You didn’t become an accountant just to be chained to spreadsheets and drowned in data. You had grand ambitions of making a real impact by helping businesses thrive. But let’s face it, the old-school technology has turned your work into a never-ending game of spreadsheet tennis, leaving you exhausted and longing for more. Thankfully, the tides have turned and modern technology has revolutionized old-school accounting practices by introducing generative AI technology.
Some of you may be asking a few reasonable questions like, “What exactly is generative AI? How is Generative AI different than AI? How would I use generative AI in accounting?” Generative AI is essentially a type of machine learning technology that identifies patterns and structures within existing data and can leverage different learning approaches to create new and original content. It has specific applications and is a subset of AI that excels at solving particular tasks. General AI, also known as artificial general intelligence, broadly refers to the concept of AI systems that possess human-like intelligence. AI in accounting can detect patterns and trends in data that are too complex for a human to detect. This makes it ideal for uncovering insights that could prove vital in forecasting, predicting cash flows, and locating potential opportunities for gains and savings.
Now with a basic understanding of generative AI, you can see how this modern approach has changed the accounting game for the better. AI-powered technology will increase efficiencies in day-to-day accounting practices through automation and be the tool that intelligently transforms data entered into actionable insights. This game-changing technology is here to free you from mundane tasks so you can focus on high-value activities that take your client advisory services to the next level.
Automate the Mundane.
Say goodbye to monotonous tasks like manual data entry and manual account reconciliation. Accounting firms that have introduced AI-powered technology into their practices have dramatically reduced the amount of time spent on repetitive manual tasks like chasing down client expenses and pertinent information, manually reviewing and categorizing expenses, and reconciling it against their bank and credit card data. Docyt customers report spending less time gathering expense receipts from clients and working in manual Excel spreadsheets. Instead, AI-based automated accounting software like Docyt provides the ability to easily digitize receipts with providing clients the option to snap a screenshot of their receipts from Docyt’s mobile app or email and scan receipts to a digital inbox. The AI takes over from there – extracting receipt data, auto-categorizing it appropriately, and reconciling it against their bank and credit card data in real-time. With this type of AI-powered technology, accounting firms can streamline their workflows across all their clients allowing their accountants to focus on delivering high-quality client experiences.
Reclaim Time for Value-Added Services.
As Docyt’s AI technology automates data entry and other repetitive bookkeeping tasks, you’ll find yourself with a treasure trove of time. Take this time to dig deep into your client’s financial data and become a proactive financial advisor. Docyt delivers real-time accounting through automated workflows and continuous account reconciliation. What does this mean for accounting firms? You’ll be able to up-level your role and services. With access to accurate and real-time financial reporting, you can proactively identify strengths, weaknesses, and opportunities for your clients that ultimately help them find ways to increase their profitability. AI-based software arms you with real-time reporting across different industries that enables you to add more value to your services that no longer positions you as just a bookkeeper for keeping your clients’ books current, but as strong financial advisors that propel your clients’ businesses forward.
Tailor Client Advisory Services.
Docyt is more than an ordinary teammate-its AI technology that quickly masters real-time custom reporting across any vertical specific to your clientele. This positions you and your client to stay out of the business’s financial blindspots and be operationally proactive. Regardless of the industry, you will deliver world-class accounting advisory services that can be tailored to each client’s needs that are specific to that given industry. Thanks to the AI-powered knowledge and expertise at your fingertips, you’ll stay miles ahead of the competition and provide customized recommendations that give your firm a competitive edge.
My fellow accountants, the time has come to elevate your bookkeeping game and give your firm a competitive edge. Let Docyt’s AI be the extension of your team that you trust to handle the daily back-office tasks. This one decision will free you from mundane data entry work, giving you the time to focus on understanding your client’s data better to help them reach their full potential. By embracing AI-powered accounting software you will elevate your accounting services and provide your clients with top-tier support that goes far beyond basic bookkeeping needs.-