We at Accounting Today don't believe it is a far leap to assume that no one aspires to spend all day manually filling journal entries. No one has harbored dreams of reconciling inventory since they were a small child. No one views processing invoices as the peak of their professional development.
This is why automation solutions provider Botkeeper was formed in 2015 in Boston. Founded by a team of entrepreneurs who experienced these same sort of bookkeeping challenges, the company set out to create the world's best bookkeeper — hence, Botkeeper. Something accurate, affordable and scalable that can automate data entry 24 hours a day, seven days a week.
The software takes care of the mundane routine tasks so the accountant can focus more on high-value strategic advisory services. The most laborious and time-intensive aspects of the bookkeeping process from start to finish can be automated using Botkeeper. These tools are further supported with machine learning processes guided by human professionals.
This is especially germane to the profession's ongoing shift away from compliance-oriented engagements to client advisory services. Botkeeper was specifically built to support firms offering such services and consciously markets its solutions to them.
Botkeeper founder and CEO Enrico Palmerino talked to Accounting Today about what his company has been up to, some of its plans for the future, and his take on the current accounting technology landscape.
How would you best describe what your company does?
Palmerino: Botkeeper has revolutionized the bookkeeping process by automating its most tedious, time-consuming, and error-prone aspects for accounting firms, using a combination of industry-leading workflow tools, artificial intelligence and skilled accounting professionals.
Using seamless and ultra-secure connections to financial institutions and clients' QBO or Xero books, Botkeeper automatically pulls transactions, categorizes them, and updates the general ledger. The platform integrates sophisticated workflow management tools, insightful business metrics reports, bank-grade secure password storage and retrieval, and user-friendly resource management tools for optimal team allocation. Additionally, a team of professional senior accountants supports the machine learning process, applying critical thinking to complex accounting tasks and ensuring a seamless bookkeeping experience for clients.
By streamlining the bookkeeping process, Botkeeper alleviates capacity constraints for firms, empowering them to overcome their biggest challenges and concentrate on what truly matters: driving growth, nurturing lasting client connections, and delivering valuable client advisory services.
What product of yours do you think should be better known among accountants?
Palmerino: Our recently updated "Advanced Package" now incorporates a huge number of features for firms, allowing them to serve their clients even better than before. In addition to our Basic bookkeeping offerings, the Advanced package delivers:
- Advanced payroll categorization;
- Autonomous AP processing;
- Applying payments to AR invoices;
- CC merchant and POS reconciliation;
- Inventory reconciliation;
- Enhanced ongoing report support;
- Monthly standard invoicing;
- QBO W-9 requests;
- Class and department tracking; and,
- Job / project tracking.
What was the last big initiative or project your company completed?
Palmerino: We were very excited to have launched a major upgrade to our integration with Xero — one that will revolutionize the way accounting professionals manage their firms. This new and improved integration is using some next-level machine learning to process Xero transactions and categorizations at speeds beyond human capabilities. By leveraging our sophisticated algorithms and powerful AI technology, Botkeeper can automatically detect patterns in data and assign categories with less input from the user. Improvements include:
- A two-way, real-time sync between BOS and Xero.
- Improved AI/ML: our AutoPush feature auto-categorizes transactions and syncs them to Xero seamlessly.
- An updated interface to streamline communication on categorizations between Botkeeper, partners, and their clients.
- Better efficiency and accuracy: bulk edit transactions, automated matches and auto-reconcile transactions.
This update makes accounting processes easier, more accurate and more efficient than ever before.
What is the most exciting new thing you're working on?
Palmerino: We're super-excited about a game-changing update we're working on, specifically tailored to meet the needs of accounting firms like never before. While we can't reveal all the details just yet, we can assure you that it will deliver an unprecedented level of control and empowerment for firms of all sizes, who are looking to harness the full potential of our technology.
Our upcoming solution takes into account the valuable feedback we've received from our users, and this flexible "tech-only" driven solution is designed to help accounting firms optimize their workflows, effectively manage their operations, and make data-driven decisions with greater confidence.
The focus of our innovative update is to provide a more accessible and powerful bookkeeping option for firms to use across their entire client base. We believe that this shift will bring immense value to firms of all sizes, especially those who want to maintain greater control over their client engagements, and/or have a client base with varying degrees of accounting needs.
We're eager to unveil more details about this exciting evolution in the near future. Sign up for early access to Botkeeper's upcoming 'Tech-Only' option.
What is the biggest challenge facing companies like yours right now? How do you work to address it?
Palmerino: Technology companies generally are facing multiple challenges across the board, from talent shortages and skills gaps to cybersecurity. Add to this the specific challenges of the accounting profession, including a crowded software marketplace and evolving client expectations, and you have an extremely dynamic and evolving environment.
Botkeeper focuses on providing accounting firms with solutions that best address their needs to serve today's clients. That means absolving them of the tedious day-to-day activities that can be performed with automation, allowing them to devote more resources on growing services like accounting advisory.
In short, the accounting profession's challenges are Botkeeper's challenges, and we address them with the innovative and effective solutions our software provides.
What is the biggest tech challenge facing accountants today?
Palmerino: There are several. But Botkeeper's internal research supports what by now is common knowledge: Accountants' biggest tech challenge is cybersecurity.
Service providers like Botkeeper work hard to harden their systems against bad actors, using safeguards like two-factor authentication and high-level encryption to deter them. But threats emerge on an ongoing basis, and all software service providers have to be hyper-aware and proactive in protecting their clients and their intellectual property.
Botkeeper works 24/7/365 to keep our security up-to-date and provide only the most secure solutions for the handling of our firms' most sensitive information.
Botkeeper at a glance:
- Location: Founded in Boston in 2015
- Number of staff: . 380+ globally
- Website: www.botkeeper.com
- Number of accounting firms worked with: Over 300
- Number of bookkeeping clients: over 7,000
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