iSTM #13: Dokka’s AI Makes Financial Processing Faster & Easier

Dokka AI

So much is being said about the dangers of AI. I share many concerns related to autonomous cars, massive unemployment and the ultimate convergence of humans and our digital machines.

But all of that overshadows the fact that every day, a startup somewhere in the world is introducing AI software and systems that are making life and work easier for everyday people performing routine tasks., a Tel Aviv-based startup, is just such a company. Its AI-powered workflow software helps accountants, bookkeepers and administrative folks save time, reduce errors and improve workflow.

I chatted last week with Dokka co-founders: Emil Zak, CEO and Eric Edelstein, CMO, who told me their new software is allowing users to dramatically reduce time spent on paperwork, reducing the average time to make each bookkeeping journal entry down to an average of just seven seconds. It also provides advanced tagging, which makes entries easily findable. Of course, if you’d rather leave the bookkeeping to the bookkeeping accountants, this is still a viable option if you’re in-experienced and not willing to learn. Most accountants are pretty good anyways and it can give you more time to do other things, as we all know how time consuming bookkeeping and accounts can be. People often go for an online accountant as they are generally faster and more affordable.

Companies conducting international business will enjoy the advantage of AI-generated translations that the founders say are highly accurate.

According to Edelstein, the magic is in Dokka’s unique Visual Document Recognition Technology that the company says is more than 99 percent accurate. If these improvements are true, then Dokka is leap-frogging any and all competitivesystems that I know of.

Dokka, works with all major accounting software such as Quickbooks and Xero. It lets financial services vendors actually see client documents in real-time, as they are being prepared, and can identify what each document is. It understands what to do with a bank statement as opposed to an invoice.

The system becomes smarter with each use, as the “brain” analyses every change the user makes, such as creating new tags or using the drag and drop functionality to make changes to the bookkeeping entries. So instead of the user creating and editing rules in the background, Dokka is continually learning. The only thing that is worrisome regarding its learning capabilities, is how would the software act and react if it was being used for accounting a startup business? The user would probably be inexperienced and the software might not be able to guide them, so would new businesses instead have to look for services such as this accounting for startups firm?

The founders say that Dokka is a quick learner: It only needs to see the document processed just one time–and then it recognizes it moving forward, thus automating collections, categorizations and data extraction.

It has lots of neat features such as adding Post-It comments for questions or instructions on invoices as the user winds their way through payment approval and processing. It also lets you tag particular topics making it easy to find topical information.

There are so many news articles about the potential for AI creating dramatic and world-changing technologies, some of which may happen when and as predicted. They suck the air out of the room when it comes to media coverage, and perhaps appropriately.

But startups, all over the world, with far smaller investments are steadily and undramatically changing the tools that people use to perform everyday tasks. I’ve written recently about others such as Otter.AI, an AI voice notes program, which I now use to get transcripts of my interviews and business meetings.

Dokka falls into this same category of just being downright useful and productive. I expect it won’t grab many headlines, but it is very likely to make stakeholders quite successful, and more important, it is AI to improve work–not replace workers.

1 thought on “iSTM #13: Dokka’s AI Makes Financial Processing Faster & Easier”

  1. Great chatting to you Shel, and glad you see the potential, as we do, with DOKKA.

    If any of your readers are interested in finding out more, they are more than welcome to reach out to me at “eric AT dokka DOT com”

    Have a great end of year everyone! (PS: I’m not taking a break, so feel free to get in touch with me over year end)

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