You know, that time of the year where accounting practices (like yours) are inundated with corporate tax preparation. Some repeat clients from previous years, some first-timers.
You know, that time of the year where accounting practices (like yours) are inundated with corporate tax preparation. Some repeat clients from previous years, some first-timers.
The Fourth Industrial Revolution is here, and it’s changing the way we do business. Also known as Industry 4.0, the Fourth Industrial Revolution is the ongoing automation of traditionally manual processes.
Hold up—that’s not true. In fact, it’s so far from the truth that not even Google Maps can help find where it belongs.
Every industry experienced massive shifts in 2020, and accounting is no exception. Stemming from all we learned in the last year, the burning question for 2021 is simply, “What’s next?”
The ideal tax season is one that requires no tax work at all. Sure, tax can be lucrative, and it’s always nice to present a return to a client who’s truly grateful for your work...especially when they make it easy on you. But imagine a low-stress tax cycle that leverages automation so that you’re only involved with review and client interaction—how sweet!
In the height of summer, Inovautus Consulting ran a survey asking CPAs and accounting firms about how the pandemic affected their business. The results were a bit surprising: many firms had grim prospects for growth moving forward, and a majority of respondents to the survey actually anticipated having lower revenue.
What’s causing the slump?
Year-end is a great time for your accounting firm to prepare for an influx of client requests. For better or worse, tax deadlines create a natural force for businesses to think about organizing their financials.
Prepare yourself for an understatement: Accounting isn’t what it used to be.
Yes, the dramatic life shifts we’ve all experienced have thrown accounting firms into unknown territory this year, but the industry was already on its way toward a new order. Technology was on the rise even before the overnight shift to remote work.
There’s no denying that more and more firms are positioning themselves to offer their clients advisory services, and the reason is clear. Financial guidance is a cornerstone of business success, and business owners need a trusted advisor to provide a data-driven path to achieving their goals—and avoiding costly mistakes.
Can you believe the holiday season is already upon us?! In some ways, it feels like 2020 started three years ago, and in other ways, it feels like we blinked and we’re suddenly preparing to celebrate a new year. Regardless of how you feel about this year, it can be easy to overlook the time-tested tips we rely on for making sure we’re getting everything done...and doing it well.
We're firm believers in the idea that challenges are opportunities in disguise. Call it a positive outlook, if you will, but we just think of it as a helpful approach to problem solving. And that's why Botkeeper was created: to help solve the problems preventing the accounting industry from becoming truly transformative!
Any accounting professional knows that a big part of the job is dedicated to settling client accounts and managing invoices. Thanks to continually evolving technology available in the accounting sector, this hefty task is becoming smaller and more manageable every day.
Do you ever feel like the services you offer—those that are massively important to your clients’ business health—are taken for granted? You might even feel like clients view accounting firms as a necessary evil just to help them get through tax season.
Accounting firms are like nearly every other business out there when it comes to the range of success they see on a monthly basis: some are still trying to figure out how to get off the ground, while others pull in 6-figures in revenue each month.
A few months before COVID-19 hit and turned our professional and personal lives upside down, I joined Botkeeper as VP of Strategy. For ages, I’ve been preaching the need to go digital, to get on the cloud, and to find ways to automate workload so we can apply our gorgeous CPA brains to help our clients become healthier and smarter financial entities. Botkeeper is all about automation and saving us precious time.
These days, to say that change can be hard would most certainly be an understatement. After what accounting firms have learned so far this year, we know that change is hard, especially when it’s forced upon you overnight.
Accounting firms typically grow in one of two ways. Either they grow organically and hire more staff as the need for client work grows, or they grow through mergers and acquisitions and physically become larger firms. There is a third option to growth that doesn’t involve either of these: AI-powered technology.
Growing an accounting firm means you become a pro at overcoming your firm’s obstacles as well as helping your clients overcome theirs. Likely, one of those obstacles you’re familiar with is client onboarding—how to begin delivering your valuable services as efficiently and effectively as possible. The last thing you want is to create a bottleneck at the very beginning of your client relationship!
"Data is the new oil.” What does that even mean?!
By way of a quick history lesson, oil was the means of rapid industrialization and development in 19th century United States. Eventually, it would become the primary fuel source and helped propel the rest of the economy forward. New technology was developed to better harness oil’s power, and infrastructure was built around the need to transport it.
When we talk about automation technology, it’s easy to let our imaginations run wild and jump to the distant future when bots might be able to operate independently from humans. But despite huge advances in automation technology, we’re not there yet, and we still need humans!
We might be a bit biased, but we think technology is an accounting firm’s best bet for achieving real growth in a short amount of time. In short, the output of automation is more time for humans, which creates new opportunities for firm growth.
On January 1, 2020, the Journal of Accountancy wrote that "Technology is going to bring huge changes in the 2020s." When the author wrote those words, they were thinking 5G, machine learning, and blockchain.
Have you ever seen the movie How to Train Your Dragon? A young Viking boy, who has grown up fearing dragons, meets one in the wild. Over time, he develops an understanding of the creature and learns how to communicate with him, and eventually both overcome their fear of the other and work together to reset the course of their village’s future. Sounds a bit like scary technology reshaping our industry, doesn’t it?
With all that’s gone on—with all that’s still going on—most accounting professionals are busier than ever. On one hand, your business clients need financial clarity and trusted advice more than ever, representing unprecedented growth opportunities with new client acquisition and increased advisory revenue.
Automation is reshaping the future of accounting.
There is no denying it. We know it. CPAs know it, even if they’re unsure about what it means or how to implement it. Technology is helping to spur innovation in an industry so often left behind. And while I get that this can be scary, we have no choice but to embrace the shift and find ways to make automation work for us.
Earlier this summer, as an escape from the mask city life, my boyfriend and I decided to take a ride to Cape Cod and hike the Dune Shacks Trail. I still remember how impossibly far the inlet to the water was when we first started our journey. Up and down over massive sand dunes, it felt like we would never reach our destination. However, knowing the relaxation that lay ahead (and of course, the wine!) kept me going until we finally reached that amazing beach on the other side of the dunes. It was a picture-perfect moment, as captured above. (Cheeze!)
So far in 2020, accounting firms—like the rest of the global population—have had more ups and downs than a New York elevator, and there’s no sign that things might level out anytime soon. In fact, based on this year’s uncertainty, many experts believe the 2021 tax season will pack its fair share of complexities, as well.
Back in early 2020 when the entire world began to shut down because of the pandemic, accounting firms were already in the swing of their busiest season. They were handling tax write-ups and helping clients prepare their filings when suddenly, other clients were coming out of the woodwork in a panic. They urgently needed help navigating an entirely different situation—one that would test how well they had planned and how strong their business really was.
Do you know what automated bookkeeping is or how it benefits accounting firms?
Don’t worry—you’re not alone. Lots of people have questions about what exactly automated bookkeeping is. To help, we've put together a quick, simple overview of how automated bookkeeping works and how accounting firms can easily integrate it into their existing business practices.
