said in June that as large language models (LLMs) improve, accounting firms are eager to leverage AI for enhanced efficiency and to manage increasing workloads. By automating repetitive tasks like bookkeeping and tax preparation, generative AI can free up accountants for more valuable activities.

Docyt AI Unveils GARY, the World's First AI Bookkeeper

Powered by Docyt AI, GARY (Generative Accounting Retrieval sYstem) Automates the Manual Bookkeeping Process and Accelerates Month-End Closing From 2+ Weeks to Just 45 Minutes Docyt, the frontrunner in AI-driven accounting automation technology, is excited to introduce GARY, the world's first AI bookkeeper. GARY combines Precision and Predictive AI models with Generative AI tools to streamline the digital back office for small and midsize businesses. It automates manual bookkeeping processes and accelerates the month-end close from a matter of weeks to just 45 minutes through continuous reconciliation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240716384638/en/ "Through GARY, businesses can now get real-time financials through continuous reconciliation - KPI tracking is also performed daily in real-time. This cuts the month-end close down to 45 minutes whereas it can take up to 2 weeks for a typical business. What an exciting breakthrough for the accounting world and, frankly, for any growing business!" said Sid Saxena, co-founder and CEO of Docyt. "Today, the accounting field is cluttered with point solutions. Docyt eliminates this with one powerful solution: integrating everything through AI-powered workflows for expense management, revenue accounting, and robust industry vertical reporting KPIs, forming a seamless ecosystem." Automating the Accounting Workflow The GARY (Generative Accounting Retrieval sYstem) AI bookkeeper is built on the powerful Docyt AI SaaS platform that brings a revolutionary new approach to accounting automation, integrating workflows such as expense management, revenue accounting, industry vertical reporting, and financial reporting of key KPIs. Accelerated Month-End Close Docyt's new AI bookkeeper makes month-end closing seamless and efficient, compressing a process that used to take 2+ weeks into just 45 minutes. By automating every aspect of the monthly accounting workflow, Docyt AI prepares the month-end close and makes the closing process a formality. Effective Account Management Through GARY: Enhances account management by providing real-time assistance and key insights into financials, making it easier for account managers to handle their responsibilities effectively and accurately. Efficient Document Retrieval and How-Tos: GARY transforms the laborious process of finding the right documents and understanding procedures into a swift and straightforward task using natural language and AI-driven assistance. QuickBooks Integration GARY integrates seamlessly with QuickBooks, eliminating the need to migrate to a new ledger system. With an estimated 80% of SMBs running on QuickBooks, Docyt's new AI bookkeeper gives these businesses an easy way to harness the power of AI without abandoning their legacy financial workflow. Revitalizing the Accounting Profession The accounting profession in the United States has been in steady decline for the past decade, with enrollment in college-level accounting programs falling each year. Consequently, the number of candidates sitting for the CPA exam is receding at an annual rate of seven percent. Compounding the problem, an estimated 75% of actively practicing accountants are now eligible for retirement. According to the U.S. Bureau of Labor Statistics, these and other factors fuel a projected annual vacancy of approximately 136,400 accounting and auditing jobs. With fewer individuals entering the accounting workforce as most accountants prepare to retire, the U.S. faces an accountant shortage that will continue to worsen if not proactively addressed. Equipping accountants with modern tools like Docyt's new AI bookkeeper will breathe new life into the accounting profession by helping them perform their jobs more efficiently and deliver greater strategic value to their clients. Get GARY! Docyt's new GARY AI bookkeeper is currently available as a closed beta to Docyt customers. Subsequent updates to GARY will be made throughout the second half of 2024 to phase-in additional capabilities ahead of public beta. Visit www.docyt.com/GARY for more information and to join the waitlist. Follow Docyt on LinkedIn to stay up to date on the company's latest news. About Docyt Docyt is shaping financial management for SMBs, hotels, franchises and accounting firms through accounting intelligence that automates and streamlines bookkeeping and financial workflows. The company's Docyt AI platform gives organizations a real-time view of the financial health of their business, saving them time and boosting profitability. Docyt is venture-funded and based in Santa Clara, California. For more information, visit www.docyt.com. CPA Journal, December 2023 CPA Practice Advisor, April 12, 2023 View source version on businesswire.com: https://www.businesswire.com/news/home/20240716384638/en/