Digits, a fintech startup recently launched a dashboard, called Digits for Expenses as reported by Tech Crunch. Its main goal is to help business owners track how their company is spending money, by showing things like spend by category, identifying vendors and recurring expenses and offering real-time alerts.
This launching comes in the perfect time when most small business owners are struggling to reduce costs and survive the economic crisis caused by the Coronavirus pandemic. As a result, Digits has decided to launch the product for free. It plans to later charge for additional products and paid upgrades to support its own business.
Among the great benefits it includes, we highlight the fact that instead of requiring business owners to switch from their existing financial solutions, it connects with the accounting software, banks, payroll providers, financial packages, sources of revenue, and credit cards the business already uses. At launch, the list includes more than 9,000 banks, with support for Xero and NetSuite coming soon.
Digits uses machine learning technology to predictively categorize transactions as they happen and the software can alert users to anomalies, such as suspicious activity or unexpectedly large transactions, in real-time. Business owners can use the dashboard to find out things like how quickly expenses are growing, what the cash flow looks like, where costs can be trimmed, what services are being paid for on a recurring basis and more, and can search for transactions.
The software also supports the ability to comment on transactions, loop in a colleague to ask for clarification about a charge, and upload missing receipts.