Let’s jump in!
When we think about the most successful accounting firms and businesses, we think of those that have it all together. They operate effortlessly and have everything in order...or so it seems.
The reality is that they’re successful because they’ve figured out how to overcome numerous obstacles, including money leaks in their back office.
On September 16, we finally got to tell the world about Botkeeper For Dummies. From the beginning of this process, we knew that Botkeeper For Dummies was more than just a book. It’s an introduction into how CPA firms can transform themselves into the firm of the future. Knowing how tough this is to wrap our heads around, Botkeeper For Dummies really helps CPAs and accountants understand and visualize unknown, maybe scary technology.
The CPA firm of the future will likely look much different than how firms have looked for the past several years—and that doesn't have to be a bad thing! If the COVID-19 crisis has taught us anything, it’s that a virtual CPA firm is not only possible, but it’s necessary.
Get Your Copy Today.
After two and a half years, four authors and countless revisions, Botkeeper for Dummies has finally been published! This book has been a true labor of love, and its premise is what attracted me to Botkeeper in the first place – providing every accountant with the tools and technology to transform their firms and take client service to a whole new level. This book takes the guesswork out of how to apply the concepts of ‘Botkeeping℠’ – bookkeeping with bots – and gives readers an easy-to-understand crash course in AI, machine learning and what they can do for accounting.
It was already predicted that in 2020, we would see a shortage of accountants within the industry. With COVID-19 causing a record high in unemployment, Accounting Today reported professional and business services shed 2.1 million jobs in April of this year, including nearly 68,000 in accounting and bookkeeping.
We're already seeing the shortage take effect—the U.S. Bureau of Labor Statistics reports that year-over-year growth for accounting and bookkeeping services is down almost 2%.
If it’s possible to compensate for emerging shortage, accounting firms will have to adjust their hiring process in order to do so.
We’re on a mission to help streamline and scale bookkeeping in the accounting industry, and we’re turning every page in our library of resources to do exactly that. Actually—we’re filling the pages with our insights on automated bookkeeping!
That’s right—we wrote a book about automated bookkeeping and its role in the accounting industry.
The internet is full of misinformation, and that’s no surprise to anyone. In fact, 52% of Americans believe they’re served fake news on a regular basis. And the leading source of misinformation? You guessed it—social media. A classic example: how many times have you seen headlines in your feed announce the death of a beloved celebrity, only to find out later that you were duped?
It happens all the time.
Here’s some exciting news for automation nerds like us: automated bookkeeping services are rapidly gaining in popularity! We know—it’s pretty cool. In fact, according to Sage’s Practice of Now 2020 report, 73% of surveyed accounting professionals are confident when it comes to providing tech recommendations like AI and automation.
When you think of a CPA firm that seems to have it all together, what comes to mind? Is it their services and clientele? Their firm size or funding? Maybe it’s their influence in the accounting and business communities?
With an ever-changing landscape, the accounting industry has seen drastic disruption over the past few years. Accounting is a profession with many nuances—working long hours, keeping up with evolving tax laws, managing complex client relationships, etc.—how does a firm manage to stay competitive when new obstacles seem to emerge every day?
There are lots of reasons why a CPA firm might be ready for acquisition. Business climate changes, firm growth, or partners reaching retirement age are some of the most common.
Regardless of why you're interested in getting your CPA firm acquired, it's important to understand that the process can look different depending on your level of preparedness. This article will cover eight tips to help you prepare your firm for acquisition.
Exciting news out of New York this morning:
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2016 is $100,000; the minimum for 2019 is $2 million.
Returning to work is on the minds of many, along with questions around how to approach the task. It won’t be easy for anyone, but those who lack the knowledge and experience around employment policies and regulations may find it even more difficult to navigate.
If you’re uncertain about how to begin planning for your firm’s return to work, consider the following five questions and our insights as you get started.
The coronavirus pandemic is pushing people from every industry (and all walks of life) to make big changes to the way things work. For accounting firms, those changes are starting to center around innovation, a little discipline, and lots of blending of old and new accounting methodologies.
At some point in life, everyone experiences the disappointment that comes when they realize their expectations didn't align with reality. Especially these days, it's difficult to make your hopes and the real world line up.
Recently I talked all things related to the Paycheck Protection Program (PPP)—from loan application to forgiveness—with ADP's service specialist, Erron Stark, who delivers first-class services and solutions to the accounting community nationwide.
There's been a lot of energy put toward modeling our economy during the COVID-19 crisis on past events, whether it be the Great Recession or the Great Depression. Either way, those models cannot anticipate the trajectory of this virus, nor can they quell the anxiety of financial advisors. Here, Jordan Birnbaum, ADP’s inhouse behavioral economist, shares his thoughts on how to lead during a global health and financial crisis.
CPA firms are looking at the future of their businesses and coming to terms with new realities; working remotely, implementing rotating schedules, and an infinite number of hybrid options are looming large on the horizon. At stake in these new operating scenarios are management styles, firm culture, and employee assessments to name a few. To get to the bottom of what your firm’s objectives are and how to get your employees to strive for achievement, I talked to Jordan Birnbaum, ADP’s inhouse behavioral economist.
It all started with a near disaster—a cash catastrophe, if you will.
Botkeeper CEO and cofounder Enrico Palmerino was running a previous startup called ThinkLite, which was doing well and growing faster than most startups. But the company’s rapid growth meant that it was difficult to keep up with all their accounting needs. To sum it up, Enrico and team ran out of cash because they had no insight into what their cash flow or balance was due to delayed financials.
A new client is added to QBO, and simultaneously that client is added to your marketing welcome campaign in Mailchimp.
It’s always a good idea to welcome new clients to your business in some personal manner. It makes them feel like they’re going to be treated well in their brand new relationship with you, and it helps answer any on-boarding questions before they arise.
We’ve come a long way from using floppy disks and CDs to store our business data and files. These days, many people and businesses have moved to the cloud for data storage and file management, and others use servers housed in office closets and storage rooms. Still others—especially in the accounting industry—continue to operate from paper files in filing cabinets!
As more and more companies and accounting firms are looking for solutions to speed up various business processes, accounting automation through artificial intelligence (AI) is inevitable.
As a leader in the accounting automation space, we’re overjoyed to join the Financial Data Exchange (FDX), a nonprofit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data.
There are usually two ways social media is perceived by accountants. One side, perhaps most often from the newer accountants, loves it and sees it as a great way to stay up to date with the latest news or trends. The other side might view social media as nothing more than a distraction or just another annoying time-waster on their phone.
Truth be told: we get it.
We are thrilled to announce that Botkeeper has successfully completed an audit established by the American Institute of Certified Public Accountants (AICPA) to certify its SOC 2 Type I compliance for our automated bookkeeping platform! This audit will enable us continue to help Accounting Professionals grow their firms, improve margins, and deliver better service to their clients by augmenting manual and tedious bookkeeping work, in a safe and secure environment. Our clients can get their bookkeeping needs met knowing they're backed by the highest quality standards in the space.
