5 Ways Generative AI Tools Boost Ecommerce Accounting
Navigating a fast-paced e-commerce business requires not only agility but also precision. Often fraught with human error and inconsistencies, traditional accounting methods are no longer adequate. With the advancement of AI in e-commerce accounting, platforms like Docyt are rewriting the script. Let’s dive deeper into how generative AI, through Docyt’s advanced features, can transform your […]
Docyt AI’s Financial Reports: Your Path to Smarter Business Insight
Accurate and timely financial reports are non-negotiable to monitor financial health, track performance, and plan for future initiatives. Manually preparing these reports can be an all-consuming, time-intensive, and arduous task prone to critical errors. These long manual processes are becoming obsolete due to the introduction of Generative AI into accounting automation platforms. To illustrate how […]
Catch-up Bookkeeping: Avoid Falling Behind with AI-Automated Software
Are you a small business owner who finds yourself drowning in bookkeeping tasks? As your business grows, keeping up with the ever-increasing financial records can quickly become overwhelming. This is where the power of cutting-edge technology, such as AI-powered accounting software, can get you caught up and completely transform the bookkeeping game for your business. […]
Start the year off right: Key financial focus areas for multi-entity businesses in 2024
As we usher in 2024, multi-entity businesses find themselves at a crossroads with a unique opportunity to revolutionize their financial management practices. In this pursuit, it is vital for them to clearly outline their financial goals addressing specific challenges faced by multi-entity businesses. For example, issues in getting a holistic view of financial performance across […]
The Perils of Neglecting ChatGPT in Accounting Processes
In the ever-evolving landscape of technology, accounting professionals find themselves on the brink of a transformative era. Despite significant strides made by artificial intelligence in the last decade, hesitation has always persisted in the minds of accountants about implementing ChatGPT into existing accounting procedures and practices. In this blog, we will dive deep into why […]
8 Helpful Tips for Accountants to Prepare for the January 15th Tax Deadline
As the January 15th tax deadline approaches, firms of all sizes are at the critical juncture of balancing the end of the previous tax year and the beginning of the new tax season. Jan 15th marks the due date for the final quarter of 2023 estimated tax payment. It signals firms to start their financial […]
Revolutionize the Expense Management Process with Docyt’s Corporate Credit Card Solution
With a substantial rise in business travel in the last two decades, management and reconciliation of Corporate Credit Card expenses have emerged as a viable solution to keep tabs on rising business costs and maintain financial transparency. As the organization reaches new heights and milestones and its size increases, managing its financial transactions, especially corporate […]
Generative AI vs Predictive AI in Accounting Software: Why it Matters
If you’re an accounting professional or a small business owner, you’ve probably heard the buzz around “Predictive AI” and “Generative AI.” But what in the world does this mean? How does this affect accounting software? What’s the difference between Predictive AI and Generative AI, and why should you care? Let’s dive right in and demystify […]
Revenue Accounting: Reconciliation vs Recognition and Why it Matters
The ASC 606 and Revenue Recognition Principle Let’s start with a quick refresh of ASC 606. ASC 606, short for Accounting Standards Rule 606, is a financial reporting standard that follows GAAP guidelines (generally accepted accounting principles), which were established by the Financial Accounting Standards Board (FASB). This rule dictates how and when revenue is […]
Introducing Docyt’s Innovative Dеposit Tracking Systеm
You are about to experience a seismic shift in how you manage your finances and trust us, you are going to love it! Wе’rе thrillеd to announcе a brand-nеw feature to the Docyt platform: Dеposit Tracking. If financial management feels overwhelming or you worry about missed income, this revolutionary feature will transform your financial world […]
The Costly Oversight: How Companies Ignoring AI in Accounting Bleed Thousands of Dollars Daily
Once rightly said by Benjamin Franklin, ‘a Penny Saved is a Penny Earned’. Amid rising fears of a global recession in 2024, accounting firms are emphasizing more on cost-cutting measures. This strategic approach aims to reduce expenses, preserve funds, and enable them to navigate through the challenges of a precarious economic environment. Artificial Intelligence (AI) […]
Understanding AI-Powered Document Data ExtractionÂ
In today’s digital agе, whеrе businesses thrive on streamlined workflows and еfficiеncy, thе rolе of documеnt еxtraction cannot bе undеrstatеd. You might wonder, what еxactly does this mean and how does it work? Documеnt data еxtraction converts information from various types of paper records, invoices, receipts, and forms into digital, structured formats for easy access […]
