Talking to people and spending time in their environments is key to understanding a market and the opportunities it may present.
At a recent ICPA (Israeli Certified Public Accountants) convention held in Eilat, DOKKA CEO Adoram Yarden was invited as a speaker to share his knowledge and insight into the accounting world and the value DOKKA has to offer.
In his presentation, he reveals that the most common conversations he has with businesses are that “in accounting, I do the reports and give tax advice, and the customers are satisfied, I have no quarrels and arguments. In bookkeeping, however, every month there is some friction with a customer.” Yarden further explains that this is a result of a lack of processes when working with customers. These customers have high expectations in terms of service and technology.
Adoram has been involved in the software and finance industry for 15 years. As the COO of software company SintecMedia, he built an ERP system similar to that of Priority, NetSuite, and SAP, designed specifically for the television and online industry. Once established as a market leader, he decided to join DOKKA’s mission to revolutionize a new market. A market that is still lagging in terms of technology and processes, compared to that of other markets.
How to convert challenges to opportunities
To gain a holistic perspective of the world of accounting, DOKKA began with the prospects of an entire international market. “We want to ensure that CPAs and management accountants worldwide are aware of the added value they provide for their clients and what level of efficiency they have so that they can continue to be profitable.”
The market is characterized by an abundance of manual work, not only in terms of paperwork but also working with a variety of excel spreadsheets. Professionals are then left performing their tasks either within these non templated spreadsheets or on outdated software which still requires a fair amount of manual input.
Understanding the issues associated with these laboring tasks and the fact that a lot of people do their own accounting, the opportunity was presented to launch an all-inclusive, automated software to ensure true value add.
A little about DOKKA’s Software
The first offering of our software, explains Yarden, hit the market as early as 2017 and has since processed millions of invoices from around the world.
“Our algorithm has been developed to have a complete range of capabilities to handle and provide data in any language for our international client base. The system processes everything – every document and every language”.
The DOKKA solution also caters to a wide range of user types, from accounting firms to large companies with accounting departments, and even smaller SMEs. Basically for anyone who wants to handle their invoices efficiently.
Adoram also made mention of the technology developed by the DOKKA team. OCR is a commodity in the world today. “The truth however is that anyone can develop or simply find an OCR solution that will easily identify the characters from a file. Recognition and extraction of characters are not the same as that of data.” DOKKA differentiates itself from other companies because of the algorithmic technology that allows users to process an invoice, no matter what language and format. The technology means that the information is sent and classified more accurately and associated with the correct fields in the financial system. That is to say, a number is not just a number, it will represent VAT, an amount, a reference, or even a date.
The Goal
The classification and processes that DOKKA has established are considered with one goal in mind. We want to turn skilled users into more than data capturers, but rather data managers or controllers.
Every time a person corrects an association of a given invoice, DOKKA’s AI learns and improves so that the task does not have to be repeated.
“Our system learns and assists but only to add value to the user and give them more control.”
Adoram presented some testimonials from DOKKA users who have thrived from the opportunities this solution has provided:
- “Thanks to DOKKA we finish VAT a week ahead of time”
- “DOKKA is the future!”
- “A new standard of productivity and efficiency”
- “My accountants can work from home”
- “Once upon a time there were cabinets and binders …”
With these statements, DOKKA has done as it set out to and continues to grow and improve. Understanding and listening to requirements among users and companies overall, the solution reduces both internal and external challenges in the world of accounting today.
Some more features
To end off, Yarden went into some more details of the features and benefits that DOKKA offers:
Digital archive and document management:
The two key offerings from DOKKA are the handling and automation of documents. “There is no need for binders and cabinets anymore – simply upload your files to our cloud base and use our smart search technology to find any document with a simple word.”
DOKKA also offers the ability to allow your clients to access these documents. The digital upload also means that you or your customers can directly submit documents into the system.
Adoram presented an example of one of DOKKA’s users. The company works with multiple restaurants and cafes and has attempted to completely move to an automated process with its own customers. They have assisted the customers in any way that they can to ensure that the customers themselves, scan all documents from their respective homes or offices directly into the DOKKA system and do not send them any files. The result, complete ease, and efficiency – “the documents appear directly in the system with the log commands drawn out and ready for control only.”
“The system is built in a digital desktop configuration, which simulates the physical desktop we worked on in the past: you can switch between documents, split, organize, add notes, move, communicate, and more. Plus, you can work from anywhere, without terminals and clutter.”
ERP Integrations:
By developing this offering as an add-on to existing financial systems, there is no need to replace any accounting software. Whether you use the larger ERPs such as SAP, Netsuite or Priority; or solutions like some of our international users, such as XERO, SAGE, Quickbooks, Zoho, and others; we integrate into all.
No matter how the process is defined in the financial system – Vendor Invoice, Journal Transaction, Bill Items, Bill Expense, and so on – DOKKA can handle all transaction types.
Legal benefits:
The obligation to keep invoices is that much easier when they are kept digitally.
In addition to storing files, DOKKA also has an underwriting module in partnership with ComSign. “Anyone who wants to get rid of the paperwork after the annual report can do an underwriting immediately after the report.”
Quick implementation:
As opposed to replacing an accounting system, DOKKA is a very quick setup. Within two days the system works and you can start to gain value.
“The process is easy and simple, there are no projects here, no high costs, no complicated implementation.”
In Summary
By utilizing the capabilities of AI technology, DOKKA has found an opportunity to simplify and improve a challenging workflow. The solution will continue to adapt to meet customers’ needs and expectations which can only be done by working with and understanding the world in which they operate.
