Digits has introduced new AI agents to enhance its Autonomous General Ledger (AGL), aiming to make accounting workflows more efficient. This move reflects a broader trend in the accounting industry towards AI integration, addressing the shortage of accounting professionals. As companies explore AI tools, they assess potential impacts on operational costs and productivity.
A few months prior, Digits launched AGL to revolutionize transaction categorization and reconciliation, offering real-time financial insights. Initial feedback indicated efficiency improvements, suggesting that AI’s role in such tasks was improving over time. These enhancements are crucial as businesses prioritize accurate and timely financial management.
What Are the New Functions?
Digits has unveiled AI agents that automate entire accounting workflows, including bookkeeping, financial dashboards, and key performance indicators. These agents pause only when human intervention is preferred. This development is part of Digits’ strategy to reduce manual work in accounting, enhancing scalability and client service for firms.
How Are These Agents Performing?
In a performance comparison with 12 human accountants, Digits’ Bookkeeping Agent showed a 97.8% accuracy rate, outperforming humans at 79.1%. Moreover, the AI agent operated 8,500 times faster at a significantly lower cost. This efficiency addresses the sector’s ongoing challenge of accounting talent shortages.
The automated agents include a Bookkeeping Agent, which simplifies categorizing and matching tasks, a Finance Agent providing live data dashboards, and a Reporting Agent generating insightful, interactive reports. This suite of tools is positioned to elevate financial data handling and reporting within organizations.
“Digits was designed from day one to work with AI agents, removing the time-consuming manual work that has frustrated firms,” said Jeff Seibert, CEO and founder of Digits.
The company highlights the time-saving benefits and scalability potential through this AI-native approach, gaining traction within the industry.
Katie O’Brien, a senior accountant at Hiline and an early adopter of the solution, commended the system’s capacity to serve as a continuously learning and improving junior accountant. It represents an evolution in how accounting departments can operate more leanly and effectively.
Financial leaders are increasingly leveraging AI, with 65% of CFOs from large companies already incorporating generative AI into their operations. Among these, a majority reported productivity gains and enhanced data-driven decision-making abilities. Such statistics underscore AI’s growing importance in the finance field.
Digits’ integration of AI into its accounting services illustrates a significant shift towards automated processes that promise time and cost efficiencies. The development of specialized AI agents for accounting tasks highlights the potential for improved accuracy and real-time financial insight delivery. As AI continues to mature, its applications in accounting could redefine operational benchmarks and drive industry-wide innovation.
