Botkeeper raises $25 million to automate accounting tasks

Botkeeper, is a startup developing automated data entry, classification, and reporting solutions for accounting using Machine learning, and RPA.

Botkeeper integrates with banks, credit cards, payroll providers, and more than 1,200 clients 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 algorithm-driven software to perform tasks like categorizing expenses, paying bills, invoicing, reconciling, entering data into accounting spreadsheets, and more before they’re approved, verified, and submitted to a general ledger.

Botkeeper says the AI, machine learning, and robotic process automation technologies underpinning its platform have been exposed to millions of financial transactions and evaluate hundreds of variables, enabling them to tackle bookkeeping workloads with precision. They continuously improve over time and provide feedback about atypical transaction activities and exceptions to authorized managers and executives.

Botkeeper claims its clients reduce bookkeeping costs by 45% and scale up by 10 times, on average.

Read more here: Botkeeper raises $25 million to automate accounting tasks

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