Botkeeper Review: Is It A Scam Or The Future Of Accounting?!

Intro

Botkeeper Review for anyone who needs an automated accounting software to help them manage their books and stay informed on their financial performance.  Botkeeper integrates with Shopify, QuickBooks, and other popular SaaS tools.  In addition, you’re able to get great customer support with Botkeeper.  There is no Botkeeper coupon or Botkeeper discount on the internet.

Background

For any business, it’s essential to maintain your accounting books and understand to see your financial performance.  It’s absolutely crucial if you want to grow your business.  Without proper accounting, you’re leaving yourself open to failure, insufficient cash, unexpected expenses, and loss revenue opportunities.

It’s the reason why people hire accountants to manage their books for them.  They say there are three types of professionals everyone needs in their life — a CPA, a Lawyer, and a Mechanic.  The average starting salary for a staff accountant is a little under $50,000 a year, which doesn’t include health benefits.

The health benefits will add an additional $2-3,000 per month in expenses.  That’s only a staff accountant.  It’s the very reason why Botkeeper is a great solution for most businesses especially for small businesses and start ups who can’t afford to hire accountants.  Looking for a Botkeeper coupon discount or Botkeeper promo code? We have one for you.

Botkeeper Review: What Does it Do?

Botkeeper is one of the new accounting software companies that’s making a splash right now.  Their software automates your bookkeeping utilizing real accountants, machine learning, and artificial intelligence (AI).  How do they do this?

Botkeeper uses automated software to pull your data as it applies rules, processes, and calculations while providing you custom reporting and dashboards.  It claims to reduce cost and error associated with manual accounting.  In addition, Botkeeper claims their skilled accounting team provides oversight over the automation while analyzing the data integrity.

Furthermore, their able to extract data from receipts, process your payroll, pay your bills, send invoices, and reconcile accounts.  In addition, they’ll provide you with custom generated reports.  Lastly, with Botkeeper, you’ll receive 24/7 support and unlimited reporting for your business. Find out more here. Looking for a Botkeeper coupon discount or Botkeeper promo code? We have one for you.

Botkeeper Review: Workflow

What is Botkeeper’s workflow?  How are they able to automate your bookkeeping?  It’s four simple steps.

1. Botkeeper pulls your financial and non-financial data.
2. It begins to efficiently categorize your expenses, pay your bills, send your invoices, reconcile accounts, and enters the data into your accounting software.
3. Botkeeper hub provides customizable “business intelligence” dashboards and “360-degree view” reports for your business.
4. Their Senior Accountants will begin to review your data and handle any complex accounting issues.

It sounds pretty easy, right?  Now, it sounds like the perfect replacement for your staff accountant.  However, we wouldn’t recommend having Botkeeper handle your more complex accounting like hedges, options, derivatives, and stock options.  You can get a more thorough explanation here. Need a Botkeeper promo code or Botkeeper coupon discount? Skip to the Conclusion section.

Botkeeper Review: Dashboard & Analytics

With any financial software, they should be able to provide easy-to-understand, insightful reports, analytics, and charts, so you can monitor your business’ financials.  It’s a no-brainier.  Botkeeper provides you with unlimited reports and a simple ‘hub’ for all your reports.  They make it easy for non-financial leaning brains to understand.

Botkeeper’s Financial Hub supplies you a centralized clutter-free dashboards, project/task management, workflows, secured document storage, and data integrity to ensure accurate financials.  They pull your data into reports to help you make sound business decisions.  Lastly, Botkeeper comes with bank-grade security and 256-bit encryption.  Need a Botkeeper promo code or Botkeeper coupon discount? Skip to the Final Verdict section.

Botkeeper Review: Services

After deployment, Botkeeper will spend a few hours understanding your business and they’ll move your current bookkeeping process over to their platform.  In the process, they’ll finish any agreed-upon procedures while fine-tuning your procedures.

Botkeeper currently works with all the trusted and popular software like Quickbooks, Stripe, PayPal, Shopify, and more; in addition, it’ll seamlessly pull all your data into Botkeeper, so you can get a better view of your business’ financial data.  What’s included in Botkeeper’s services?

• Bookkeeping – On a monthly basis, Botkeeper will provide transactions categorization, account reconciliations, and monthly reporting. Furthermore, their team of accountants will monitor your books and make any adjustments to ensure accurate accounting and tax compliance.
• Month-End Close – Botkeeper closes your books on a monthly basis.  You’ll get a notification informing you your books are ready for your final review.  With this, you’re able to make sound business and financial decisions while Botkeeper ensures data integrity.
• Interactive Dashboard – Their platform comes with both financial and non-financial data.  They’ll provide data visualization, trending analytics, and key performance indicators (KPI) tracking.
• Document Manager – You’re able to securely store and access your documents via your web browser and a mobile app.  Botkeeper’s platform comes with 256-bit encryption.
• Report Builder – What a customize financial report?  Botkeeper allows you to easily generate your key financial reports via their financial hub.
• ScanBot – Botkeeper’s ScanBot can extract data by simply taking a picture of your invoice or receipt using your phone.

