Digits’ AI-Powered Accounting Software

Business owners, finance teams, and accountants around the world are riddled with heaps of financial management processes. From bookkeeping to financial analysis, accounting processes are vital to ensure a business can accurately monitor monetary affairs.

Financial management can also be perceived as tactical, performed to create strategic and insightful decisions that could eventually lead companies to maximize profits and perform efficiently enough to scale without bleeding money in the process. However, accounting processes can still be time-consuming, even with the many financial management platforms in assistance of financial teams that exist now.

Digits, founded by Wayne Chang and Jeff Seibert, eases these processes by creating an accounting and financial management platform equipped with AI-powered bookkeeping and financial analysis tools, streamlining accounting.

Financial Management

First founded in 2018, Digits stealthily released its platform and started out with an invite-only phase, vaguely calling itself “a counting company.” Aware that most entrepreneurs do not actually have formal training in business finance, Digits built a platform that utilizes classification algorithms and machine learning techniques to enable businesses to be proactively alerted of any changes in their finances.

By providing a real-time view along with machine learning abilities, the fintech startup believes that businesses will be able to dig deep into their data and understand what drives profits and what prevents scaling. The startup provides visualizations as well as accounting and analytic tools to make this happen.

Following Seibert’s experience as the co-founder of one of his older startups, Crashlytics, Digits was built with much knowledge of statistical analytics, real-time performance monitoring, A/B testing, and more. Seibert and Chang integrated Crashlytics’ side of analytics with the duo’s knowledge and experience in business finance.

In June, Digits launched Digits AI, a simple conversational interface that allows finance owners, accountants, and players to access real-time financial planning, analysis, insights, and visualizations in everyday, natural language without the hassles of report configuration and Excel exporting.

Automated Finance

Focusing its services on small businesses, Digits aims to fix broken accounting that stops businesses from efficiently earning profits and scaling. According to Digits’ team, monthly accounting reports can arrive two to three weeks too late, and financials delivered using Excel and PDFs may lead to key takeaways being drowned out by mountains of data and numbers.

There are endless questions asked by accountants, or worse, investors, each month as well, that may be left unanswered or immensely delayed due to confusing and overwhelming reports. All these pain points and challenges come from thousands of accountants Digits has worked with to learn from, and Digits wants to stop accounting from being manual and tedious work.

Digits AI automates bookkeeping and financial analysis 24/7, its performance backed and reviewed by Digits’ internal expert US-based CPAs. The AI is also available as Digits Connect, an open AI platform that can be connected to external data sources such as banks, payment processors, and expense management tools. Detailed transactions can be viewed live and fast.

The AI, pre-trained on general accounting knowledge and over half a trillion in small-business transaction volume, can run and monitor transaction reviews, compute complex math, and act as an accounting advisor providing financial analysis and insights in visuals. Financial reports can be done on time, on-demand, and in a fun, interactive way. All these tasks are performed with ensured data protection and privacy, the AI built with multiple layers of advanced security and is SOC 2 Type I compliant.

Digits also provides customers with a customizable and interactive financial dashboard, filled with one’s finances, insights, runway, and more, all in one place. Priced for startups, Digits’ subscription-based service starts at $350 per month, with the company open to partner pricing for accounting and bookkeeping firms.

Those interested in Digits’ platform and AI can schedule a demo through the company’s website.

Source: Digits

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