Every week I interview entrepreneurs and experts from around the world to share their big ideas about new forms of value creation and the potential we can unlock when technology augments the unique strengths of people to deliver remarkable impact.
In the scramble to adjust to running an accounting firm during a pandemic, many firms invested in new technology to help them bridge the gap between a traditional in-office operation and a new virtual approach. And understandably so—it was an unforeseen challenge that caught most industries and businesses off-guard. Accounting firm leaders might have even said things like, “We just need to get by,” and, “Do whatever it takes,” so they could put their clients and staff first by patching together new processes for survival.
We’re bursting with excitement to announce that Botkeeper has raised a Series B round of $25 million from a group of awesome investors, which will propel our vision of growing the amazing Botkeeper community, further our mission of building the future of bookkeeping, and double down on engineering and product development for our Accounting Partners.
As the leader of an organization of 100+ amazing people coming from various backgrounds, religious views, and lifestyles, it’s always been important to me that we go above and beyond in being inclusive, supportive, and understanding. This is a vital component to our company culture and a standard that I, as a CEO, team member, friend, brother, son, husband, and father, hold dear. For that reason, we as an organization have always been delicate with our publicized stance on areas of politics or social happenings—it has never really struck me as “fair" to speak for a large group of people or summarize what is often a complex and multi-layered subject. This said, I feel it’s important to post this.
Imagine…a new client is entered by one of your bookkeepers into QuickBooks Online (QBO), and you’re automatically emailed a notification acknowledging the action. But not only that—you also learn that they’ve been added to a running Google spreadsheet of all your current clients.
This scenario, and many more, are easy to achieve using a type of middleware integration software like Zapier. In this article, we’ll explain how easy it is to set that automation up, and we'll show you some other ideas, too.
Let's jump in!
There used to be this notion in accounting that if you were an early adapter to technology, you were considered progressive. Industry veterans might have looked at you as though you were some foolhardy explorer on a wasteful quest to burn budget on sleek tools—only to produce mediocre results (at best).
This blog post was originally published on The Change Your Mindset Podcast hosted by Peter Margaritis.
Can artificial intelligence enhance your accounting practice? It absolutely can. Jody Padar is the VP of Strategy with Botkeeper, a company that combines artificial intelligence and machine learning technology with high-quality skilled accountants to deliver a full suite of bookkeeping and pre-accounting solutions to accounting firms and their clients. She’s also the author of “The Radical CPA: New Rules for the Future-Ready Firm,” a book that sparked a movement within the accounting profession focused on four tenets: cloud technology, social business, value pricing, and process.
Technology advancements over the past five years have changed the business landscape completely—and the evolution isn't slowing down anytime soon. This is especially true in the accounting space, where we’ve seen a large pop in the progression of technology over the last two to three years. With artificial intelligence, machine learning, and robotic process automation being used to take on traditionally laborious work, today’s accounting professionals and business owners now have the ability to complete far more tasks in a much shorter period of time.
Compliance refers to ensuring that a company’s practices are well in line with the current legal and financial regulations. These can include federal, state, and international law. Remaining compliant might also mean upgrading or updating old hardware and software to ensure efficiency.
Blockchain technology, along with being a new buzzword, is also one of the most exciting technologies of the 21st century. A universally decentralized ledger system that can share data among an infinite number of users—a blockchain is unhackable. Due to its ability to share data and simultaneously record real-time transactions on every single computer connected to its network, the technology can’t be interfered with. If anyone tries to hack or scam a blockchain, the entire chain takes notice, and the chain will be forked where the hack happened, eliminating the culprit from the chain.
According to recent statistics, 82% of businesses are failing as a direct result of mismanaged profit and cash flow. While this is a scary statistic for business owners, you'll be happy to know that there are some very simple ways that you can ensure this doesn't happen to you.
The Financial advisory world is on the frontlines of the financial crisis, and the disparity between those firms that already took the leap to cloud-based tech and those that did not is huge! Tom Hood’s emphasis is not how to be ready for the day you're walking into, but how to be ready for the future, tech included. He’s going to layout simple ways to get you through COVID mania and how to make your firm #FutureReady. Jody Padar sat down with Tom Hood, executive director and CEO of the Maryland Association of CPAs to discuss how.
Not everyone who’s familiar with Jody Padar knows why she’s nicknamed the Radical CPA. In addition to being considered a bit progressive with her online presence (check out her Twitter and LinkedIn pages), she’s passionate about leveraging quality technology to create a better accounting firm.
Both the United States’ Cybersecurity Infrastructure Security Agency (CISA) and the United Kingdom’s National Cyber Security Centre (NCSC) are seeing a growing use of COVID-19-related themes by malicious cyber actors. Cyber threat actors are acting as trusted entities, sending out phishing messages or malicious applications. Cybercriminals are using the pandemic for commercial gain, deploying ransomware and other malware. These actors are targeting individual users, small- to medium-size enterprises, and large corporations.
Boston, MA – Today, IntelliStack announces that it has now joined the Botkeeper Partner Program Ecosystem. Botkeeper, a leading automated bookkeeping solution, works hand-in-hand with Accounting Firms to help grow their business, improve margins, and deliver better service to their clients by augmenting manual and tedious bookkeeping work. Clients benefit from superior software, improved accuracy (99.96%), faster processing, and more in-depth reporting and analytics. Botkeeper partners with independent Accounting Firms, CFOs, and technology companies to provide them with a scalable and cost-effective bookkeeping solution for their clients.
April 15, 2020 was not met by the collective sighs of CPAs nationwide nor the acknowledgment of arduous work done well for the nation’s millions of taxpayers. This April 15th marked an indistinguishable day amongst many of social distancing, sheltering in place, and bearing witness to the sudden collapse of a robust economy.
The world in the time of Corona is upside-down! The first thing to acknowledge is that in the next six to ten months, new legislation, new social and professional norms, and new practices in every sector will become solidified to create a new normal. Where does this position CPAs?
“What we're seeing now is unprecedented, unplanned for, uncalled for, and there was just no way to ever anticipate or prepare for it. Things are different… We have to adapt and we have to do that immediately and on the fly. We can't think about what it was like yesterday or what we would like it to be, or what we want it to be. We have to look at what it is now. And I think for a lot of people, it's just about survival.” —Ed Mendlowitz, Partner Emeritus at Withum, Smith, & Brown
Gretchen Pisano sat down, metaphorically, with Botkeeper’s Jody Padar to examine uncertainty as it relates to the intimate relationship between CPA and client. At this stage in the COVID-19 trajectory, fear and anxiety are transforming otherwise level-headed decision makers into erratic, uncertain, paralyzed citizens.
We’re in a new era of work in America, and like all periods of swift change that came before this one, there’s no guidebook to reference.
