What a Summer! It's been just a month since we launched Digits AI, and we're excited to announce that we've welcomed hundreds of new accounting firms β and almost 1,000 new small businesses β onto Digits!
Our groundbreaking private, secure, and accurate business finance AI has caught the attention of accounting influencers like Jason Staats, mainstream news outlets like Fox Business News, and major conferences like Scaling New Heights, where our CEO, Jeff Seibert, delivered the keynote on AI Accounting to a sold-out audience.
But we've also been hard at work behind the scenes! Today, we're excited to share a couple fresh updates to Digits AI and Digits Reports:
What's New in Digits AI
π£ Let's follow up on thatβ¦
With the goal of saving you even more valuable time and getting right to the insights you need, Digits AI is now even smarter and more conversational. Want to keep digging into a topic that's top of mind? Digits AI now responds correctly to follow-ups, so just keep asking questions!
β Let's save that for laterβ¦
Want to reference an answer from Digits AI time and time again? You can now drag a chart directly from Digits AI into your (or your client's!) dashboard. It's literally that easy.
π‘ Reports, Illuminated
We've also been hard at work on reports and we're gearing up for some major reports-related announcements soon! But to set the stage, let's start with a fresh coat of paint.
Today, we're excited to share that Digits Reports have a fresh new look, delivering enhanced clarity in a fluid, modern design that still supports all of the custom branding and cover images we know you love.
With this update, our product design team focused on simplicity, legibility, and ease of use, ensuring a seamless user experience that focuses on delivering the data you and your clients need to run the business.
From all of us at Digits, we hope you're having a great summer, and stay tuned for even more exciting news in the weeks to come π
Welcome to Q2 Now, with the click of a button, you can generate beautiful, immersive quarterly reports packed with all the intelligent executive summaries and actionable insights you get from standard, monthly Digits Reports. Quarterly Reports pack all the same power: infinitely explore your data through elegantly presented numbers and popular features like Hover to Discover.
Preview Mode β proof beforeyou send
Measure twice, cut onceβitβs no surprise that accountants and financial professionals care tremendously about the details. So, when it came to creating reports for their clients, they were naturally interested in how their work would be presented. Inquisitive and detail-oriented users can now preview and share both emails and reports with themselves to see and review exactly what the others will receive when they are shared a report.
Full April Change Log
Digits Reports + Digits Reports Builder
Feature: Quarterly Reports Support
Users can now generate quarterly Digits Reports
Feature: View-as-a-Client Support
Users can now preview a report before sharing it
Users can now preview an email before sending it
Designed a top banner to identify preview mode
Developed a tool-tip for better βPreviewβ text explanation
User Experience Enhancements
Improvements related to date adjustments
Easier time period selection
Greater context awareness with expanded viewing around shared reports
Digits Search
Added underlying support for searching across different view types
Enhanced extraction of information from unstructured text
Index transactionsβ external display IDs
Client Portal
Updated ordering and treatment of client lists
Living Model
Optimized vendor information extraction via transaction descriptions
Implemented a Digits specific banking-related NER model
At Digits, we believe that by building the tools of tomorrow, we can empower accounting firms of today in transformative ways. Whether you desire to increase the number of clients your firm can handle, improve the client experience or effortlessly collaborate internally and externally, Digits is pushing the bounds of finance software to help you dramatically improve your bottom line.
A little while ago, we privately launched The Alliance, a collective of accounting firms and finance professionals who have joined our mission to build a better future.
The response and growth of The Alliance has been extraordinary. Since its launch, our membership now includes professionals at firms managing over 9,000 clients and overseeing in excess of $650 billion in revenue. Weβre excited to partner with these firms and equip them with the tools of tomorrow β weβll continually post updates on The Alliance here.
Want to join The Alliance?
Youβll be joining a collective of firms that are building the future of business finance β together.
Digits kicked off the 2021 Digital CPA conference in style for attendees from the top tech-forward firms at an exclusive, invite-only evening full of magic where we took over the Dream Hotel in Nashville!
And weβre just getting warmed up. Stay tuned to learn how you can attend our next events rolling out throughout 2022!
* This was a COVID-compliant event following CDC guidelines. All attendees, including Digits employees, were provided proof of vaccination to enter the venue.
The AICPA invited Digits to be part of its 10th-annual Digital CPA conference in Nashville next month, and to help kick it off, weβre excited to announce http://digits.events!
Join us at The Dream Hotel, just a couple blocks away from the conference, for a kick-off event to remember.
Weβll have one of our favorite DJs, along with gourmet bites, great drinks, and a few fun surprises on hand! Learn more about the event here
Before diving in, we wanted to take a moment to wish you and your family well during these challenging times. This has certainly been an atypical Summer by any measure, and we hope youβve stayed safe and healthy throughout. To whatever extent possible, we also hope youβve had an opportunity to enjoy the (socially-distanced) great outdoors, whether on a bike ride, a mountain hike, or a campfire under the stars. Best wishes to you β Team Digits
Itβs been a busy summer at Digits, as weβve been simultaneously laying the foundations for our next major launch as well as rolling out improvements to Digits based on customer feedback!
While the business climate continues to be challenging, weβve been working hard to further scale our Early Access program and get more companies off our waitlist. We believe that every business owner deserves to have the real-timevisibility, and powerful, actionableintelligence they need to overcome the current market dynamics, and weβre racing as quickly as we can to build out these functionality.
