ClosingFlow: Making Your Month-End Close a Formality
In thе еvеr-еvolving world of financе, accuracy and еfficiеncy arе paramount. Staying ahead in a competitive environment requires a strategic approach, an innovative mindset, and advanced technologies to simplify financial processes. These tools should provide detailed financial data on demand that can adapt to your business needs. This is whеrе Docyt shinеs! Wе arе excited […]
AI-Powered Tax Preparation: Simplifying Tax Time with Docyt AI
Tired of the annual tax season stress? Endless paperwork, complex calculations, and looming deadlines can make even the most organized individuals feel overwhelmed. But fear not, because there’s a game-changer in the world of tax compliance: Docyt AI. Docyt, your trusted AI ally with sophisticated accounting software, is here to show you how powerful AI-based […]
5 Practical Generative AI Use Cases for Small Business Accounting
Managing every detail of your business is no small feat. As a small business owner, ensuring you have effective accounting practices in place is crucial, but finding the time is the challenge. The great news is that there are solutions readily available to maximize time and optimize your accounting processes. Docyt, an end-to-end accounting software […]
AI Ethics in Accounting: Protecting Data Privacy and Compliancе
For the past several years, chatter about innovation or cutting-edge technology in the accounting field almost always includes the concept of artificial intelligence. And for good reason…AI-powered automation has completely upended how accountants approach bookkeeping. Who wouldn’t want a tool that profoundly enhances efficiency and precision? But along with this advancement comes a significant change […]
Is Automated Accrual Accounting For You?
As small to medium-sized business owners, we are all too familiar with the intricacies of accrual-based accounting practices and principles. While traditional methods for capturing unrealized revenue using accrual basis accounting practices are still relevant, and may even be preferred by some, there is no denying that it comes with an exceptional amount of manual […]
4 Tax Credits Every Multi-Entity Business Should Know About
The success of American businesses has been nothing short of a miracle. US firms account for 24.4% of companies on the Fortune 500 list, with half listed on Fortune’s Top 10 and over 30.5% of the Forbes 2000 list. Ever wondered what the ‘secret sauce’ is behind the complete dominance of US corporations on the […]
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 […]
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 […]
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 […]
Understanding AI-Powered Document Data Extraction
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 […]
