Assessing the Potential of AI in Accounting and Finance

The time is ten past tomorrow and right on time, innovative AI-driven accounting solutions like Digits are coming to transform the way you manage your company's financial data. 

In today's fast-paced business landscape, agility and real-time insights are more important than as competitive business advantages.

Disclosure: I haven't personally used Digits, but I've been keeping an eye on them and think the potential that their product (and products like theirs) to revolutionize financial management for businesses is fascinating. And to be clear, I have no affiliation with Digits and won't profit from this post if you decide to try their services.

What does Digits do?

Digits is a cloud-based software that connects to your bank accounts and automatically analyzes your transactions using machine learning and statistical analysis. It claims to give you live, total visibility of your business by creating a living model of your finances that updates in real-time. You can also generate and share intricate interactive reports in one click with Digits Reports Builder.

In their own words, Digits claims:

“Digits is not just a dashboard or a spreadsheet. It is a smart and proactive tool that helps you understand your finances better and make informed decisions. Digits generates millions of actionable insights based on your data and trends, and ranks them by importance. Digits detects anomalies, identifies patterns, and recognizes recurring transactions across all frequencies. Digits also maintains an updated vendor database so you can easily track your spending with different vendors. Digits is designed for small and medium-sized businesses that want to take control of their finances without spending hours on manual tasks or hiring expensive accountants.”

I’m wary of the plethora of tools popping up at the moment in the AI space. However, to me Digits appears to be a robust and well-built platform worth taking note of.  

So, why should businesses care about a solution like Digits?

Businesses thrive on making swift, informed decisions to stay competitive. Real-time financial knowledge is a game-changer when it comes to managing cash flow, tracking expenses, and capitalizing on growth opportunities.

Digits claims to use AI and machine learning to process and analyze your financial data in real-time, delivering actionable insights to help your business flourish. I like that they're not just targeting large enterprises; they've designed their platform with the unique needs of small businesses in mind too.

With AI-generated insights, trend analysis, and customizable interactive financial reports, Digits aims to cater to each business's specific requirements. Their advanced search capabilities let you find answers to financial questions about your company’s data in minutes, not hours.

Limited resources are a constant challenge for New Zealand businesses, and finance/accounting departments often struggle to keep up with timely and accurate financial reporting. Digits aims to ease this burden by automating complex calculations, identifying trends and insights, and generating easy-to-understand financial reports.

If Digits lives up to its promises, your accounting team could save time and focus on strategic planning and advising, which are critical tasks for any business.

Embracing AI in Accounting and Finance: Innovations Worth Investigating

Think of your financial data as the foundation of your business – AI can be the cutting-edge tool that helps build a solid base. While I haven't used Digits (and have no ties to them), it's a service worth considering for small business leaders eager to leverage AI's transformative power.

As AI technology continues to advance rapidly, it's crucial for New Zealand business leaders to stay ahead of the curve by testing and applying innovative solutions to their operations.

Digits is just one example of how AI-driven technology can bring substantial improvements to your business's financial management. 

If you decide to give Digits a try, I'd be thrilled to hear about your experience and whether it lives up to its claims. Happy exploring!