Docyt is an AI accounting organization based in Sunnyvale, California. Docyt uses machine learning to develop an algorithm that intelligently automates the collection of financial data, digitizes the entire process, divides it into categories for better understanding, and leaves room for reconciliation. In recent rounds of seed funding, Docyt raised $ 1.5 million, with the goal of expanding its consumer base.
Accounting is too tedious a job and most people want to get away with it, but if you are running a business it is an impossible prospect. For small and medium-sized businesses even more, collecting all the data can become tiring, and that’s where machine learning and artificial intelligence come in. Docyt claims to have automated the entire accounting process and turned it into an end-to-end experience in which the business owners can easily manage their workflows to pay invoices accurately, record the revenue generated, reimburse all expenses promptly and account for all commercial sites. More importantly, the software designed by Docyt does not need a separate space; instead, it integrates into pre-existing business systems.
Initially, Docyt started out as a document sharing platform available on smartphones, the essence of which is still felt to this day, but now the focus is more on financial documents and the reconciliation of these documents with banking transactions. What makes Docyt unique is its invaluable use of artificial intelligence and the fact that it places more emphasis on documents than transaction data. This means that even when you give Docyt an email receipt for a particular service that you have used, it will automatically forward it and attach it to the appropriate financial transaction using your credit card or bank statement. . Docyt uses Plaid to efficiently extract all relevant data from sources.
Docyt, through 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 new open transactions, the system may ask you to manually enter some data, but once this step is completed, it is trained and automatically syncs all your data from there.
Docyt also claims that the data extraction, automatic categorization and reconciliation services it offers are unprecedented. At the same time, it is a practical and affordable solution for all the accounting problems of small and medium-sized businesses. It provides you real-time finance with reconciliation of general ledger and financial statements from income and expense areas.
Source link: https://www.docyt.com/