Botkeeper has been recognized by Global AIFinTech100 as one of the world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services.
The technology that drives Botkeeper is anything but simple, yet it’s built to appear simple to users. The software combines existing data from a company’s various sources like their accounting platform and bank accounts (and sales and marketing systems, among other connection points), applies rules, processes, and calculations to the data, then presents it in customizable and engaging reports that are nearly 100% accurate at all times. And because it’s all automated, deadlines aren’t missed or pushed back.
Botkeeper’s industry-leading AI-human hybrid bookkeeping solution, purpose-built for CPAs, enables accounting professionals to easily meet the demands of their clients’ ongoing bookkeeping needs and increasing demand for advisory, consulting, loans, and tax services while simultaneously increasing capacity to continue growing. Botkeeper incorporates collaborative machine learning models that work closely with the human accountants on the Botkeeper team to improve bookkeeping productivity and efficiency — consistently doubling or tripling productivity and increasing margins with near-100% accuracy, while also enabling CPAs to save 30% or more in operating expenses.
Steirman CPAs, a Botkeeper accounting partner, experienced exponential growth yielding an unrealistic client-to-accountant ratio, they turned to Botkeeper. By implementing Botkeeper’s bank reconciliation service for month-end close, Steirman has seen a 60-hour reduction in the time spent on their client’s bookkeeping on just their first 40 clients they have onboarded to Botkeeper. Now with Botkeeper as their partner, Steirman has eliminated the need to hire 3 additional accountants to support their long-term growth goals — a savings of $312K annually.
Additionally, according to data from Business Insider Intelligence, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023.
Efficiencies evolve as clients data feeds into the Botkeeper automated bookkeeping platform and reconciliation is performed as the bots learn the data. In effect, time is saved throughout the process of file management, bank connections, automated categorization, bank reconciliations, financial reports and accounts payable. In turn, this brings more capacity to the firm to focus on other client needs. Clients receive 24/7 accounting and support as well as incredible insight into their financials with interactive dashboards and unlimited reporting.
“The accounting process, when connected to financial services, can be a complex and convoluted one which at times is downright tedious. Despite the frustrations inherent to the process, it has remained relatively unchanged for decades until now. By introducing AI and machine learning into the equation Botkeeper has single-handedly revolutionized how bookkeeping is done in the modern era,” relayed Enrico Palmerino, CEO of Botkeeper. “This breakthrough bookkeeping software allows firms to increase efficiency and accuracy and streamline the accounting process with financial services technology like never before.”
The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 FinTech companies undertaken by FinTech Global, a data and research firm. The solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain. A full list of the AIFinTech100 can be found at www.AIFinTech100.com. More detailed information about the companies is available to download for free on the website. #AIFinTech100