Join us on this week's episode of the Slice of Technology AI podcast, hosted by Jared S. Taylor! Our Guest: Jeff Seibert, Co-Founder & CEO at Digits.

What you’ll get out of this episode:

• AI-Driven Accounting Automation: Digits is pioneering AI in accounting, automating up to 90% of workflows to ease time-consuming tasks.

• Productive AI Use Cases: Jeff Seibert emphasizes practical AI applications in finance and accounting, focusing on automation that minimizes human error.

• Empowering Accountants: Digits’ platform frees accountants from repetitive tasks, enabling them to spend more time on strategic client advising.

• Breaking Traditional Barriers: Digits aims to replace outdated software, redefining the standards of speed, efficiency, and accuracy in financial reporting.

• Human-Centric Innovation: Jeff’s approach promotes a harmonious integration of AI, allowing professionals to excel without fear of replacement.

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Introduction: Meet Jeff Seibert and the Vision of Digits

Jeff Seibert, the co-founder of Digits, is on a mission to transform the accounting industry by harnessing the power of artificial intelligence. Seibert brings unique insights from his background in mobile development and product management, with previous experience at Crashlytics and Twitter. Digits, founded in 2018, is positioned as the first true AI-native accounting platform, built with the vision of automating up to 90% of traditional accounting workflows. Through a practical AI-driven approach, Digits seeks to redefine an industry that’s been slow to evolve.

The “Obvious” Opportunity for Disruption in Accounting

For Jeff Seibert, the inspiration behind Digits came when he noticed a major gap between real-time data availability in product engineering versus the delayed and cumbersome nature of financial reporting. "This is insane," Seibert recalls thinking, as he compared the speed and accessibility of engineering data with the often weeks-long wait for financial insights. Digits aims to close this gap by replacing antiquated accounting processes with AI-powered tools that deliver real-time insights. In Jeff’s view, this approach transforms accounting from a manual, time-consuming process into an efficient, automated workflow.

How Digits Uses AI Without the Pitfalls of Hallucination

As Seibert explains, accounting differs from other fields where AI might generate creative responses; accuracy is essential. At Digits, the AI models are built to prevent "hallucination"—the tendency of some models to generate incorrect or misleading data. Digits utilizes predictive machine learning models instead of generative AI, as Seibert highlights that predictive classification is key to preserving accuracy in financial data. For Digits, AI doesn’t replace accountants but rather complements their work by handling the more routine aspects of bookkeeping.

Changing the Mindset: Welcoming Accountants to AI

One of the biggest challenges Digits faces is changing the perception of AI among accountants. Many professionals are wary of new technologies that may alter their tried-and-true processes. However, Seibert notes that the industry’s current talent shortage, combined with declining CPA enrollment, makes automation essential. Digits aims to allow accountants to focus on client strategy and advisory work by automating repetitive tasks. The platform is designed to free accountants from the tedious elements of their job, enabling them to offer more value to clients without the fear of AI replacing them.

AI’s Broader Impact Beyond Accounting: A Vision for Productive AI Use Cases

Seibert’s enthusiasm for AI extends beyond accounting. He believes the technology can streamline tedious but critical tasks across various industries. For example, he cites browser automation for repetitive web tasks, like downloading bank statements, as a valuable AI use case. Unlike the hype around image and text generation, Seibert advocates for practical AI applications that provide tangible productivity benefits, particularly in high-stakes fields like accounting and legal.

Learning Accounting from the Ground Up: Digits’ Nontraditional Approach

Digits’ journey has not been without its challenges. Seibert recalls that his team, originally from mobile development backgrounds, approached accounting as outsiders. Instead of bringing in accountants from the start, they chose to learn the basics independently to maintain a fresh perspective. While this approach led to some early missteps, it ultimately enabled Digits to build an innovative, first-principles-based accounting system. Today, however, Digits has integrated experienced CPAs into its team, balancing innovation with industry expertise.

Guidance for Founders: Lessons from Jeff Seibert’s Unique Pitch Approach

Seibert’s approach to pitching Digits is as unconventional as his approach to building it. Rather than relying on traditional pitch decks, Seibert often presents his ideas directly, focusing on authentic, knowledge-rich conversations with potential investors. His advice to founders is to thoroughly know the industry and be prepared for deep questions from investors. This approach has allowed him to foster meaningful investor relationships and gain support based on the strength of his knowledge and vision.

Looking Forward: Digits’ Role in the Future of Accounting

As the accounting landscape continues to evolve, Digits stands as a pioneer in AI-native financial technology. Seibert is optimistic about AI’s potential to improve efficiency across industries, especially in traditionally tedious fields. His long-term vision for Digits is to empower accounting professionals, not replace them, by creating software that enhances their work and allows for greater strategic impact. As he prepares for upcoming announcements at the HumanX conference, Seibert’s vision remains clear: transforming accounting through responsible and practical AI solutions.

Digits’ journey is a testament to the transformative power of AI when applied thoughtfully. Seibert’s insights show that the future of accounting—and many other industries—may be brighter, more efficient, and more accurate with AI by our side.

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