black-macbook-pro-2473183

Botkeeper vs. Lockstep

We've compiled a few key differences between two automated accounting solutions: Botkeeper and Lockstep. Choosing the right automated bookkeeping solution is critical, and we want you to have the best information possible to do so. Ready to see the power of Botkeeper? Click below to book a live presentation. 

 

get started now

Overview

Don’t settle for incomplete platforms.

A true automation-based bookkeeping platform will help you operate your end-to-end bookkeeping programs. While there are many bookkeeping solutions available today that can help streamline bookkeeping tasks, not all solutions are built the same. This page will help you understand the differences between Botkeeper and Lockstep so you can decide which is the right bookkeeping solution for your firm.

 

Speak with one of our experts

Here’s a snapshot of how Botkeeper and Lockstep stack up.

Botkeeper

Botkeeper combines artificial intelligence and machine learning technology with high-quality, skilled accountants to deliver a full-suite bookkeeping and pre-accounting solution to accounting firms and their clients. You and your client base will receive 24/7 accounting and support as well as incredible insight into financials with beautiful dashboards and unlimited reporting.

LOCKSTEP

Lockstep connects the world's accounts receivable (AR) and accounts payable (AP) departments so they can work better together. Founded in 2019, Lockstep eliminates cash traps and leaks created from manual synchronization of books between B2B trading partners.

 

Bookkeeping Services

Investing in an automated bookkeeping solution can transform your business. As the bookkeeping decision-maker, it's important to choose the right combination of tools and services that can deliver power and flexibility and are easy and delightful for your team to use every day.

To truly transform your bookkeeping, you need an integrated set of tools that help you drive accuracy, efficiency, security, and ultimately tie all your bookkeeping efforts back to ROI.

 

With Lockstep, you get technology that automatically tracks invoice aging and sends personalized reminders and statements to customers. You also get a self-service portal to access invoices, make payments and automate cash applications. Their technology flags next back collection activities, records your notes, and tracks your follow-ups. Their goal is to eliminate the cash traps in your AR and AP processes.

With Botkeeper, all of this functionality is built directly into the platform, offering your firm a comprehensive solution. Using machine learning, artificial intelligence, and robotic process automation in conjunction with the expertise of senior accountants, we augment the manual and time-consuming tasks, creating lightning-fast and hyper-efficient bookkeeping (data entry, reconciliations, classifications, etc.).  

Botkeeper is able to fully automate your bookkeeping department with human-assisted AI. And you can benefit from avoiding increases in headcount and overhead costs, see and trust the health of company results due to noticeably less manual human error, and get superior reporting and real-time, 24/7 data entry.

In addition, Botkeeper provides you with comprehensive support from your own Botkeeper accounting team. From onboarding forward, we will ensure a customized experience for your firm. Plus, we offer 24/7 support, so we are always plugged in for you and your firm.

 

 

Technology & Features

Finding the right automated accounting solution for all your bookkeeping needs can become the foundation of your practice and the differentiator you need to grow. As a result, it’s important to seek out technology and features that fit your firm, staff, AND client base. This is why we’ve made Botkeeper with our CPA partners AND business owners in mind—we can grow and adapt our platform with your organization’s wants and needs. As a CPA, this means exponential value for you and your clients.

 

Lockstep provides you with integrations to over 40 accounting and ERP applications via a single API. This provides you one place to connect all your vendors and customers, using their cloud-based solution that includes reporting and forecasting, automated customer communications, and collection activity management. 

 

Botkeeper has built a full suite of tools, letting CPA firms pick the tools that work best for them and their clients. Botkeeper uses automation to combine various data sources while applying rules, processes, and calculations so you get the most insightful custom reporting and dashboards. This eliminates costly and error-prone manual accounting.

For firms looking for more, Botkeeper leverages machine learning technology to handle the labor-intensive bookkeeping tasks by processing and categorizing transactions at an incredibly high accuracy level. The technology also learns more about your firm, and accuracy continues to improve. We extract data from receipts, process payroll, pay bills, send invoices, reconcile accounts, and generate beautiful reports.

With Botkeeper's Partner Platform, you have the ability to onboard and manage all of your clients through a custom white-labeled portal. Stay up to date on what is happening in all of your clients' Financial Hubs with your clickable activity feed, communicate directly with the Botkeeper accountants on what they need from you, and receive direct access to any open conversations you’re having within the tool.

The Botkeeper Client Portal is where the business owner would find financials, download statements, build custom reports, and chat with your Botkeeper team as desired. Your clients receive a central platform to connect their financial and non-financial accounts, ensuring that their data is automated, compiled, and organized. Your clients get fast, accurate, seamless bookkeeping each month, while getting the personal touch, top-notch advisory services only you can provide.

The best part is that the platforms tie together into a comprehensive ecosystem so CPAs, their business owner clients, and Botkeeper operate in a centralized hub.

 

 

 

Botkeeper vs Lockstep

 

%

Average accuracy on transaction categorized by Botkeeper

Number of new clients you can bring on daily with Botkeeper

%

Average time saved by clients with Botkeeper

 

Support and Success

Because having the right support is imperative for success, finding exceptional customer service is critical when evaluating an automated accounting solution. The best customer support enables fluid, real-time conversations to help troubleshoot issues and answer questions as they arise. They get back to you quickly to provide updates or solutions. They offer you multiple means of contacting them including email, chat, and direct message within the platform for your convenience. Choose an automated accounting solution that understands the value of being there when you need it. 

 

Portrait of a smiling customer service representative with an afro at the computer using headset

 

Lockstep offers a digital onboarding where you collect the contact data directly from your customers and vendors.

