botkeeper: Ushering in an Era of Robotic Accounting

CIO VendorEnrico Palmerino, CEO
Kigo Kitchen, a fast-growing eatery based in Seattle, needed to reduce operational costs to fuel expansion and growth. But founder Steven Hooper was concerned that simply taking a sharp knife to the company’s spending could negatively impact business operations and jeopardize the exceptional quality and service the popular chain has come to be known for.

Enter botkeeper, the first-of-its kind robotic bookkeeping platform.

botkeeper assists start-ups and small businesses by automating bookkeeping and accounting through a blend of machine learning, artificial intelligence (AI), and human assistance.

Within 30 days of signing on with botkeeper, Kigo Kitchen had reduced its annual accounting costs by $48,000. In addition, botkeeper provided Hooper and his team with never-before visibility into business operations, including real-time data entry and detailed reporting, at-a-glance dashboard-based analytics, and round-the-clock accounting service and support.

In simplest terms, botkeeper eliminates one of the last bastions of legacy business practices: Manual and standalone bookkeeping. Today, accountants spend many hours recording transactions “by hand” and feeding this transactional data into complex, often hard to navigate systems. This approach, in addition to being extremely time consuming, is highly error-prone and silo-based, largely eliminating the ability for a company to see important cross-functional trends impacting the overall business.

Leveraging machine learning and AI, botkeeper analyzes diverse data sets from disparate sources, categorizes the expenses, and takes accounting actions as required.

“botkeeper understands historical data and can correlate this information within and across business disciplines,” explains Enrico Palmerino, CEO of botkeeper.
“For example, it can analyze a firm’s marketing spending and link this information with the number of leads an email campaign generated, the increase in social media followers, and activity on the company’s website.”

Such real-time and near real-time reporting and analysis significantly increases data accuracy, according to Palmerino, and gives organizations a 360-degree view of their entire business. This can translate into quicker, better-informed business decisions affecting both top and bottom lines.

Getting started with botkeeper–whether you are in the market for a bookkeeper or simply want to upgrade your existing accounting processes–is as easy as signing up on the company’s website and completing a streamlined and intuitive two-hour onboarding process. Best of all, as a robotic bookkeeper, botkeeper is not a replacement for popular accounting software such as QuickBooks or Xero, but rather a replacement for the person or persons that would otherwise be tasked with entering data into these systems. In addition, botkeeper leverages hundreds of other software integrations– including bank and credit accounts, payroll, and e-commerce systems, as well as non-financial systems such as CRMs, social media, and Google Analytics, to name a few.

“Soon our clients will be able to use botkeeper’s data analytics to assist with financial forecasting, human resources, financing, and even operational improvements and planning,” says Palmerino.

Today, botkeeper supports several hundred companies across the US which span a variety of vertical industries, including professional services, high tech, medtech, healthcare, dental, non-profit, fitness, and manufacturing.

In addition, CPA firms and even competing outsourced bookkeeping companies have begun to leverage botkeeper’s platform to service their own clients. By white labeling botkeeper, such firms which once might have competed with botkeeper, now can become partners and transform their traditional bookkeeping practice into a firm of the future. With botkeeper, these partners avoid the headaches inherent in hiring, training, and managing bookkeepers while simultaneously benefiting from huge cost savings. botkeeper also allows these firms to offer their clients increased reliability and accuracy, a more streamlined onboarding process, better reporting and dashboards, and actionable business intelligence.

“Our mission is to become the de facto solution that the start-up and small business communities depend on to run their businesses accurately and cost effectively,” concludes Palmerino.