Avoid these 5 mistakes when hiring accounting grads
The accounting sector is expected to grow 7% from 2020 to 2030 meaning there will be approximately...
Outdated tools, misplaced resources, tedious data entry, and accuracy issues all present major barriers to efficiency, diversification, and growth. But not when you use Botkeeper. Using best-in-class machine learning and an experienced verification team, Botkeeper's Transaction Manager takes the bulk of the work off of your plate by eliminating the traditional challenges with categorizations, opening the door for firms to achieve their goals.
Occasionally, the Bot runs across a transaction that defies easy and accurate categorization. That's where Botkeeper's amazing team of expert accountants step in. The platform informs them of transactions it's unable to categorize with 98% confidence. The team then categorizes the transaction and trains the machine so it can be done automatically next time. Pretty cool, huh?
Botkeeper's machine learning modules use a combination of historical data and macro data to intuitively auto-categorize your clients' transactions. Once the categorization is complete, the transactions will be automatically pushed to the General Ledger. If our machine is less than 98% confident in the categorization, a skilled Botkeeper Accountant jumps in to assist, and trains the machine, ensuring outreach to you is only leveraged as needed. The result is rapidly processed categorizations, always up-to-date financials, maximum efficiency, beyond-human accuracy, and fewer interruptions for you and your clients!
We're not sure where Waldo is, but we can answer these.
Transaction Manager combines machine learning with some light human assistance to auto-categorize transactions based on past transactions. Transaction Manager functionality has long been used behind the scenes inside the Botkeeper framework by the Botkeeper team, and we now have released a client-facing version that allows us to offer an interactive, faster, and more efficient way to categorize transactions.
Historically, categorizing hundreds of thousands of transactions was a manual, labor-intensive and error-prone process. Transaction Manager was built to solve the problem of having to manually categorize transactions, which is the root of many bookkeeping headaches. The result is faster categorizations, up-to-date financials, maximum efficiency, beyond-human accuracy, and fewer interruptions for our clients.
Botkeeper’s system pulls in uncategorized transactions in real-time and runs them through an individualized machine learning model to try to find the best match based on patterns and prior categorizations. Our machines submit their results along with a confidence level (how confident we are about the level of accuracy the machines have produced).
If the confidence level of the machine falls below 98%, a Botkeeper Accountant will review, apply critical thinking, and attempt to categorize the transaction, thereby training the machine so that it knows what to do with similar information in the future.
If a Botkeeper Accountant is still unsure as to how to categorize the transaction, they will reach out to the Accounting Partner for their input. After the categorization is made, the machine learns this process and is able to perform it in the future, getting more and more efficient over time.
Perish the thought! Transaction Manager is included in all of Botkeeper’s standard Accounting Partner Packages.
Updates made within Transaction Manager are synced directly to QBO and are automatically updated in Transaction Manager. This is possible because of a direct API connection between the BOS Transaction Manager and QBO.
Transaction Manager currently supports the following transaction types:
Bring your accounting or bookkeeping firm into the future with the Botkeeper Operating System, an all-in-one financial platform to manage all bookkeeping, communicate with clients, and innovate your practice. Provide a seamless experience for your clients while keeping costs low and accuracy high. Botkeeper makes your firm more productive while reducing stress and providing you with time for more important tasks.