Docyt is an AI-accounting organization based out of Sunnyvale, California. Docyt uses machine learning to develop an algorithm that intelligently automates the financial data collection, digitizes the entire process, divides it into categories for better understanding, and makes room for reconciliation. In the recent seed funding rounds, Docyt raised $1.5 million, aiming to expand its consumer base.
Accounting is a too tedious job, and most people want to find their way out of it, but if you’re running a business, that is an impossible prospect. For small and medium enterprises more so, collecting all the data may become tiring, and that is where machine learning and artificial intelligence come in. Docyt claims to have automated the entire accounting procedure and converted it into an end-to-end experience wherein the business owners can easily handle their workflows to pay the bills accurately, record the revenue being generated, reimburse all the expenses promptly, and account for all the business locations. Most importantly, the software designed by Docyt does not need a separate space; instead, it fits within the businesses’ pre-existing systems.
Initially, Docyt began as a document sharing platform available on smartphones, till date the essence of which is still felt, but now the focus has been shifted more on the financial documents and the reconciliation of those documents with the bank transactions. What makes Docyt unique is its invaluable use of artificial intelligence and the fact that it emphasizes documents more than transaction data. This means that even when you give Docyt an email receipt for a particular service that you used, it will automatically transfer and attach that to the proper financial transaction with the help of your credit card or your bank statement. Docyt uses Plaid to pull out all the relevant data effectively from the sources.
Docyt, by the use of machine learning, replaces the system of multiple payments, expenses, document management, and reconciliation tools. The replaced tools do not communicate with each other, and a transparent and efficient workflow is created. However, for the new transactions taking place, the system could require you to enter some data manually, but once this step is done, it gets trained and automatically syncs all your data from thereon.
Docyt also claims that the AI-powered data extraction, auto-categorization, and reconciliation services it offers are unparalleled. At the same time, it is a practical as well as an affordable solution for all the accounting problems of small and medium enterprises. It provides you with real-time finances with ledger reconciliation and financial statements from both the income and expenditure areas.
Source Link: https://www.docyt.com/
Amreen Bawa is a consulting intern at MarktechPost. Along with pursuing BA Hons in Social Sciences from Panjab University, Chandigarh, she is also a keen learner and writer, having special interest in the application and scope of artificial intelligence in various facets of life.