Power Users
This month, we focused on a slew of power-user features: we added multi-dimensional sorting and filtering capabilities to our expense Categories breakdown, we added a new Vendors section that provides an unprecedented (fully automated) analysis of your spend by vendor, and we simplified our dashboard navigation to make it even easier to deep-dive into your companyβs finances.
Closed Books
Weβve also added support for closed periods, to let you see at-a-glance where your businessβs financials are finalized, and where they may still be in flux. Whether you or your accountant prefers to set the closed date within your ledger (e.g. QuickBooks), or directly on Digits (just click the Settings icon), itβs seamless: all closed periods now display as locked in Digits, and your data is guaranteed to match your accounting software exactly. For current/unclosed periods, Digits applies its category classification and auto-reconciliation algorithms, so you have a real-time preview of what the month or quarter will look like, as it happens!
A Touch of Darkness
Our design team has been burning the midnight oil all Summer long, and that might have given them some ideas π The Digits login screen now has a fresh coat of (dark) paint, and we were so pleased by the look that weβve brought it to all of our signup and onboarding screens as well.
But the Best is Yet to Comeβ¦
Much of our work from this Summer remains under wraps π Weβre incredibly excited to share whatβs behind the curtain once itβs ready. Stay tuned for our next major announcement this Fall!
Full Summer Upgrade
Digits Core
Implemented system-wide support for closed and open periods.
Deployed automatic data validation for all closed periods.
Optimized vendor identification algorithms.
Preliminary architecture and support for manual data classification.
Digits for Expenses
Refreshed Categories view, including sorting and filtering.
New and improved Vendors view.
Implemented transaction filters.
Enhanced dashboard navigation.
Improved frontend UI performance for large datasets.
As businesses around the country and around the globe continue to struggle during these unprecedented times, weβve been working as quickly as possible to scale our technical infrastructure and our Early Access program to keep pace with demand and help those in need.
At Digits, our mission is to provide the real-time visibility, and powerful, actionable intelligence, that business owners require to chart their course in this dynamic environment, and we feel the obligation to do as much as we can to help.
This month, weβve been focused on two major, parallel tracks: an intense effort to drive the scalability and accuracy of our core financial engine in order to accelerate how quickly we make it through our customer waitlist, and a return to green-field product development as we lay the groundwork for our next major launch, later this year.
This monthβs Upgrade is a BIG one. However, much is still under wraps, so stay tuned for more!
June Upgrade
Digits Core
Ability to enable or disable integration sub-accounts.
Improved automatic validation of transaction reconciliation.
Enhanced category classification with additional ledger data.
Automated regression detection for classification algorithms.
Automated health indicators for ledger data synchronization.
Major scalability improvements to our data processing pipelines.
Major query performance improvements to support high transaction volume customers.
After two years of heavy development, weβve announced Digits for Expenses! We couldnβt be more humbled by the support and excitement weβve seen from countless business owners and accountants across the country and around the globe, and weβre working tirelessly to get them into our Early Access program.
Since our launch, weβve also been solidifying Digitsβ underlying financial engine. Businesses come in all shapes and sizes, so we need to be absolutely certain that Digits supports them all.
This month, our biggest upgrades focused on new technology to help ensure that our understanding and your understanding of your businessβ financials are the same.
Automated P&L and Balance Sheet Validation
Data quality is at the heart of our mission to provide real-time visibility and actionable insights into how your business is spending money, and weβre constantly iterating on approaches to guarantee both precision and accuracy, while keeping your data private and secure.
Over the past month, weβve built fully-automated validation using two of the three most common financial reports. Hereβs how it works:
We first generate a full Profit & Loss Statement and a Balance Sheet report using Digitsβ internal, proprietary representation of your companyβs financials. We then export the same P&L and Balance Sheet from your ledgerβs API, for each month of your companyβs history. Our validation pipeline then automatically compares themβline by lineβguaranteeing that Digitsβ representation of your data is accurate and that you can trust the numbers we display.
Automated Regression Detection
While validation is critical for all historical data, itβs meaningless for real-time transactions that have not yet hit your ledger. Thatβs where Digitsβ online classification engine comes in.
We are constantly iterating and improving our algorithms to give you even better real-time insights into spend (with correct categorization and vendor identification), and itβs critical that those improvements donβt unintentionally regress other data points.
Over the past month, weβve architected and implemented an automated classification regression monitor, which continuously watches a large and growing set of known-correct transactions from our sample data, and then automatically alerts on any unexpected changes.
This is just the start, and we continue to invest heavily in data validation, and data quality assurance.
Thereβs lots more weβve been working on, thoughβ¦
May Upgrade
Digits for Expenses
Improved time-series navigation with βJump to todayβ feature.
Improved support for yearly period views.
Stabilized transaction deep-link URLs.
Polished commenting UX.
Enhanced activity feed with additional event types.
New UI for identifying unknown/novel transactions.
Digits Core
Automated P&L and Balance Sheet validation.
Automated regression detection.
Improved anomalous transaction detection.
Improved vendor identification for journal entry line items.
Productionized automatic vendor deduplication.
Implemented depreciation and amortization exclusions for expense analysis.
Improved auto-reconciliation of source transactions across larger time windows.
Productionized new recurrence detection algorithm.
Integrations
Improved status monitoring of 3rd-party data providers.
Tuned importer pipeline for performance and scale.
Deployed API upgrades to improve imported data consistency.
Improved handling of popular expense management software transactions.