Why You Need to Know Your Real-Time Cash Flow at All Times
Cash flow is important, especially for small businesses. Not just any cash flow—we’re talking about knowing exactly what you have down to the penny and in real-time…live insights into where your money is coming from and going to. Why is cash flow important? This isn’t just about keeping your business alive; it’s about making it […]
The Smart Approach to Data Reconciliation: Docyt’s AI & Machine Learning Solution
Artificial intelligence (AI) and machine learning (ML) are pivotal in the rapidly developing accounting and bookkeeping sectors…and the future is bright. Data reconciliation with machine learning is just one of the many benefits of Docyt AI, a force in the modern era of AI-powered bookkeeping automation, revolutionizing reconciliation with groundbreaking efficiency. Accounting data reconciliation is […]
15 ChatGPT Prompts for Savvy Accountants
Savvy accountants are keenly aware that keeping up with the latest technological developments is a necessary part of staying competitive in the industry. ChatGPT, the latest generation of generative AI tools, is an important resource for accountants looking for quick answers to complex questions, an overview of financial data, or a way to automate routine […]
The Hidden Cost of Manual Reconciliation: How Automation Can Save Your Business
Keeping track of finances is the most crucial aspect of business. However, it becomes a time-consuming nightmare when dealing with multiple merchant processors and accounts. This is where automated merchant processor reconciliation comes in, offering a powerful solution to streamline your finances and gain valuable insights. Let’s explore. What is Automated Merchant Processor Reconciliation? Traditionally, […]
6 Ways Artificial Intelligence Can Enhance Franchise Operations
While the franchise model offers a blueprint for success, constant adaptation is key to staying ahead. Embracing artificial intelligence (AI) will allow franchise owners to streamline their business operations and become more competitive and profitable. Here are 7 reasons for franchise owners to embrace AI. 1. Effortless Revenue Reconciliation and Accounting Imagine never having to […]
June 2024 Product Updates
ACCOUNTS PAYABLE Compliance Policy | New Rules & Restrictions Invoice Approvals 🛂 Docyt users can set up extra rules and restrictions for users who upload invoices. Designate a different user as the invoice “Approver,” or set up a specific rule for automatic approval based on invoice amounts or types, ensuring no self-approved expenses slip through. Learn […]
Bridging Your Cash Flow Statement and Expense Management with AI
Managing expenses and cash flow is the lifeline to financial health, sustainability, and future growth. Understanding the relationship between these two concepts and AI technology like Docyt can dramatically improve this process. Learn how AI facilitates a deeper understanding of cash flow and improves expense management strategies. Let’s explore. The Relationship Between Cash Flow and […]
Make This Your Last Bad Tax Season: Adopt AI for Taxes
Now that that whirlwind is over, it is time to take a deep breath and look ahead. The post-tax season always represents an excellent opportunity to step back and reconsider the organization’s strategy, preparing it for a more efficient and productive year ahead. This transition can be made significantly smoother using AI-driven tax tools. Here’s […]
AI’s Powerful Impact on Small Business Failure Statistics
Did you know that 90% of all small business start-ups fail? With that being said, small business failure statistics are much more than numbers; clearly, they indicate a host of struggles that an entrepreneur faces while traversing the market on their journey toward their lifelong dream. Statistically speaking, a startup’s-number one failing point is money, […]
Data Reconciliation’s Role in Accounting: Exploring AI Payment Reconciliation
Data reconciliation in accounting is not at all a backstage activity; it’s a frontline warrior in the fight for financial accuracy and integrity. Every time we talk about accounting data reconciliation, we witness a financial miracle: every digit in your financial records stacks up to the last decimal place. But why is this level of […]
Attention Accounting Firms: Will the IRS Use AI to Audit Your Work?
As the IRS adopts fast-moving artificial intelligence technology in full force, the face of public tax audits will undoubtedly change significantly. Alongside an agency that has long been sharpening its teeth to ensure taxpayer compliance and fight tax evasion, AI has taken a front-running position in transforming the audit process. This article will explain how […]
Does AI Impact the Future of Entry-Level Accountants?
From basic bookkeeping to advanced analytics, it has become very evident that AI technology is changing the accounting profession holistically. As a result, entry-level accountants are left to wonder how this transformative technology will affect their futures. While AI in accounting has many benefits, there are also some hiccups for both experienced and new accountants […]
