Although artificial intelligence (AI) is seemingly a recent phenomenon, its origins date back to the mid 20th century. In 1951, an AI-based checkers playing program was written by a British computer scientist known as Christopher Strachey. Today AI is used across numerous industries including financial services, insurance, healthcare, and life sciences. Automation, on the other hand, was a term coined by the automobile industry in 1946. Both technologies have been around for decades, but only recently have they been used together.
AI uses computer systems to perform tasks that normally require human intelligence such as visual perception, speech recognition, and decision-making. Automation uses automatic equipment within a system of manufacturing or other production processes. AI and automation can work together in perfect harmony to make life easier – especially in the world of accounting.
Many companies are now using accounting automation to eliminate mundane or repetitive job duties. A survey found that 81% of accountants believe AI can save them up to ten hours of work per week. As a result, automation in the accounting industry is expected to grow 30% annually over the next five years. Although the origins of AI in accounting date back to the 1980s, only recently have companies begun implementing accounting automation.
The Shift to Accounting Automation
Accounting has traditionally been viewed as an antiquated industry filled with number crunching, hand-written balance sheets, and monotonous daily tasks. As an accountant you could be pulling data from different systems one minute and chasing down paper receipts the next. The old-school style of accounting required paper ledgers, paper spreadsheets, and hand calculators to get the job done. However, newfound technology is changing the world of accounting.
The adoption of computers has changed the way accountants work. Paper ledgers have been let go in favor of accounting software. Hand calculators have been replaced by computers. Spreadsheets have transitioned from paper to software such as Excel or Google Sheets.
Accounting automation is a smart layer on top of accounting software, like QuickBooks®, which has existed for decades. Automation solves two problems associated with traditional accounting and accounting software: minimizing time intensive bookkeeping activities and fixing inefficient workflows. That’s where AI bookkeeping Docyt can help.
Docyt is Creating a New World for Accountants
Many elements of your business have advanced into the twenty-first century. Your accounting should be no different. Accounting automation tools, such as Docyt, can help business owners focus on important tasks rather than mundane bookkeeping.
Your business has been using accounting software to perform accounting-related tasks for years. Docyt’s AI-based automation takes accounting software to the next level. Docyt leverages the power of automation to handle data entry and provides real-time visibility into your expenses, revenue, and profitability.
Docyt is an AI-powered end-to-end back office platform. Docyt can automate numerous tasks including:
- Bill payment
- Expense reimbursement
- Corporate credit card management
- Bank reconciliation
- Financial statements including real-time P&L and balance sheet
- Multi-entity accounting
Docyt automates your back-office and bookkeeping tasks while helping you make better-informed decisions with real-time financial insights. Stop wasting time using inefficient and outdated accounting processes. Take your accounting software into the twenty-first century with Docyt.
How Accountants and Bookkeepers are Using Docyt
Advancements in automation are helping tech-forward accountants and bookkeepers automate more of their daily work. Docyt helps them shift the focus away from manual, repetitive tasks so they can focus on more strategic work.
To learn how Docyt can automate your accounting, set up a free consultation with us today.