Botkeeper Review and Pricing for 2021

Founded in 2015, Botkeeper is an automated computer-based service meant to replace manual labor at bookkeeping firms. Essentially, it is a virtual robotic bookkeeper that supports your accounting practice through machine learning (ML) and artificial intelligence (AI). After syncing accounts and importing the necessary information, Botkeeper can create standard transactions, such as sending invoices, reconciling bank accounts, and tracking expenses. It was developed to handle your bookkeeping with more accuracy and efficiency than a regular bookkeeper.

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What We Recommend Botkeeper For

Botkeeper, ranked among the best online bookkeeping services, is best suited for accountants and other finance professionals who want to streamline their bookkeeping processes with a team that is always available to support them. Because it is only compatible with QuickBooks and Xero, Botkeeper is best for businesses that are using either of these software. Botkeeper is also a good choice for large businesses with multiple locations that could benefit from automated accounting.

Who Botkeeper Is Best For

• Chief financial officers (CFOs), certified public accountants (CPAs), or other accounting professionals: Botkeeper will help to offload daily bookkeeping tasks like data entry, reconciliations, and classifications, and allow accountants to focus on higher-level client-advisory services.
• Businesses seeking full-service bookkeeping support: Upon enrollment, you will be assigned your own personal Botkeeper, a robotic bookkeeper that uses AI to perform all of your bookkeeping tasks. To ensure accuracy, the work is overseen by a team of skilled accountants and CPAs.
• Multilocation and enterprise businesses: While predominantly geared toward accounting firms, Botkeeper allows your large business to perform multiple-entity accounting, going beyond your core business pipeline to automate accounting for your associates, affiliates, and subsidiaries.

Who Botkeeper Is Not a Good Fit For

• Freelancers and small businesses: Since Botkeeper is intended for accounting firms and businesses with multiple companies, it is not a good fit for solopreneurs and companies looking for basic bookkeeping assistance. For online bookkeeping assistance, check out our Best Online Bookkeeping Services.
• Businesses looking for a controller or CFO: Botkeeper will not handle year-end work or create supporting schedules to the books, such as depreciation and deferred revenues. Pilot offers CFO services that range from monthly engagement to annual budgeting and forecasting. It also provides fundraising strategy and support.
• Businesses that are looking for a do-it-yourself (DIY) bookkeeping solution: We recommend QuickBooks Online, which was awarded our best overall small business accounting software, for small businesses that want to do their own bookkeeping.

If you’re not sure that Botkeeper is the assisted bookkeeping service for you, check out our article on the Best Online Bookkeeping Services to help you find a solution for your business.

Botkeeper Pros & Cons

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Botkeeper Pricing

Botkeeper does not provide detailed pricing information but requires firms to pay both a platform fee and a per-client fee:

• Platform & Tools: Starting at $6,000 per year
• Client Entity Fee: Starting at $660 per year

Botkeeper Features

Botkeeper has many features that distinguish it from other online bookkeeping services and accounting software, including:

• Automated bookkeeping: The ML engine and AI facilitate automated bookkeeping, which includes comprehensive financial reports, account reconciliations, and categorization of transactions. The company’s team of specialists counter-checks the data, ensuring tax compliance and error-free accounting.
• Multiple-entity accounting: Botkeeper allows you to cover supplementary entities that form part of an entire organization, such as subsidiaries alongside the parent company.
• ScanBot: A mobile app that integrates with Botkeeper, ScanBot can extract financial data directly from a photo of a receipt or invoice taken with your mobile phone.
• Dashboard: Botkeeper boasts an interactive dashboard, which grants you direct access to your key performance indicators, trending analytics, and data visualizations.

Botkeeper Dashboard.
(Source: botkeeper.com)

• Payroll administration: Botkeeper will help you streamline employee payroll by maintaining a consistent schedule and keeping a detailed log of employee data.
• Inventory tracking: Botkeeper integrates with your online store to keep track of items involved in each transaction and then generates detailed reports about the subsequent stock levels of every product.
• Customer invoicing: If you need help with invoicing your customers, generating and sending statements, and applying payments to open invoices, Botkeeper will handle this for you.
• Data security: Botkeeper applies 256-bit encryption to protect user data and rides on Amazon Web Services (AWS) cloud infrastructure, which means its servers are protected by some of the world’s best data security tools.

Botkeeper: Working With Your Bookkeeper

With Botkeeper, support is included with every plan. You will be assigned a dedicated account manager as soon as you sign up, who will review your business structure and help you migrate your entire bookkeeping framework to Botkeeper. It will also provide onboarding assistance and customization of essential system components. Once that has been completed, Botkeeper will hand your account over to your Bot Team, an expert team of experienced accountants. Your account manager acts as the primary contact, while your Bot Team supports your core bookkeeping processes.

Botkeeper also comes with multilevel specialized support to assist you with both bookkeeping and technical issues. You can email your assigned Botkeeper, and your questions typically will be answered within 24 hours of submission. Support can also be accessed via live chat or by phone.

Botkeeper Reporting

Botkeeper offers unlimited custom reports to help you track all of the relevant data for your business. These reports are available on the “Financial Hub” of the software. The Financial Hub offers a 360-degree view of your business while providing secure document management and storage, streamlining task and project management workflows, and safeguarding data integrity.

By customizing the software tools based on your preferences and business needs, Botkeeper will automate all of the reporting and analytics functions. Apart from profit and loss reports, you can track cash flow, accounts payable (A/P), job performance, inventory levels, credit, and fixed assets.

Botkeeper Alternatives

Bottom Line

Botkeeper provides automated bookkeeping support for accounting firms and businesses by using a powerful combination of skilled accountants, ML, and AI. With Botkeeper, clients receive 24/7 accounting support as well as insight into their financials with interactive dashboards and unlimited reporting.