However, there are plenty of experts to offer their takes on the best steps forward. Two of those experts are CPA Jody Padar and Botkeeper Chief Technology Officer Justin Whitehead. Recently, the two met virtually to talk about ongoing cyberthreats facing remote workers, in particular remote accounting firms.
Last week Botkeeper sat down with strategic development consultant and pLink Leadership CEO, Gretchen Pisano. Pisano is uniquely qualified to assist us through this moment of uncertainty because she pairs her leadership acumen with a master’s degree in applied psychology from the University of Pennsylvania. Here are some of her tips for leading and advising through COVID-19.
Here at Botkeeper, we are seeing a lot of professional/technological shifts at the moment, which reposition leadership responsibilities. We had Gretchen Pisano of pLink Leadership walk us through some changes in the field and even point out some...dare we say it…positives…? Let's not jinx it!
As your accounting firm makes adjustments and settles into a new normal—at least for the next few weeks while COVID-19 remains a serious threat—it can be hard for firm leaders and managers to maintain status quo. You’re used to face-to-face meetings, casual chats around the water cooler or coffee pot, and impromptu Q&A when complex client issues arise.
But all that’s changed, which means your leadership style will likely need to change, too.
Zack Gould, co-founder of G&N Insurance, a home, auto, and commercial insurance provider, was spending 10+ hours per week completing the bookkeeping tasks for his growing company. Zack knew that he wanted to spend more of his time focusing on his relationships with mortgage lenders and referral partners and less of his time focusing on the books. He decided to hire Botkeeper.
Watching the accounting space over the last 5 years has been quite a whirlwind for an industry that was like a dinosaur for more than a decade! Within those prehistoric times, many accounting firm and business owners associated doing their books with the words “time-consuming” and “tedious,” and it makes sense—to this day, many accounting firms rely on spreadsheets to manage their clients’ books. Can you believe that?!
If there are specific people that business owners trust, their accountant is very high up on the list. Accountants watch over their clients’ finances, make recommendations for cost-saving and growth opportunities, and they ultimately provide their clients with advisory services on how their businesses can and should grow in the future.
Protobi, a survey analytics application, was using a traditional bookkeeping firm to manage its books prior to enlisting Botkeeper, but they weren’t getting the full-service experience they sought. The company decided to replace the bookkeeping firm with Botkeeper, an automated bookkeeping solution. As a result, Protobi was able to customize their bookkeeping package, including creating a streamlined automated invoice process for their customers and getting the real-time financial insights that they needed in order to make good business decisions and continue to scale.
With the continued spread of a coronavirus known as COVID-19, more and more accounting firms and businesses are facing remote work for the next few weeks. While working remotely isn’t a new concept to many industries—tech engineering, medical transcription, digital marketing, etc.—it’s still fairly uncommon for accounting firms.
Accounting professionals understand the importance of an accurate income statement...it's a bit like a thermometer—you can use it to gauge whether things are going well or if your company is at risk of going under. But do business owners get it? (If you're an accountant reading this post, share it with your clients!)
Whether you’re an owner or an accounting professional helping business owners, it’s no surprise that running a company requires wearing a lot of hats—manager, sales associate, HR coordinator, operations analyst. It can quickly become exhausting and overwhelming!
Tm2 Accounting Solutions in Nashville, Tenn., was developed out of the idea that there’s a better way to serve and meet clients’ financial and tax needs. It started as merely a side gig for business and real-life partners Tiffany and Kristopher Miller, but it quickly grew into a flourishing boutique accounting firm.
Whether you're a business owner, or accounting professional- if you don’t like the way something’s done, you have a few options: suck it up and deal with it, suggest changes and hope for the best, or shake the system up by creating a new solution—preferably a better one.
You work hard for the money, just like most people. But are you working hard doing what you want to do to make that money? Do you have a sizable following on social media that you think could benefit from your helpful product reviews? Affiliate marketing could be exactly what you’re looking for!
Most people don’t like going to the dentist. Admittedly, we’re among “most people” and would rather sit in traffic than a dentist’s chair. In fact, here are some of the thoughts that float around our human heads (our bots don’t have teeth) before we visit the dentist; we’re sure you can relate.
What’s the secret recipe for keeping your employees happy? Some might think it’s as simple as bringing in a ping pong table and free lunch, but a 2017 study of more than 500 employees showed that health benefits, paid time off, and a 401(k) plan are more important to employees than office perks.
So how do you keep your staff happy? You want your company to thrive, and you want to keep the top-tier talent in-house by ensuring their happiness in ways other companies aren’t able to.
Have you ever noticed how a lot of online recipes require a specific brand's tool or ingredient? Like a specific cookie cutter for making snickerdoodles or a particular can of spicy tomatoes for that game-day dip? Usually, the recipe comes with a link to purchase that product.
That's affiliate marketing!
Since 2013, Calgary, Alberta-based Achen Henderson CPAs has been focused on helping business leaders and entrepreneurs take their organizations to the next level. The firm offers customized services to fit the needs of each client, providing a high-performance virtual accounting solution that’s tailored for growth. But Achen Henderson CPAs didn’t start out that way.
When people think of what contributes to their happiness, they’ll typically list off a handful of different items: love, family, housing, financial security, and health. Now, we’ll stay in our lane when it comes to pretty much everything in that list, but at Botkeeper, we’re doing our part to help businesses of all shapes and sizes tackle financial security by scaling efficiently and sustainably.
You’ve finally decided to take the jump and open your own small business. The excitement is overwhelming, but you know you’re ready. The only thing is, you don’t exactly know where to start with funding. The ideal way would be to fund it completely out of pocket, but if that’s not possible for you (don’t worry—it’s not possible for most!), what do you do? Do you crowd source the money? Do you apply for loans? What type of loan can you apply for? Are there any grants available to help save you from taking out too many loans?
Owning a company is like owning anything else: you love some aspects of it, and you despise others. We hear about the best and worst parts of ownership/leadership all the time, and everyone seems to agree that the worst part is managing accounting. (The best parts? Autonomy and office snacks, obviously.)
Before Jody Padar joined her father’s Chicago-based CPA firm, the bulk of their work and focus was on helping clients with tax prep and filing. There was no innovation, and certainly no time to explore new growth opportunities for a small firm with limited options.
If you're a nonprofit, you know better than anyone how your requirements and struggles are unique. At any given time, countless tasks demand your time, attention, and money—and that's on top of fundraisers and other charitable and social events.
As a nonprofit organization, you’re required to record and report not only cash donations but in-kind contributions, too. Sound like a lot? That’s because it is!
In-kind gifts make up a majority of donations to nonprofits, and these charitable contributions no doubt keep a nonprofit functioning. That’s why they’re always welcome!
But recording them? That’s a different story.
In a world where the average company uses at least five clouds at once to store data and information, SaaS businesses are in high demand.
SaaS—software as a service—companies host an application and then make it available for customers over the internet. Clients remotely access their data and information using the SaaS company's server.
