Botkeeper
Accounting is not for everyone. Hm. Let’s rephrase.
Accounting and everything it entails can technically be done by anyone with enough control over their transactions and a solid understanding of math. In practice, however, one reason there is such a need for accountants is that bookkeeping and the associated services can be tricky without the proper tools and training.
Beyond keeping track of transactions, accounting is about knowing what the numbers are trying to tell you about any given business’s performance. It requires understanding a business’s capabilities and areas of opportunity based on how it handles budgets, restrictions, and legal requirements. When we talk about bulletproof books, we mean books that are verifiable and accountable — pun very much intended. This article will explore how a tool as powerful as Botkeeper Infinite can bulletproof your clients’ books.
What Robust Books Need
A business’s books need three things before they can be informative, verifiable, and valuable — in short, bulletproof books must be:
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Complete. Not only should all the transactions be there, but they should be correctly categorized, and any exceptions or variances should be addressed before closing.
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Accurate. The GL transactions match those incoming from the financial institutions without duplications, number transposition, or errors.
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Timely. The books close on time, both for compliance reasons and to provide the client with up-to-date and relevant information.
When these three precepts are observed, any business can determine exactly where it stands and how its capital is being used. However, as a firm, you manage the books of many businesses — omg, loving that for you. The challenges of bookkeeping for a single business are multiplied many times for your firm. This is where AI comes in — or at least where it should.
Botkeeper Infinite
AI has many strengths. It can help you streamline operations and glean faster insights to help advisors and businesses build stronger businesses.
After years of developing the potential of AI for bookkeeping, we have released Botkeeper Infinite, our tech-only solution to your many bookkeeping woes. Providing complete, accurate, and timely books is where Botkeeper excels. But that’s not all it does. Botkeeper Infinite is powerhouse automated bookkeeping software that does far more. In the near future, it will even analyze financial data and provide plain-English advisory insights you can share directly with clients.
Complete Books Are a Snap for Botkeeper Infinite
Botkeeper Infinite connects directly and securely to your clients’ banks and financial institutions and automatically pulls statement details to ensure nothing slips by. Our Transaction Manager module auto-categorizes each transaction, assigning it a confidence score of low, medium, or high (high is 98% confidence or better). High-confidence transactions flow directly into your QBO or Xero GL, while those with lower confidence are marked for your review.
With increasing use, Botkeeper Infinite’s machine learning picks up on your corrections and gets smarter, categorizing more and more transactions under high confidence.
Accuracy Even a Bot Would Gasp At
As transactions flow into the system, our Bot Review module automatically surfaces 13 different kinds of exceptions, meaning you can review and correct them in real-time instead of waiting for the month’s end to review. This allows you to keep clean books with a near real-time reflection of the business’s current state.
You can even set a materiality threshold to weed out those intrusive and irrelevant entries that eat up your time, ensuring only the proper transactions flow into the GL.
The Books Are Done, and It Isn’t Even Lunchtime
With automation, Botkeeper Infinite keeps going long after quitting time. It can process thousands of transactions in moments, meaning you won’t wait around for things to happen. Since it keeps up with the books daily and alerts you of any issues, when the day comes to close out the books, you’ll be able to do it quickly and efficiently — maybe even with a smile on your face and ice cream in your hand. (Hopefully in a bowl or cone, because that would be cold and messy otherwise.)
Botkeeper Infinite leverages streamlined communication and powerful connectivity with the potential of AI and machine learning to provide complete, accurate, timely books. For the very nice price of $69.00 per client per month, your firm can start enjoying the outstanding features of this remarkable tool. You can set up a monthly or yearly plan for as many entity licenses as you may need, giving you full access to the platform. Reach out today, and watch your firm go Infinite.
Disclaimer: Botkeeper doesn’t make books that are literally bulletproof, so please do not shoot your monitor.