9 Accounting Tasks Eliminated by Automated Bookkeeping
Intuit released Quicken in the '80s to help businesses handle their accounting needs, and the revolutionary software has come a long way since that first DOS release of QuickBooks. Yet in 2020, nearly 40 years after Intuit's debut, there's still quite a bit of manual work that must be done to get your books in order.
Fortunately, there's now technology that can help handle even the most mundane and annoying accounting tasks through automated bookkeeping. In fact, Botkeeper's CEO started the company for the sheer fact that accounting is the worst. And now you can utilize Botkeeper not only for your own accounting firm, but also for your clients. You can even white-label the service so your clients don’t have to know that Botkeeper’s running your AI- and ML-powered automated bookkeeping!
So what does Botkeeper actually do?
1. Connects your books to your bank and credit card accounts
If you're already up and running with QBO or another accounting software, you've likely already done this. However, if necessary, Botkeeper will handle making these connections on your behalf in a secure and efficient way. In fact, security is always top of mind, and Botkeeper provides 256-bit encryption on your financial data, and we don't store your passwords or login information.
2. Simplifies and beautifies your reporting
Once accounts are connected and your Botkeeper has had a chance to make sense of the data, you'll be able to run myriad reports at any time of day or night. And yes, we said "beautify" in reference to accounting reports.
Analyzing your financial reports is easier when they're presented in a way that's pleasing to the eye. In addition to standard reports like profit & loss, balance sheet, and cash flow statement, you'll also have collated charts of accounts and a customizable dashboard that will pull in metrics from third-party data sources.
3. Pays your bills and chases down clients for collections
One of the worst parts of business is dealing with payments—incoming and outgoing. Botkeeper handles bill payment and collecting payments from clients, including following up on delinquent payments.
4. Handles revenue recognition based on your preferred method
Do you have clients in different industries? Their bookkeeping methods might require special treatment. Whether that’s a sales basis, completed contract, percentage of completion, or any other revenue recognition method, Botkeeper will handle it with near 100% accuracy for all your clients.
5. Administers payroll
Similar to how Botkeeper plugs into your clients’ credit card and bank accounts, inventory, and accounting software, you can also rely on Botkeeper to help with payroll administration. Botkeeper runs payroll accurately and on time so you don't have to worry about it every week, two weeks, or month.
6. Reports on multi-entity accounting for parent companies and subsidiaries
Here's where having a single system to manage all data gets really cool: Botkeeper is equipped to scale as you grow and work with even the largest or most complex organizations. Your client’s a franchise? Botkeeper's on it. They’re a parent company with subsidiaries? You can add them—no problem.
7. Reconciles accounts
Account reconciliation is one of those critical, tedious bookkeeping tasks that even accountants hate. That's one of the reasons Botkeeper was created—to handle all the stuff we don't want to do. Botkeeper will review all transactions and make sure they match with what's on your credit card and bank account statements. Moreover, because automated bookkeeping by Botkeeper is human-assisted, you can rest easy knowing that an experienced accountant will help resolve any discrepancies that arise.