Here's a fun fact for your holiday reflection: according to the Bureau of Labor Statistics, there are over 1.3 million certified accountants in the US. While you may not be among their ranks, you can still learn some important skills from these hardworking professionals.
Sometimes there’s truth to the old adage that if you want something done right, you do it yourself. And usually that’s when you’re working on a passion project that requires your own individual creativity. But smart business owners with growth mindsets know that delegating is actually one of the most important skills they could have.
No matter what industry you’re in, accounting is one of those critical tasks that requires diligence and attention to detail. Needless to say, it’s not usually the favorite activity for most business owners or managers. Accounting for a construction company is even more complicated and often cumbersome. There are so many details, departments, and partners to consider that it’s a wonder anyone does it correctly at all!
Managing the relationships that your company has with suppliers and vendors is challenging. And the more vendors you have, the more at-risk you are for costly errors in your accounts payable process.
As your business grows, the complications that come with managing your accounts payable process in-house can slow down the growth of your business. If your company handles sensitive financial information, an accounts payable process that isn't high-functioning can even turn into a liability for your business to handle. It can become a bottleneck and slow everything down!
In a world where it can seem like unfairness and inequality run rampant, it’s sometimes hard to find a glimmer of hope. Fortunately, there are good people and businesses out there working day and night to make the world a bit brighter and more hopeful for the rest of us. We’re talking about leaders in the nonprofit space that are putting their mission before their profit.
Any American with a pulse knows that individuals and businesses pay a plethora of taxes. But it wasn't always that way. Even though taxes have been around since before the inauguration of the United States, they used to be much simpler.
Plus, there wasn't always a federal tax deadline. Crazy, right?!
Think of the last time you or your business made a big purchase. Did you seek out external confirmation from an expert, influencer, or a friend? Of course you did—most people do! You sought information from trusted resources, sometimes known as affiliate marketers because these resources can get paid for sharing their knowledge.
“Bot” may be in our name, but robots aren’t necessarily our premium priority at Botkeeper. In fact, we have a whole team of humans behind the bots, and we put their happiness and quality of life right up there with creating and maintaining the revolutionary tech that is automated bookkeeping with a human touch.
There are a lot of responsibilities that come with running a successful construction business, but job costing is one of the most important. It's sort of like planning out your grocery list for Thanksgiving dinner...you want to get just the right amounts of everything without breaking the bank. And like planning the perfect holiday fête, when done correctly, job costing can ensure your construction business is successful while keeping surprises to a minimum.
Every industry is impacted by the rise of technology and automation, and for many, that can be an overwhelming—possibly even scary—thought. So we set out to get to the bottom of how real accounting experts view this ongoing change to the industry. Our friend Jody Padar, The Radical CPA, conducted a series of interviews with accounting industry thought leaders and influencers, and we pulled together this collection of highlights as they relate to select questions.
Any business owner knows that reputation management is a big part of attracting customers. Leads and potential customers/clients are paying attention to what you say, how you say it, your brand elements, and most importantly—your website. But is your web host damaging your reputation and holding you back from success?
Financial planning can be intimidating. But it doesn't have to be, and that's what the Radical CPA Jody Padar covered in her final CPA Insights interview at the AICPA Engage 2019. Her guest was Celeste Revelli, director of financial planning at eMoney Advisors, an online financial planning service.
Padar and Revelli chatted about all the different features eMoney Advisors has to offer accountants who are starting to dip their toes into financial planning. What lots of accountants don’t know is that you don’t need to be a certified Financial Advisor to start having those types of conversations with your clients. You need the right tools!
That's where eMoney steps in as a tool that helps CPAs see exactly where their clients are spending money so they can better advise them on saving and how to accomplish long-term goals. Padar even uses it in her firm to better serve her clients.
Lincoln Logs, Legos, K'Nex, Erector Sets—remember how fun it was to create the structure of your dreams with any one of these building toys? As long as you had enough pieces, the possibilities seemed endless. And the best part was that you didn't need to create a construction budget or put anything down in order to bring your dream to life...just a vivid imagination!
In addition to being bookkeeping nerds and techies, we at Botkeeper are pretty entrenched in pop culture (that’s what you get when you have a cool company culture that mixes experienced, senior accountants with millennial technophiles!). And recently we talked about the phenomenon that is the TV show Law & Order—have you ever thought about how many versions there are? Now, we know a thing or two about counting stuff (not to brag), and we figured out that there are at least seven American iterations of the hit show.
We’re in the age of artificial intelligence (AI) and machine learning (ML), and most industry leaders believe the two concepts—working in tandem—will be what creates massive growth for companies in every vertical. It’s actually what’s known as the Fourth Industrial Revolution, and we probably haven’t even hit the thick of it yet.
Accounting today is not the same as it was ten years ago. And while many accountants have been in the industry long enough to be aware of the changes, not as many have stepped in to help inform other professionals. That’s not the case for Mark Koziel, who runs the AICPA Engage conference every year.
During that conference, Radical CPA Jody Padar talked to Koziel about the transformation of the accounting industry.
A day in the life of a contractor is a busy one. You’re up early to answer emails and sort through paperwork before heading to a jobsite. From there your day is full of meetings with subcontractors, reviewing the progress they’ve made, and making sure your project is on track and, more importantly, on budget.
Another installment in our CPA Insights series, the Radical CPA Jody Padar sat down with Bernie Lietz, COO of Topel Forman in Chicago, at the AICPA ENGAGE event. Among the hot topics covered were what it’s like to lead a firm while balancing lots of different voices and opinions, as well as this year’s NBA Finals.
Lietz also described his interesting journey implementing value pricing at CPA firms. One of his previous CPA firms was one of the first in the industry to implement it about 8 years ago, so he knows what it takes to move in the direction of focusing on value for the client.
This might come as a surprise to you, but not everyone at Botkeeper is an actual bot. In fact, our collective bot body is made up of dozens upon dozens of full-fleshed humans who specialize in everything from accounting to tech. For a lot of companies, that might spell t-r-o-u-b-l-e—how do you maintain cohesion while also inspiring innovation and creativity in such a range of minds? Truth be told, it's a constant work in progress!
But at Botkeeper, creating a great company culture is one of our biggest priorities. There are lots of ways we do this, but one of the most important is through fostering an innovative environment.
Back at the 2019 AICPA Engage Event, Botkeeper Partner and Radical CPA Jody Padar spoke with Ryan Lazanis, a CPA from Montreal about helping other firm owners adjust to new technology and changes in the profession.
Lazanis said he thinks we’re finished with the education phase—where firm owners are learning about all the new technology available to them and why it’s important—and we’ve moved onto the implementation phase in which firm owners are just trying to work out how exactly they can change their own processes. And he would know; he started an all-online CPA firm back in 2013 and found some pretty radical success through that adventure.
Restaurant owners have one of the most demanding jobs around: pleasing foodies.
Successful restaurants thrive thanks to serving delicious, mouth-watering food, but that’s not all it takes. What about running the business side of things? That’s a different story.
