Docyt has added an “AI bookkeeper” called GARY to its digital back-office solutions for small and medium-sized businesses (SMBs).
GARY is built on the Docyt AI software-as-a-service (SaaS) financial management platform that integrates expense management, revenue accounting, industry vertical reporting and financial reporting of key performance indicators (KPIs), the company said in a Tuesday (July 16) press release.
“Through GARY, businesses can now get real-time financials through continuous reconciliation — KPI tracking is also performed daily in real time,” Sid Saxena, co-founder and CEO of Docyt, said in the release.
The AI bookkeeper is now available as a closed beta to Docyt customers, according to the release. A public beta will be launched after updates are made to it through the second quarter.
GARY provides real-time assistance with account management, key insights into financials, and assistance in finding documents and understanding procedures, using natural language and AI-driven assistance, according to the release.
The AI bookkeeper also integrates with QuickBooks so that SMBs can use AI without abandoning their existing workflow, the release said.
“Equipping accountants with modern tools like Docyt’s new AI bookkeeper will breathe new life into the accounting profession by helping them perform their jobs more efficiently and deliver greater strategic value to their clients,” the company said in the release.
Docyt formed as a FinTech solution designed to not only provide mechanisms to move money but also to lay atop existing portals to aggregate data from those movements of funds, Saxena told PYMNTS in an interview posted in 2021.
“What we’re seeing is the volume of digital transactions has grown exponentially, but the paper and documentation supporting it has equally grown in similar terms,” Saxena said at the time. “Businesses are still receiving paper invoices, collecting paper receipts, and ultimately for compliance and audit purposes, these documents have to be managed.”
Venture capital firm Andreessen Horowitz said in June that as large language models (LLMs) improve, accounting firms are eager to leverage AI for enhanced efficiency and to manage increasing workloads.
By automating repetitive tasks like bookkeeping and tax preparation, generative AI can free up accountants for more valuable activities.
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