Overview

Docyt is an AI-powered accounting automation tool that aims to enhance the functionality of QuickBooks and other similar accounting platforms. It automates key accounting processes including spend management, revenue tracking, and ledger reconciliation, providing end-to-end bookkeeping automation.

The software includes various modules such as ExpenseFlow for expense management with features like bill pay, corporate card, expense reports, and receipt management.

RevFlow focuses on revenue reconciliation and accounting, offering accounts receivable, POS/PMS revenue tracking, and revenue system integrations. ClosingFlow helps with month-end closing by automating bank reconciliation, document management, and transaction categorization.

InsightFlow offers real-time financial reporting, KPI dashboard, ratios, and financial metrics. Docyt is designed for a range of industries including accounting firms, hospitality, retail & e-commerce, franchise management, restaurants, dental offices, and for high-growth startups.

The tool is designed to manage multi-location accounting and catch-up bookkeeping. Also, it comes with an AI Research Lab for model development, operations & responsible AI.

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Initial release

March 9, 2020

Initial release of Docyt.

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Paid

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$299/month

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Monthly

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Pros and Cons

Pros

Enhances QuickBooks functionality

Automates accounting processes

Spend management automation

End-to-end bookkeeping automation

ExpenseFlow for expense management

RevFlow for revenue reconciliation

ClosingFlow for month-end closing

InsightFlow for financial reporting

KPI dashboard

Modules for various operations

Ideal for multiple industries

Multi-location accounting

Catch-up bookkeeping feature

Manageable revenue tracking

Automated bank reconciliation

Integrated document management

Expense reports automation

Receipt management feature

Dental office suitability

Role in franchise management

E-commerce friendly

Designed for high-growth startups

Automated ledger reconciliation

Corporate card management

POS/PMS revenue tracking

Transaction categorization

Model development operations

Automated bill pay

Offers real-time reporting

Enhanced financial metrics

Relevant for hospitality industry

Expands QuickBooks' life

Supports revenue system integrations

RevFlow's accounts receivable management

ERP data migration

Adapts to industry-specific metrics

Departmental accounting and reporting

Industry-specific unit economics

Automated transaction matching

Automated transaction categorization

Document extraction and understanding

Catch-Up Bookkeeping services

Fast Month-End Close

Franchise accounting & reporting

Continuous revenue reconciliation

View 40 more pros

Cons

Requires QuickBooks integration

Lacks standalone functionality

No mention of multi-language support

No specified offline features

Limited POS system integrations

No specific error handling features

Limited coverage outside specific industries

Potentially complex for non-accounting users

No explicit data export features

No direct integration with payroll systems

View 5 more cons

Q&A

What industries is Docyt designed for?

Docyt is designed for a range of industries including accounting firms, hospitality, retail & e-commerce, franchise management, restaurants, dental offices, and high-growth startups.

What specific functions does ExpenseFlow offer?

ExpenseFlow offers end-to-end expense management with features like bill pay, corporate card, expense reports, and receipt management.

What is RevFlow used for in Docyt?

RevFlow is used in Docyt for revenue reconciliation and accounting. It offers services such as accounts receivable, POS/PMS revenue tracking, and revenue system integrations.

How does ClosingFlow aid in month-end closing?

ClosingFlow aids in month-end closing by automating processes such as bank reconciliation, document management, and transaction categorization.

What real-time financial reporting does InsightFlow offer?

InsightFlow offers real-time financial reporting, including a KPI dashboard, ratios and financial metrics.

What is the purpose of Docyt's AI Research Lab?

The AI Research Lab in Docyt is dedicated for the development of the AI models employed in the system, overseeing their operations and ensuring responsible AI usage.

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How does Docyt enhance the functionality of QuickBooks?

Docyt enhances the functionality of QuickBooks by automating key accounting processes like spend management, revenue tracking, and ledger reconciliation, thereby providing end-to-end bookkeeping automation.

How does Docyt handle spend management?

Docyt automates spend management by handling tasks such as bill pay, corporate card expenses, expense reports, and receipt management.

In what way does Docyt automate ledger reconciliation?

Docyt automates ledger reconciliation through its ClosingFlow module, which streamlines the process of comparing company records with actual amounts in financial accounts to ensure they match.

Can Docyt manage multi-location accounting?

Yes, Docyt is designed to manage multi-location accounting, accommodating the complex needs of businesses with multiple operational locations.

What is meant by 'catch-up bookkeeping' in the context of Docyt?

'Catch-up bookkeeping' in the context of Docyt refers to the tool's ability to quickly update a company’s records to bring them up-to-date if they've been neglected or are incomplete.

What advanced features does Docyt offer for revenue tracking?

Docyt offers advanced features for revenue tracking through its RevFlow module, which includes accounts receivable, POS/PMS revenue tracking, and revenue system integration.

Can Docyt integrate with POS/PMS for revenue tracking?

Yes, Docyt's RevFlow module can integrate with more than 30 POS systems for data synchronization, thereby facilitating automated revenue tracking.

How does Docyt aid in automating bank reconciliation?

Docyt automates bank reconciliation with its ClosingFlow module, ensuring an accurate comparison between a company’s financial records and the actual amounts in its bank accounts.

How does Docyt handle document management?

Docyt handles document management by automatically sorting, processing, and storing financial documents. It can also categorize transactions and reconcile accounts based on the information from these documents.

What key financial metrics can I track with Docyt?

With Docyt, you can track key financial metrics like cash flow, profitability ratios, liquidity ratios, business efficiency, and market value ratios. By offering real-time reporting, it allows you to monitor your company's finances effectively.

Is Docyt suitable for high-growth startups?

Yes, Docyt is suitable for high-growth startups. It provides automated accounting functionality that can scale with the company as it expands, making it an ideal tool for startups.

How can Docyt's receipt management feature benefit my business?

Docyt's receipt management feature aids businesses by capturing and organizing receipts, automatically extracting information from them, categorizing the respective expenses, and integrating the data directly into the system for seamless expense tracking.

Does Docyt support corporate card expense management?

Yes, Docyt supports corporate card expense management. It automates the process of reconciling corporate card transactions with expense reports and receipts, making it simpler to track and control business spending.

How does Docyt handle transaction categorization?

Docyt handles transaction categorization through its automated system that uses AI to recognize and correctly categorize transactions based on historical data and trends.

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