 

Botkeeper provides a dedicated Account Manager, as well as a multiple-layer support model, so you always have the right resources available to you. Think of your assigned Botkeeper as your personal assistant—they’ll take care of all the daily data entry and bookkeeping for you. You’ll also have access to our Accounting team, which is made up of bookkeepers, senior accountants, and CPAs who oversee complex accounting. Your Botkeeper team is always standing by to answer any questions you might have! And you'll have consistent support from the same team month-to-month.

In addition, Botkeeper documents all processes and procedures for reference, starting with deployment. We carefully document the specifics of yours or your client's bookkeeping details, and then we put together a playbook to reference in the future.

While the tech performs most of the day-to-day, our team ensures that we are continuing to update and track any adjustments in your business bookkeeping processes so you'll never experience any bumps in the road due to employee turnover. Our team maintains communication with you so no questions go unanswered and gray areas are cleared up quickly and efficiently.

We'd love to talk through our innovative approach to client support and success with you, so click below to speak with one of our experts!

 

Speak with one of our experts

 

MEASURE ROI

Measure the performance of your bookkeeping when you integrate an automated solution, and see what your firm is able to achieve.

 

Data analysis chart and graphs-1

 

 

Lockstep provides AP technology to help accounting keep their books in sync with trading partners for reliable and predictable cash flow. Lockstep eliminates cash traps for receivables and cash leaks for payables by replacing the manual friction between the books of buyers and sellers, helping companies seamlessly integrate information and eliminate bottlenecks.

 

Botkeeper goes a bit farther. Our solution allows you to automate bookkeeping and pre-accounting procedures so you can dedicate more time and resources to your client base. Leverage the newly available insights Botkeeper provides and increase the value you can offer your clients. You can also differentiate your brand, help expand your firm, and diversify your service offering. Botkeeper oversees the automation so you can focus on complex accounting, data integrity, and interpretation. We’ll be hard at work extracting data from receipts, processing payroll, paying bills, sending invoices, reconciling accounts, and generating beautiful reports—so you have more time to achieve your firm's goal and focus on what matters most.

 

Cost of Ownership

Growth Software Without Any of the Administration Headaches

The cost of ownership is a way for you to assess the long-term value of an automated accounting solution to your firm. While the cost of the package is certainly a key component to keep in mind, it's not the only cost that you should take into account.

 

Computer keyboard with glowing charts, digital marketing concept

 

Lockstep bases its pricing model on the number of inboxes and the number of users. They offer 2 packages: Lockstep Inbox and Lockstep Collect. With Lockstep Collect they offer 3 options: Essentials, Standard, and Pro, and this package consists of accounting data mail merge, contextual resources, master data synchronization, customer self-service, and vendor self-service. Lockstep Inbox is a free service. All other packages' prices are not listed.

 

Botkeeper's pricing packages are customizable and flexible. Botkeeper has a pricing model meant for accounting firms to choose what their needs are based on a combination of their client's monthly expenses and the services they need from Botkeeper— but we offer the same white-glove service regardless of your package.  The Starter package starts at $79/per month and scales up based on total expenses and unique needs.

We know that businesses change over time, and we want to make sure we provide pricing to reflect that. We have a toolset that allows you to estimate your costs with Botkeeper, and we also have a Botkeeper specialist to walk through your needs with you and help determine the best-fit bookkeeping services. The Botkeeper pricing structure is built to grow with your firm, offering a fully customizable option.

 

 

SCALABILITY

As the bookkeeping decision-maker, you probably think about your business every day (probably multiple times a day). Finding a bookkeeping solution that works for you today is as important as finding a solution that continues to work for you in the future. Will the solution you pick today be able to grow as you and your clients grow?

 

Lockstep eliminates cash traps and leaks in B2B accounting. They claim to improve cash flow by 30% or more.

 

Botkeeper supports accounting firms of all sizes: small, medium, or large—we’re talking to all of you! We provide bookkeeping solutions for accounting firms that service every industry from restaurants to churches and healthcare providers and construction companies. Our solution was built to scale.

Botkeeper is much more than just software.

Choosing a bookkeeping automation provider is a crucial decision, so it's important to consider not only the software but the support and resources you'll receive, as well. We at Botkeeper are invested in your success. 

  • Free Training & Education Botkeeper resources are available to help you and your entire team learn best practices and successfully execute tactics that grow your business. Take a look at the dozens of resources available, and get started today.
  • Support Is Available For Your Entire Team Anytime you have a question, reach out and we'll answer. Our support team is happy to help, whether it's a question about our software or advice on how to best tackle bookkeeping tasks.
  • Deployment When you start using Botkeeper, you'll have a dedicated team to help you get started with the software, technical setup tasks, and execute your first successful dive into the tool. Learn more about Botkeeper Deployment here.

We've built the Botkeeper Platform to be easy for Accounting Professionals and Business Owners to use. That's why we're happy to share reviews of everyday professionals using Botkeeper to grow better, just like you. Click below to request a demo.

 

REQUEST A DEMO

Resources

The beauty of Botkeeper is its ability to scale and adapt to our growing business. After using Botkeeper for only 6 months, we’ve been able to save 30 hours per week on transaction categorizing, 5 hours per week of reconciling deposits, and 10 hours per month on reconciling revenue for just one of our clients! With bookkeeping running seamlessly with Botkeeper, I’m able to focus my time on reviewing output and making recommendations to my clients.
TM2 Tiffany Miller
Tiffany Miller
Tm2

Grow your Firm like a team twice your size.

Bring your team, tools, and data together to drive high-impact efficiency in your bookkeeping department- in less time.

 

start now

IllustrationScenes-1