Approval Controls in Accounts Payable Process: How to Involve Your Team
As a business leader, you understand the importance of implementing approval controls in your Accounts Payable process. It’s essential for preventing fraud and increasing accuracy. But how can you involve your team in this process? In this blog post, we’ll discuss the best strategies for getting your team involved with approval controls in Accounts Payable. […]
3 Ways Docyt Can Help you Rotate Accounting Duties Among your Accounting Team
The importance of facilitating rotations As businesses grow and evolve, it becomes necessary for them to rotate accounting responsibilities in order to maintain efficiency and accuracy. This mainly ensures that no single employee has too much control over a specific area of accounting, thus reducing the potential for errors and fraud. This is crucial when […]
Applying for a Loan? Make Sure Your Personal Financial Statement is Up to Date to Get Approved!
What is a personal financial statement? A personal financial statement is a summary of your current financial health, including your assets, income, liabilities, and debts. It’s used to evaluate your overall financial situation and to help with your personal and business needs. It should include four primary elements: assets, liabilities, net worth, and income & […]
The Shift to Real-Time Accounting Visibility with Accounting Automation
The technological shift towards automation is changing the way companies do business. Accounting in particular is no exception. The problem is traditional accounting often involves mundane and repetitive tasks that require heavy oversight, manual work, and continuous review. This antiquated style of accounting tends to be ineffective due to mismanaged data-keeping practices and delayed record […]
Make smarter decisions for your business locations with consolidated cash flow reports
Are you a business owner or manager with multiple locations? Are you struggling to get a clear picture of how the cash flow is looking across all your entities? Consolidated cash flow reports can be a powerful tool to help you make smarter decisions for all your business locations. Why is cash flow important A […]
Reasons You Need an Automated Payroll Solution
Managing payroll can be a tedious and time-consuming task. Fortunately, automation can make it much simpler and more efficient. With an automated payroll solution, you can reduce manual work, streamline bookkeeping, and increase accuracy. In this blog post, we will discuss the top three reasons why you need an automated payroll solution like Gusto, Docyt’s […]
How Accounting Automation Can Increase Revenue for Businesses
Revenue tracking is a best practice If you ask a typical small business owner how they do their revenue accounting, they might respond that “my accountant takes care of all that”. Dig a little bit deeper by asking “So does that mean your accountant has access to your POS system (or other revenue system)”, and […]
Eliminate Tax Penalties and Improve Efficiency with Real-Time Bookkeeping
Small and medium sized business owners have to wear many different hats to maintain profitability, from managing inventory, hiring, acquiring customers, to bookkeeping and creating financial reports. Some businesses are often penalized for not filing taxes on time to the IRS due to poor bookkeeping practices. Bookkeeping is a tedious task that takes time and […]
How Shipping Companies Can Leverage Automation During the Holidays
The air is crisp, the leaves are turning and Amazon’s Prime Day is already in the books, which can mean only one thing: the holidays are nearly upon us. Between holiday gifts, greeting cards and Black Friday orders, an estimated 800 million packages are expected to be shipped during the upcoming season, marking one of the highest […]
Does Document-Based Data Provide Richer Results than Structured Data?
Having accurate data is the reason why business owners opt to use accounting software in the first place. And with artificial intelligence (AI), or automation, quickly gaining popularity, you might be wondering if accounting automation software is right for your business. Before you can make that decision, you first need to understand the difference between […]
Will Artificial Intelligence (AI) Replace Accountants?
As the use of artificial intelligence (AI) in accounting becomes more prevalent and the technology becomes more advanced, the question on many accountants’ minds remains, ‘Will artificial intelligence replace accountants?’ AI is transforming the very core of accountancy today, and even so, experts have said that AI will not replace accountants but complement the capabilities […]
Automated Bookkeeping for Business Owners: Profile of a Docyt Customer
When searching for automated bookkeeping solutions, business owners may find themselves wondering who a typical user of the software might be. What challenges have they faced and how has the software helped them address those challenges. This is especially true in the age of accounting automation software and artificial intelligence. Here’s a look at a […]