As any mentor or leader can tell you, leadership isn’t easy. In fact, it involves having a great deal of self-awareness and a learner’s mindset in order to be effective. That’s what this interview is all about!
Continuing our series of CPA interviews conducted by the Radical CPA Jody Padar at the AICPA Engage event in Las Vegas, the following is a chat with Mike Maksymiw from Marcum LLP, which recently merged with Filomeno & Company. Padar and Maksymiw focused mostly on leadership, especially in the face of a company merger.
You might visualize bookkeeping as sitting at a desk covered in receipts, looking through a green visor at rows and rows of hand-written numbers. And you wouldn't be entirely wrong. Many businesses have traditionally used programs like Excel to handle their business finances. But we live in the future, and technology exists to make this arduous, expensive approach to bookkeeping go the way of the dodo.
Automated booking software has eliminated the need for Excel in many cases, yet the Microsoft tool is still used by businesses and entrepreneurs for their bookkeeping, budgeting, and accounting needs. Sure, Excel can be a valuable bookkeeping tool, but it has its share of disadvantages too.
Have you ever thought about how the accounting industry mirrors the complexities of our nation? Well, get ready for that suggestion because The Radical CPA sat down with CPA and trendmaster Rick Telberg to talk about the state of accounting today and next year.
Telberg is the founder of CPATrendlines.com, a data-driven research service for the accounting and finance community. He believes next year might be the best ever for the accounting profession, and the way he talks about it, it sounds like lots of accountants take his side!
At Botkeeper, even though our bots and automation work 24/7, we still have a big team of humans who make really important human decisions everyday...like figuring out what/when/where to eat and drink. You know what that’s like!
But fortunately, we live in an amazing time when you can get nearly anything you want at any time of day. You can literally wade through a buffet of buffet options when you’re hungry enough and feel like getting your money’s worth. And just as important to us as the quality of what we eat, we’re also into tech-driven, responsible innovations in the food and beverage industry. That’s why we’ve pulled together a list of some recent favorites our team can’t get enough of these days.
Let’s dig in!
There’s no time like the present, especially when your career and industry depend on your ability to adopt new tech and take advantage of its benefits. That’s part of what Radical CPA Jody Padar and tech implementer and advisor Dustin Wheeler discussed at this year’s AICPA Engage event.
Padar and Wheeler met on social media and have been friends for over a decade. Padar even admits Wheeler was one of the first Radical CPAs!
Padar asked why he enjoys sharing technology with others in his firm, and Wheeler described how he jumps right into technology to learn it, rather than waiting for someone to explain it to him. He prefers to just mess around with the software and figure it out himself, which is great advice for CPAs who might be apprehensive about getting into technology.
Check out the interview recording below, or read on for an edited version of the transcript.
The following is a guest contribution from Raincatcher, a business broker focused on helping entrepreneurs buy and sell small and medium-sized businesses.
When you own a business, it’s easy to view accounting as a necessary evil, but not something that you can strategically use for growth. By re-framing your thinking and approach, you can use accounting to your advantage. Accounting practices can be an integral part of your strategy for growth.
The printing press. The steam engine. The assembly line. These technologies revolutionized the way we work and set humanity on a different course for productivity. And now Jasen Stine, training leader at Intuit, is drawing attention to what he calls the “fourth industrial revolution.”
So, your business has grown, and you’re finding it difficult to stay on top of your bills, taxes, customer payments, and a ton of other bookkeeping tasks. Sound familiar?
Many businesses wait too long to hire a bookkeeper until the signs are glaringly obvious—or worse—until a huge financial mess demands one.
This accounting nightmare is all too common and often occurs because small businesses and entrepreneurs believe they don’t need a bookkeeper. But bookkeeping is a vital business function that goes beyond recording financial transactions. It also includes balancing your books, ensuring customer payment collections, paying bills on time to avoid late fees, recording and maintaining important financial information, generating financial statements, and much more.
Adapt or deal with being left behind. There’s no shortage of internet articles about how companies and firms must learn to evolve if they don’t want to get left behind.
Radical CPA Jody Padar covered this exact topic at the AICPA Engage conference in Las Vegas when she sat down with Aaron Berson, CEO and cofounder of Fringe Accounting Company. The two also discussed the balance between being a CPA and a technologist, and what the most exciting new technology is.
Someone should really write a tell-all book for business success that includes a money-back guarantee. There's no doubt that we'd buy that book. But since it doesn't exist (yet), the next-best alternative is to research and learn how to avoid the biggest mistakes and pain points your business might face.
Unless you’re a bookkeeper or accountant by trade, you probably don’t spend your days thinking about the two (but hey, no shame if you do). Similarly, you probably don’t know that there’s a difference between the two.
There’s that saying that we fear what we don’t understand, and for many experienced professionals—like CPAs who have been around since Intuit first hit the scene in the ’80s—technology is very intimidating.
Update: As of June 23, 2020, ScaleFactor announced that it would be closing.
Whether you run a startup company or manage a billion-dollar enterprise, bookkeeping is one of the most important tasks for any business. Business owners want (and need) to focus on their products and services as well as growing their company. But they also need to stay on top of bookkeeping tasks, which are tedious and time-consuming. Fortunately, there are lots of bookkeeping services available today that can help business owners streamline their bookkeeping tasks so they can focus on what matters.
We’re privileged to know and work with a lot of really cool businesses who are doing some amazing things in their own industries. Some are clients, some are friends, some are just names we know and respect, but they all have a common tie: they’re going places, and we’re keeping an eye on them.
It's 2019, and we have machines to do nearly every awful task that we never wanted to do again...a dishwasher for our dishes, washing machine for smelly clothes, GPS for getting us anywhere, cars that drive and park themselves (also for getting us anywhere). But what about other terrible tasks? We're talking about things that would not only make our personal lives better, but also improve our professional lives.
Ah, nuts. You realize you've written a check in the wrong amount, or you've sent it to the wrong vendor because you have so many to keep track of and sometimes things get mixed up. #smbproblems
Some people might argue that the phrase “new and improved” is redundant—how can something be new if it’s just been improved? Likewise, how can it be improved if it’s brand new? To tell you the truth, we don’t really know, but we also think that’s okay since we’re techies and number crunchers first and foremost. We have no time for semantics—bookkeeping awaits!
Ovia Health is doing big things for women and families, and they need support that enables them the ability to grow at any pace, anytime. As a health and tech company, Ovia Health is committed to transforming the way employers support working women and families along their parenthood journey, improving outcomes by providing daily personalized engagement, proactively identifying potential health risks, and supporting a successful return to work.
But in 2018, the small finance team at Ovia Health needed an upgrade. They were dealing with some common accounting shortcomings related to their accounting software, in particular limited automation capabilities. This meant that they were still having to do a lot of manual bookkeeping on a regular basis, leading to human errors and inconsistencies.
