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botkeeper

Gold Stevie Award Winner 2018, Click to Enter The 2019 American Business Awards

Company: botkeeper, Boston, MA
Company Description: botkeeper provides growing businesses with a robotic bookkeeper that automates bookkeeping and accounting tasks using machine learning (ML), artificial intelligence (AI), and human assistance. Hundreds of leading-edge companies trust botkeeper for round-the-clock accounting services that save them time and money and allow them to focus on growing their businesses.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Tech Startup of the Year- Services

Nomination Title: bookkeeping comes of age. with botkeeper.

Tell the story about what this nominated organization has achieved since January 1 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the date since January 1 2016 on which this organization began operations.

bookkeeping comes of age. with botkeeper.

Today, traditional bookkeeping is broken. A highly-manual process, businesses of all sizes and stripes are saddled with the flaws inherent in its current design and workflow.

Accountants and bookkeepers spend many hours recording transactions one-at-a-time and feeding this data into complex, hard-to-navigate systems. It’s time-consuming, expensive, and error-prone; often eliminating a company’s ability to see – and act on – cross-functional trends impacting the overall business.

botkeeper offers a breakthrough solution to this age-old problem by automating bookkeeping tasks.

Since January 2017, the company has grown its client base to several hundred companies throughout the United States; raised $4.5 million in seed capital; and attracted such notable Advisory Board members as Hap Klopp, founder of The North Face outdoor products company, and Doug Sleeter, a passionate and renowned leader of innovation and change in the small business accounting industry.

What botkeeper does.

Founded by 29-year-old Enrico Palmerino, already a successful serial entrepreneur, botkeeper empowers other entrepreneurs to grow their businesses by eliminating a significant and costly administrative burden: manual bookkeeping.

botkeeper marries the very latest advanced learning methods – akin to the algorithms that fostered breakthroughs in our understanding of the human genome, the advent of self-driving cars, and Netflix movie recommendations – with robotic process automation and human oversight to redefine accounting best practices.

The result: Round-the-clock and virtual accounting services. For half the cost of what an average business is paying today.

Through a blend of dedicated machine learning (ML), artificial intelligence (AI), and human assistance, botkeeper customers save time as well as money. And as these businesses grow, botkeeper scales with them while still offering significant savings over alternatives.

With botkeeper, companies immediately secure a dedicated bookkeeper – referred to as a “botkeeper” – that provides accounting services virtually. A botkeeper represents a combination of technology and human assistance that can securely access a business’ financial information (e.g., banks, credit cards, and accounting software) to make entries, track and schedule revenue and deferred expenses, account for payroll, reconcile bank accounts, send invoices, and more.

Why this matters.

The challenge of trying to grow a business while balancing the books hits home for Palmerino.

He has lived the legacy bookkeeping nightmare since he was a kid, starting with his first business setting up gumball machines in storefronts in and around his western Massachusetts hometown.

A business owner kind enough to let him set up one of his machines near a cash register note drily, “Of course, you’ll have to pay taxes on all those quarters.”

Enrico instantly had visions of an angry, ledger-toting person with a green eyeshade chasing after him and his rolls of silver coins. A scary thought for a not-quite 12-year-old.

And so, the idea for what would eventually become botkeeper – coupled with a compelling desire to rid other entrepreneurs of a kind of accounting “boogeyman” – was born.

But business efficiencies, error reduction, cost savings, and checking under the bed for spooks are only half of the proverbial story here.

Growing up as a fledgling business owner, Enrico would have given anything to have tools that would help him better understand all of the facets of his growing enterprises. With botkeeper, he and his fellow entrepreneurs now have 360-degree trend data and analytics at their fingertips via beautiful, customizable dashboards. This gives them the ability – and the time! – to think strategically about all areas of their business and not just about the day-to-day challenges, worries, and concerns that can often cloud a business owner’s vision.

Welcome to botkeeper.

Highly-intuitive and extremely-perceptive robots that eliminate the need to spend hours and hours painfully recording. Plus, highly-skilled accountants who provide both client account orchestration as well as bookkeeping process oversight – all with 99.97% accuracy.

Let’s botkeeper be your bookkeeper.

In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).

-Secured $4.5 million in seed funding from premier investors, including Ignition Partners (a venture capital firm that includes former Microsoft CFO John Connors); 500 Startups early-stage venture fund and seed accelerator; and Correlation Ventures.
-Grew botkeeper client base from 76 clients on January 1, 2017 to 252 clients on December 31, 2017
-Grew botkeeper revenue by 300%.
-Named Hap Klopp, founder of The North Face outdoor products company, and Doug Sleeter, renowned small business accounting industry innovator, as Advisory Board members.
-Named winner of the Babson College Entrepreneurial Thought and Action Competition.
-Named by Intuit as fastest-growing accounting firm in the Northeast United States
-Grew team from eight employees to forty, including hiring a Chief Technology Officer and Chief Marketing Officer.
-Inaugurated accounting firm partnership program.
-Unveiled fully-customizable dashboard displaying business financial and non-financial data.
-Deployed botkeeper mobile app.

Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Overall Innovation