Powered by Docyt AI, GARY (Generative Accounting Retrieval sYstem) Automates the Manual Bookkeeping Process and Accelerates Month-End Closing From 2+ Weeks to Just 45 Minutes
SANTA CLARA, Calif.–(BUSINESS WIRE)–July 16, 2024–
Docyt, the frontrunner in AI-driven accounting automation technology, is excited to introduce GARY, the world’s first AI bookkeeper. GARY combines Precision and Predictive AI models with Generative AI tools to streamline the digital back office for small and midsize businesses. It automates manual bookkeeping processes and accelerates the month-end close from a matter of weeks to just 45 minutes through continuous reconciliation.
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“Through GARY, businesses can now get real-time financials through continuous reconciliation – KPI tracking is also performed daily in real-time. This cuts the month-end close down to 45 minutes whereas it can take up to 2 weeks for a typical business. What an exciting breakthrough for the accounting world and, frankly, for any growing business!” said Sid Saxena, co-founder and CEO of Docyt. “Today, the accounting field is cluttered with point solutions. Docyt eliminates this with one powerful solution: integrating everything through AI-powered workflows for expense management, revenue accounting, and robust industry vertical reporting KPIs, forming a seamless ecosystem.”
Automating the Accounting Workflow
The GARY (Generative Accounting Retrieval sYstem) AI bookkeeper is built on the powerful Docyt AI SaaS platform that brings a revolutionary new approach to accounting automation, integrating workflows such as expense management, revenue accounting, industry vertical reporting, and financial reporting of key KPIs.
Accelerated Month-End Close
Docyt’s new AI bookkeeper makes month-end closing seamless and efficient, compressing a process that used to take 2+ weeks into just 45 minutes. By automating every aspect of the monthly accounting workflow, Docyt AI prepares the month-end close and makes the closing process a formality.
Effective Account Management Through GARY: Enhances account management by providing real-time assistance and key insights into financials, making it easier for account managers to handle their responsibilities effectively and accurately.
Efficient Document Retrieval and How-Tos: GARY transforms the laborious process of finding the right documents and understanding procedures into a swift and straightforward task using natural language and AI-driven assistance.
QuickBooks Integration
GARY integrates seamlessly with QuickBooks, eliminating the need to migrate to a new ledger system. With an estimated 80% of SMBs running on QuickBooks, Docyt’s new AI bookkeeper gives these businesses an easy way to harness the power of AI without abandoning their legacy financial workflow.
Revitalizing the Accounting Profession
The accounting profession in the United States has been in steady decline for the past decade, with enrollment in college-level accounting programs falling each year. Consequently, the number of candidates sitting for the CPA exam is receding at an annual rate of seven percent1. Compounding the problem, an estimated 75% of actively practicing accountants are now eligible for retirement2. According to the U.S. Bureau of Labor Statistics, these and other factors fuel a projected annual vacancy of approximately 136,400 accounting and auditing jobs. With fewer individuals entering the accounting workforce as most accountants prepare to retire, the U.S. faces an accountant shortage that will continue to worsen if not proactively addressed. 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.
Get GARY!
Docyt’s new GARY AI bookkeeper is currently available as a closed beta to Docyt customers. Subsequent updates to GARY will be made throughout the second half of 2024 to phase-in additional capabilities ahead of public beta. Visit www.docyt.com/GARY for more information and to join the waitlist. Follow Docyt on LinkedIn to stay up to date on the company’s latest news.
About Docyt
Docyt is shaping financial management for SMBs, hotels, franchises and accounting firms through accounting intelligence that automates and streamlines bookkeeping and financial workflows. The company’s Docyt AI platform gives organizations a real-time view of the financial health of their business, saving them time and boosting profitability. Docyt is venture-funded and based in Santa Clara, California. For more information, visit www.docyt.com.
1 CPA Journal, December 2023
2 CPA Practice Advisor, April 12, 2023
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John Snedigar, Faultline Communications
john@faultlinecomms.com / 408-705-7518
Baglan Rhymes Gurel, CMO Docyt
baglan.rhymes@docyt.com / 917-650-2272
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