In March, Botkeeper founder and CEO Enrico Palmerino sat down and talked with the team at Babson Built, a podcast focusing on entrepreneurship from founder-alumni from Babson College. Enrico is a 2011 alumnus of Babson, having started multiple businesses during his tenure at Babson.
After many formative years building Erector Sets and solving Rubik's Cubes, we at Botkeeper are delighted to finally be recognized as “cool” by the global research and advisory firm Gartner! Although the designation might not pack the same social punch as it did in middle school, we’re honored to be listed in the “Cool Vendors” category of Artificial Intelligence for Small and Midsize Businesses.
Nobody likes going it alone, especially if whatever you’re trying to do leaves you feeling overwhelmed and incapable. But that’s why it’s good to ask for help from someone who knows what’s up, like inviting your accountant to your QuickBooks Online account so they can help with your bookkeeping.
Trying to reconcile your accounts in QBO? Reconciling is the process of matching transactions into QBO against your bank or credit card statements. A fundamental piece of good bookkeeping is routine account reconciliation, the process in which you match up your transactions in QuickBooks Online (QBO) with your bank statement and credit card statements. In addition to being every amount of fun as it sounds, it’s a really helpful process to make sure that your bank accounts match up with your accounting system, and you’re not at risk of overspending based on what’s actually in the bank. It’s a similar process to balancing your checkbook. Before you attempt to reconcile on your own, check out our step by step guide below!
Artificial or augmented intelligence (AI) and machine learning (ML) have become hot topics in tech, business, and our everyday lives. In fact, a Google News search for the term “AI” returned 26.1 million results within the last 24 hours alone. That’s around 300 results per second!
Having a competent bookkeeper could be the difference between steering your business to new growth and letting it spiral out of control, like a helicopter crash in an action movie. Whether your bookkeeper is an accountant who’s been with the company for decades, or it's your retired mother-in-law (or both), you must have confidence that they’re doing their job well and with your company’s bottom line in mind. Their daily work could be what leads to cutting nonessential costs and increasing your margins.
If you’re in the accounting profession, chances are you’re getting used to the integration of various forms of technology in the industry, including machine learning, cloud computing, and different forms of automation. Small and large accounting firms alike have begun recognizing the importance of automation as they move forward with modern-day trends in bookkeeping. Though the onset of artificial intelligence (AI) may bring up memories of sci-fi movies and rogue robots, companies are beginning to embrace the value AI brings to their processes, making them more efficient by shifting the allocation of mundane tasks to reduce human error.
Accountants and bookkeepers alike were surprised earlier this month when QuickBooks announced it now offers “Live Bookkeeping” with all plans ranging from Simple Start to Advanced. The page promised: “Get valuable insights from unlimited one-on-one conversations with an experienced bookkeeper that knows your business.” Of course, this made QuickBooks Certified Pros across the country do a double-take and say, “Hold up—what?!”
Whether you’re new to QuickBooks Online or a seasoned veteran using the software, you might not be getting the most value out of your subscription. Oftentimes, people overlook simple tips that could help them be more effective and efficient with their books, and that’s why we’ve pulled together a short list of tips for handling your books with QuickBooks Online (QBO).
This post is the first in the Bot Spotlight Series, where we sit down with different industry clients, experts, and influencers.
This month, we met with Tyler S. Clark, founder of ADcountants, to talk about advertising for accounting firms and the role of automation and machine learning in that space. An abridged Q&A follows, and the full video interview is included below.
Don’t freak out, but your non-profit tax filing deadline is quickly approaching. Individuals, businesses, and 501(c)(3) or charitable organizations will be required to file by the deadline required by their classification, and even though the tax filing deadline for most 501(c)(3)s is May 15, now is the time to start preparing.
Botkeeper CEO Enrico Palmerino presented to the Maryland Association of CPAs conference in December 2018, where he discussed how to build a botbrain for your own accounting practice. The full video is below, and you can download the accompanying ebook by clicking here.
If you’re putting off planning for your 2018 tax return, you’re running out of time.
The opening of each new tax season starts toward the end of January. Last year’s tax season began on January 29th, and while we’re still waiting to hear on this year’s timeline, it’s never too early to start planning.
Of course, most businesses leave their tax filing to their in-house accountants or outsourced CPAs, but whether you’re having a professional do it, or you’re taking the DIY approach, it’s good to get a jump start on the process.
Just like there’s a really, really big difference between tax avoidance (lessening tax liability and legal) and tax evasion (the deliberate under- or nonpayment of taxes and criminal), there’s a big distinction between tax planning and tax filing. Unfortunately, if you’re like most people, it’s a distinction you’re not all that familiar with.
The short version goes something like this:
Tax filing is when you prepare and submit your tax return to the IRS by a determined deadline.
Tax planning is working with a financial professional to make sure you use the tax code to your greatest advantage.
Though the deadline for filing your taxes may be months away, most small business experts agree: the two best times to get a jump on tax planning are “now” and “all the time.”
We know that isn’t always easy for an overworked, enterprising small business owner, but it’s crucial to your company’s growth and success to make tax planning and strategizing a year-round effort.
Tax planning is, by definition, an assessment of your financial situation from a tax perspective for the purposes of reducing how much money you owe the government. Legally, of course. The goal is to take stock of the money you’ve made, and choose which financial choices will promote the most favorable tax treatment. You do this through proper planning, which includes strategizing, timing, leveraging tax advantageous vehicles (i.e., retirement plans), and more.
Of all the tax forms you might see gracing your mailbox, one of the most varied has to be the 1099. The form itself is simple enough to understand—the 1099 records income given to you by any person or entity that isn’t your employer. You’ll see them most often from these folks:
Closing the books at the quarter end, managing invoices, and categorizing expenses involve a wide array of complex tasks that are both laborious and prone to human error. We at Botkeeper are automating bookkeeping workflows through our human-assisted AI platform, and today have announced our $18M series A round, one of the largest A rounds for a Boston tech company.
Tax planning and preparation is a highly complex process, but it can be broken down into a few distinct buckets and simplified to allow business owners to complete their part of the process. Here’s a breakdown of all the basics to ensure you get the most for your money in 2018: Estimating Taxable Income, Estimating Tax Liability & Tax Planning, Determining How You Need to File Your Taxes, Filling Out the Forms, and Sending Everything In.
Businesses of all sizes engage in bookkeeping activities, and it’s a vital function to keep your business financially stable and in compliance with regulations and tax law. It’s the cornerstone of continuity but one that’s not as exciting as marketing or sales. No business can survive without this key endeavor.
We recently had the pleasure of sitting down with Steve Hooper, Co-founder and CEO of Kigo Kitchen. Steve was kind enough to share a bit of his experience on bringing a new level of AI and automation into the organization by using Botkeeper.
Automation is changing the way business gets done online. Advanced software that only a few years ago would have been out of reach for most companies is now being widely adopted by businesses of all sizes. One great example? Chatbots.
Good ol' tax time is going to come without fail, and in a perfect world you would be able to pay your business taxes on time, every time. When the due date rolls around, you’d simply transfer the money to the government and be done with it.
