Jotham Ty, Founder and CEO
In corporate accounting, month-end close is a time when numerous manual calculations and redundant processes become common sight. Accountants are craving for efficiencies, and many are now finally taking serious steps to engage the right technology partner (with knowledge of debits and credits) to harness the power of automation. Enter Gappify. Amidst growing demands, the company is helping businesses streamline accounting tasks with its suite of cloud-based offerings. “Gappify is the result of years asking accountants repeatedly ‘show us your process, and how do we make this better’,” states Jotham Ty, CEO and founder of Gappify.
Founded in 2004 as an accounting professional services firm, the company launched its SaaS platform in 2016. Gappify’s platform helps teams efficiently gather accounting data from customers, vendors and employees. Once the data is collected (a generally-painful manual process), Gappify automatically applies accounting and business rules to calculate transactions and trigger workflows. For example, Gappify is used by companies today to collect and process monthly accruals. Instead of sending mass emails to thousands of vendors to request estimated expenses, teams leverage Gappify to automate the process of requesting, collecting, reminding, and managing accruals under one robust, centralized platform.
In 2017, the company shook the accounting world by introducing the first multifunctional bot. “Alan”, a creation of the emerging robotics process automation (RPA) movement, is an automated program residing in Gappify’s platform.
On top of Gappify’s core platform for automating routine tasks, its bot Alan can now initiate and complete tasks across all accounting disciplines (e.g., accounts payable, accounts receivable, and general ledger) to create fully autonomous accounting experiences.
Gappify is the result of years asking accountants repeatedly ‘show us your process, and how do we make this better’
Ty shares an experience with one of Gappify’s customers, a large publicly-traded retail organization. Prior to Gappify, their team spent countless hours each month requesting accounting data from suppliers. Thanks to Gappify’s core platform, significant time and cost savings were realized by automating tasks that were previously handled through manual spreadsheets and emails. Furthermore with the power of Alan, the organization is now partnering with Gappify to explore several ways to run fully autonomous accrual and reporting experiences for their teams.
With the rise of automation, however, many accountants fear their profession may be at risk. Ty asserts that Gappify’s mission is to advance their profession. “As members of the community ourselves, our goal is to help accountants evolve. The days of manual number-crunching are about to be over, so we accountants need to embrace our new roles as strategic and analytical financial partners of the business. Additionally, someone still needs to control the accounting automation solutions and bots used by the organization. In my mind, this should be the job of accountants.”
To that end, Gappify is planning on releasing a module that will allow accountants to configure and manage Alan themselves. As part of this initiative, the company will offer free “bot-management” training courses to educate and teach accountants how to manage Alan. Gappify, with its extensive accounting process experiences and robust automation solutions at its disposal, believes that programs like these are key to helping its profession succeed in today’s rising digital world.