First Look Friday: Botkeeper

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While once considered the stuff of science fiction, Artificial Intelligence is here. Even today, many businesses are already taking advantage of what may still seem to some as impossible.

Artificial Intelligence, machine learning and deep learning are terms often used interchangeably, but they’re not the same. AI encompasses the much broader concept of machines that can act intelligently, and for the most part independently. Machine learning and deep learning are simply sub-sets of Artificial Intelligence based on the concept that given access to large volumes of data, machines can learn for themselves.

The idea of machines taking over our lives and livelihoods makes for some great movies, and even perhaps some scary 'keynote addresses' at accounting conferences, but the reality, at least for now, is that no matter how fast things are moving, they are far less dramatic than either the movies or most speakers make them out to be. With that said, Artificial Intelligence is providing a great 'toolbox' to assist accountants, bookkeepers and ProAdvisors in accomplishing the mundane work that we have all 'hated to do anyway.' One such 'toolbox' from my perspective is Botkeeper, that's why I wanted to give you one of my 'first looks' at this great opportunity for you to automate the mundane!

Botkeeper provides automated bookkeeping support to businesses using a combination of machine learning and artificial intelligence (AI) alongside skilled accountants. Clients receive 24/7 accounting and support as well as access to their financials with beautiful dashboards with unlimited reporting. Botkeeper was designed to scale from startup companies to Fortune 5000 companies, providing automated accounting support to every industry.

As a Botkeeper 'Partner' you take advantage of this 'toolbox' by eliminating the need of doing that mundane work you have always hated anyway, and you avoid the need to hire someone to do the data entry. Botkeeper is your artificially intelligent automation tool that streamlines the bookkeeping support of your clients allowing you to focus on the higher value financial consulting work of the companies you serve. You remain fully aware of your clients via Botkeeper's Partner Financial Hub, and you will work hand-in-hand with your designated Botkeeper support specialist in supporting each client on an individualized level of support basis.

Botkeeper not only brings you the advanced technology that you couldn't possibly afford yourself, but it gives you the ability to custom-label that technology so that your clients see you and your firm when they log into their Botkeeper portal or mobile App to check their financials or look at a report.

Botkeeper's artificial intelligence easily learns the subtle, custom nuances of your client's businesses by reviewing and verifying each input with the output, ultimately, with sufficient client data it can actually learn over time such that it could potentially assist you in making advantageous cash-flow decisions (via projections) in the future.

And what about the financials Botkeeper generates? Well, you can be assured that the Botkeeper data you and your clients receive is accurate, perfectly formatted, and on-time each and every month. As far as your clients are concerned, they still are getting the same high quality service you have always provided, but everything is easier on you, and you have less worries about getting the work done, and keeping up with the workload because Botkeeper's bot is your bot doing the work for you.

As if all that were not enough, Botkeeper is reasonable in terms of pricing too. In fact you will probably find that it will save you a lot more than you think when it comes to other solutions like another employee, temporary help or part-time labor, not to mention the worries of recruiting, time involved in interviewing, and difficulties in maintaining qualified personnel. So while I won't address specific costs with you, because that's our practice here at Insightful Accountant, I will say that Botkeeper has pricing packages designed around each client's requirements because they know that 'one size doesn't fit all.'

It really doesn't take all that long for you to transition one of your clients to Botkeeper, the actual integration from QuickBooks Online is a snap and follows the same steps as any other connection to a 3rd-party SAAS application. Even though Botkeeper doesn't have a landing page in the Intuit QuickBooks App Center, Botkeeper recognizes QBO as 'the industry standard' for accounting software, so presently it is the preferred accounting software partner  with which Botkeeper connects in real time. And, while there is a bit of a transitional break-in period, just as there would be if you were switching from an experienced bookkeeper to a new one, you will stay on top of your client's experience via that designated Botkeeper support specialist.

Now I know that my 'tech-savvy' readers are always interested in cyber-security concerns, so let me say that, just like your accounting data itself, your Botkeeper is protected by 256-bit encryption. And, Botkeeper systems and databases are supported by Amazon Web Services (AWS) data centers within the United States. Botkeeper leverages AWS security products to ensure that all their systems and infrastructure are configured in strict accordance with security and compliance best practices.

So, "the accounting sky really isn't falling", there is no need to fear about the artificially intelligent bots taking over your accounting practice, just put them to work in the form of Botkeeper. Let this AI tool do the dirty work (you really never wanted to do anyway) for you, while you glide into the future in style. For more information be certain to check out the official Botkeeper website.