- Docyt AI, a pioneer in AI-powered accounting automation, has introduced GARY, the world’s first AI bookkeeper, currently in beta testing.
- GARY uses sophisticated AI models to automate and expedite accounting tasks, including reducing month-end closing to 45 minutes and enhancing financial insights for accountants.
OUR TAKE
GARY by Docyt AI introduces a new benchmark of efficiency in accounting, automating and optimising the entire cycle, notably the month-end close, converting it into a prompt and effortless procedure. This development promises to revolutionise how SMBs manage their finances, merging the potency of AI with the pragmatism of established accounting systems.
–Vicky Wu, BTW reporter
What happened
Docyt AI, a pioneer in AI-powered accounting automation, has introduced GARY, the world’s first AI bookkeeper, currently in beta testing. GARY, which stands for Generative Accounting Retrieval System, markedly streamlines back-office accounting by automating laborious tasks. It pledges to condense the month-end closing process, conventionally a time-intensive undertaking for accounting departments, down to a mere 45 minutes through swift reconciliation.
Developed on Docyt’s Software-as-a-Service(SaaS) platform, GARY utilises sophisticated AI models, encompassing generative, precision, and predictive capabilities, to automate expense handling, revenue accounting, sector-specific reporting, and the analysis of Key Performance Indicators (KPIs). Beyond expediting the closing process, GARY provides real-time support and financial insights to accountants, enhancing account supervision and facilitating strategies to augment revenues.
GARY further simplifies document retrieval and clarifies procedures via natural language commands, rendering the hunt for pertinent documents instantaneous. Significantly, it integrates with QuickBooks, software prevalently used by small and medium-sized businesses, ensuring they can capitalise on AI innovations without disrupting their current workflows.
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Why it’s important
Sid Saxena, the co-founder and chief executive officer of Docyt AI, envisages GARY as a transformative force for burgeoning enterprises, pledging to drastically streamline their accounting procedures. “Today, the accounting field is cluttered with point solutions,” he said. “Docyt AI 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.”
Saxena is convinced that artificial intelligence-powered assistants, such as GARY, can reinvigorate the accounting sector in America, countering the widespread belief that AI jeopardises human employment. Instead, he underscores the pressing requirement for technological innovation within the accounting domain, an area that is progressively falling out of favour with younger demographics.
Over the course of a decade, diminished enrolment figures and a retiring workforce have depleted the pool of Certified Public Accountant (CPA) candidates, forecasting an annual shortfall of 136,400 accounting positions. The paucity of new recruits compounds the problem, heralding a critical dearth of accountants if left unchecked. Implementing cutting-edge technologies akin to Docyt’s AI-driven bookkeeping solution could revitalise the industry by enhancing efficiency and strategic worth, rendering the profession more attractive to younger generations and alleviating the looming manpower crisis.