In short, you’re getting a staff accountant for a fraction of the cost.  Plus, you don’t have to pay vacation time, health benefits, 401(k) contributions, and you’re saving countless hours with their Senior Accountant.  You can check out all their services here.  We have a Botkeeper coupon discount and Botkeeper promo code for you.

Botkeeper Review: Features

What else does Botkeeper offer?  With Quickbooks or Xero, you’re on your own with your bookkeeping.  However, Botkeeper provides an additional level of services and features.  In addition to 24/7 accounting support, Botkeeper does everything a staff accountant will do for you with the experience of Senior Accountant for a lot cheaper.

Here are some of their additional features:

1. BillPay – Botkeeper makes organizing and paying bills easier for you.
2. Financial Reporting – Get your most important reports when you need them anytime of the day.
3. Receivable Collections – Botkeeper helps you collect your invoices from clients.
4. Customer Invoicing – Botkeeper will take over your billing process by sending invoices to your customers and clients.
5. Personalize Chart of Accounts – Gather all of your financial data into insightful reports and financial statements tailored for your business.
6. Revenue Recognition – Botkeeper will recognize and record revenue based on the accrual accounting standards or the cash  method.
7. Inventory Tracking – With Botkeeper, you’re able to track your inventory with easy reports for each of your business’ products
8. Payroll Administration – Botkeeper will oversee your payroll process while ensuring it’s runs on time, booked correctly, and classified accordingly whether you’re working with 3rd party payroll providers like Gusto.
9. Accounts Receivable – They’ll track and provide aging receivable reports for invoices due to your business.
10. Multi-Entity Accounting – Have multiple entities?  They’ll report on your parent company, holding business, subsidiaries, affiliates, and associates with ease.
11. Credit Reconciliation – They’ll reconcile each credit card transaction on your statement with transactions in your internal systems.
12. Fixed Assets Accounting – Botkeeper will handle your fixed asset depreciation entries and more.

For an accounting service, Botkeeper does provide a lot of bang for your buck.  It comes with all your basic accounting services.  You can check out all their features here.  We have a Botkeeper coupon discount and Botkeeper promo code you can apply at checkout.

Botkeeper Review: Integrations

There are thousands of different software and services on the internet.  With high-speed internet, it has become more efficient and easier for small businesses to get services for much cheaper than twenty years ago.  Everyone has their favorite services whether it’s their eCommerce platform, blogging, CRM, etc.

Botkeeper provides a quick and easy way connection for all the major players on the market.  You can easily pull in your data from Salesforce, Shopify, BigCommerce, and more.  Botkeeper will aggregate the data and provide meaningful reports for your business.  Here is a list of a few of their integrations:

You can check out all their integrations here.  Get your Botkeeper coupon discount and Botkeeper promo code here.

Botkeeper Review: Cost

How much does Botkeeper cost?  Botkeeper’s service is based on transaction volume while Xendoo is a flat rate per month.  In other words, their pricing tiers depends on the number of transactions your business does each month.  For example, it’s absolutely free for 20 transactions a month and accounting is based on the cash basis.

However, their ‘Scale’ plan is $899 per month and it comes with up to 30 hours of work a month.  It’s about $30 per hour to have their Senior Accountant review your books and automate it.  It’s not too bad compared to $49,702 annually for a staff accountant.  Try out their free plan here. You can use our Botkeeper promo code and Botkeeper coupon discount.

Botkeeper Review: Pros and Cons

Pros

• Automated Bookkeeping
• Month-End Close
• Interactive Dashboard
• Document Manager
• Report Builder
• ScanBot
• BillPay
• Financial Reporting
• Receivable Collections
• Customer Invoicing
• Personalize Chart of Accounts
• Revenue Recognition
• Inventory Tracking
• Payroll Administration
• Accounts Receivable
• Multi-Entity Accounting
• Credit Reconciliation
• Fixed Assets Accounting
• 24/7 accounting support
• Much more cost effective than a staff accountant
• Large integrations

Cons

• No free trials
• Revenue recognition is basic
• Monthly charges are based on transaction volume
• Requires online accounting software (e.g, Quickbooks Online, Xero, etc.)
• On-boarding isn’t streamlined

Try out their FREE plan here. Get your Botkeeper coupon discount and Botkeeper promo code here.

Conclusion

While there are tons of accounting software on the internet, Botkeeper distinguished themselves by providing “AI” bookkeeping for small businesses and startups.  In addition, they provide it at a fraction of the cost of a staff accountant.  With Botkeeper, you get a full suite of services and features in their platform.

It’s AI software is supported by real accountants checking and verifying each transaction is recorded correctly.  It provides some assurance that your books are accurate as AI is still in its infancy.  However, we wouldn’t recommend moving your more complex accounting like hedges, options, stock options, derivatives, and so forth.

However, Botkeeper does provide value for basic accounting functions for cheap.  Want to try it out for FREE? Get a Botkeeper promo code and Botkeeper coupon discount on your monthly plan here.

You can read our other online Software As A Service reviews here.