Botkeeper, a startup that develops automated data entry, classification and reporting solutions for accounting, announced today that it has raised a round of $ 25 million. CEO and co-founder Enrico Palmerino said the funding would allow botkeepers to double engineering and product development for their corporate customers.
Studies show that vast majority The daily accounting tasks can be automated with software. This can be the reason why over 50% of the respondents in one survey The study, conducted by the Association of Chartered Certified Accountants, assumes that the development of automated and intelligent systems will have a significant impact on accounting over the next 30 years.
Botkeeper wants to accelerate change with a platform built into banks, credit cards, payroll and more than 1,200 customers and partners to access and extract data from financial and non-financial sources. Human teams working in the U.S., Canada, Africa and the Philippines train the company's algorithmic software to perform tasks such as categorizing expenses, paying bills, billing, reconciling, entering data into accounting tables and much more to do before they are approved and reviewed and submitted to a ledger.
BotKeeper's ScanBot feature supports the scanning and uploading of receipts, invoices, expenses, sales and contracts. The receipt synchronization is used to upload data to the general ledger and to compare with transactions in accounting software. In addition to receipts, Botkeeper automatically categorizes transactions based on historical data and identifies patterns in order to make reasonable assumptions.
According to Botkeeper, the AI, machine learning, and robotic process automation technologies on which its platform is based have been exposed to millions of financial transactions and evaluated hundreds of variables so that they can do the accounting work accurately. They continuously improve over time and provide authorized managers and managers with feedback on atypical transaction activities and exceptions.
For tasks that cannot be automated, such as tax returns and wealth management, Botkeeper connects customers with accounting firms and recruits its internal team of accountants and accountants to revise and update books. In all cases, Boteeper provides reporting tools that highlight, for example, financial and non-financial trends and compliance (or breaches) of KPIs.
Botkeeper claims that its customers cut accounting costs by 45% and increase them ten times on average.
The Series B round, led by Point72 Ventures with the participation of High Alpha Capital, Republic Labs, Oakridge, Peak State, Ignition Partners, Greycroft Partners, Gradient Ventures and Sorenson Capital, brings the Boston-based botkeeper total to 47, $ 5 million. Despite the pandemic headwind and competition from companies like Receipt Bank, the company expects the operating rate to triple in 2020 and plans to hire dozens of over 100 employees.