Of course, we don’t live in a perfect world. Instead, cash flow gets tight from time to time, different things get prioritized, and before you know it you’re paying your taxes late. Life happens, right? The best thing you can do is chart a path to get back on schedule as quickly as possible. Here are four simple tips to help you get back on track.
Cash flow is essential for the healthy growth of any business. Making sales and delivering your products or services to the customers is great, but it doesn’t amount to much if you don’t have money on-hand when you need it. A lot of small businesses end up taking out loans to cover short term revenue gaps, and end up paying out interest over time for that momentary need.
For startups and small businesses, bookkeeping can be a real challenge. As an owner or manager, you’re faced with three options for accounting: do it yourself, have an employee do it, or let a third party take care of it.
As a small business owner, you’re often managing several different areas of your business- and bookkeeping is one of the most important.
Starting a business? You might find accounting to be the scariest piece of the puzzle.
Bookkeeping requires learning a whole new language that’s unfamiliar to most people. With any luck, sales receipts will start piling up soon, right next to the pay stubs and tax filings. You need to get your bookkeeping rolling—and fast!
Thankfully, there are several options available for smart business owners. Here are three popular choices:
Theft, fraud, embezzlement, thieving, larceny, appropriation, swindling—have you been hearing a lot of these terms lately? Sadly, a quick glance at any major news outlet will show you that bookkeeper theft has been rampant this past year, resulting in dozens of cases of fraud. The idea of a bookkeeper stealing money from you is almost inconceivable for many business owners. After all, you probably have a personal relationship with this person. You've trusted them to watch over the single most important part of your business. If money is going ‘out the back door’ due to bookkeeper theft, you will have very little chance of success in the long term. Unfortunately, this kind of theft is something that happens from time to time, so you need to pay close attention to make sure you don’t become a victim. Do you know what to look for? Here are 4 signs that can help you determine if your bookkeeper is stealing from you...
You have a lot going on when operating a small business—and handling your bookkeeping generally isn't the sexiest on the list. Why should you be concerned with mastering even the most basic accounting principles when you have sales to close, a website to market, and customers to please?!
The SaaS space is growing like crazy. Today’s business owner has numerous software applications built into their company framework, and is getting a ton of emails every day with the promise of the bigger better option. But how do you even know if you’re getting the most bang for your buck when it comes to your software spend? Are your employees using the tools you've invested in? What are your employees even signing up for? Should you be evaluating competitive vendors? When are all of your contracts up? Which new evaluations are worth your time?
Today it was announced that Botkeeper has been named a winner of Red Herring's Top 100 North America 2018 award, which highlights the continent's most exciting and innovative private technology companies!
Since more companies now delve into the development of AI (to be used in different fields), investors are positive that the industry holds a lot of promise. But aside from venture capitalists, and individual investors, companies (especially startups) are also encouraged to make use of AI services as early as possible.
We're proud to announce this week that botkeeper has been selected as a finalist for Red Herring's Top 100 North America award, a prestigious list honoring the year’s most promising private technology ventures from the North American business region!
The Red Herring editorial team selected the most innovative companies from a pool of hundreds from across North America. The nominees are evaluated on 20 main quantitative and qualitative criterion, which include disruptive impact, market footprint, proof of concept, financial performance, technology innovation, social value, quality of management, execution of strategy, and integration into their respective industries.
We recently had the pleasure of sitting down with Theodora Higginson Hanna, Co-Executive Director of Tech Goes Home out of Boston. Theodora (Theo) was kind enough to share a bit of her experience with bringing a new level of AI and automation into the organization by using Botkeeper.
Bookkeeping. An often overlooked area in the business- and yet, it can dramatically affect the success or failure of the organization. Most business owners tend to back burner the accounting in lieu of the “here and now” items - such as sales, marketing, meetings, etc… and because of procrastination or lack of insight, some organizations suffer because of those mis-managed books.
Large corporations have been exploring automation, cloud computing, machine learning, and AI for years. Today, an amazing 80% of companies big and small are making the investment in these technologies. And impressive growth awaits the companies that are able to leverage these emerging technologies. Are you ready?
It’s true that most startups fail – up to 90% of them say the experts. Yet, many of the people involved in those failures do go on to launch successful companies. And yes, some have dropped out of university, slept in their cars, and have eaten mac and cheese for years before realizing success, but most success stories feature elements of tenacity, creativity, and going the extra mile.
Is your accountant stealing from you? You can call it robbery, pilfering, or swindling, too, but theft or misappropriation of business funds placed in trust with someone you believed to be a professional can be personally and financially devastating.
For more than 20 years, Brian has dedicated his considerable business acumen to helping small business owners and entrepreneurs run better businesses. A nationally-recognized expert, Brian has been named among the top 100 SMB Influencers in the country by both Small Business Trends & Small Biz Technology. Brian’s passion for business ownership was spawned from his publishing experience with such titles as The Wall Street Journal, Inc., Success, and Entrepreneur.
The reality of owning a business is that a good portion of the day-to-day operation is spent on organizing, recording, and staying up-to-date on employee pay, benefits, taxes, and other issues. And as your business grows, so does the paperwork burden.
One of the biggest challenges for startup owners isn’t getting the enterprise off the ground—it’s building sustainable growth that sets the company up for future success. The entrepreneurial boom is occurring across the world, and there are more startups than ever competing for limited consumer markets. Add in the volatility of the economy and unpredictable speedbumps in the startup’s growth and keeping the ship afloat becomes a challenging proposition indeed.
Most of what you read on bookkeeping discuss the benefits (and necessity) of accounting software for your business. But while it’s true there are many upsides to the technology, an accounting software package isn’t always the best idea. Here are just a few reasons why.
SaaS companies face a unique set of challenges compared to the typical business.
When the average person imagines an entrepreneur, they likely envision the most popular and successful thought leaders of our time—Steve Jobs, Elon Musk, and other visionaries that have redefined our culture. They don’t image the entrepreneur as a cash-strapped professional sweating over spreadsheets and laying awake at night wondering what the next day will bring.
No one starts their business thinking “I can’t wait to do the books!” But financial statements and spreadsheets are a necessary element of business life – and someone must do them. If you prefer being free of day-to-day accounting tasks, outsourcing your books is a great solution.
There are many ways to grow a business. In 2013, small bakery owner Dominique Ansel combined his beloved French croissant with America’s donuts craze and 5 years later, hundreds of people still line up before 8am to buy a "Cronut". Spherical droid BB-8 creator "Sphero" used a Snapchat global marketing campaign to double their sales record. And eight friends from Chicago took "Cards Against Humanity" from a small crowdfunded idea to a multimillion-dollar business.
Inaccurate financial reporting not only causes internal headaches, it can bring on mind-splitting migraines come tax time, or when you’re looking for outside investment. From misclassification of capital assets to misreported startup costs, there are dozens of ways to miscalculate income and expenses.