Bookkeep Announces Stripe, Sage Intacct and NetSuite Integrations to Improve Accounting Automation for Omnichannel Retailers

Rhea-AI Summary

Bookkeep has announced new integrations with Stripe, Sage Intacct, and NetSuite, enhancing its accounting automation platform used by over 600 retailers and restaurants. This technology helps automate sales summaries and deposit reconciliation, saving clients a minimum of 20 hours per month. The integrations facilitate accrual-based summaries and automate processing fees, addressing the growing complexities of digital payments. Bookkeep aims to support retailers as they expand into ecommerce, with projections indicating significant growth in digital payment transactions by 2024.

Positive

• Introduced integrations with Stripe, Sage Intacct, and NetSuite.
• Over 600 clients benefit from 20 hours of monthly time savings.
• Supports retailers transitioning to ecommerce and digital payment systems.

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• None.

Bookkeep Solutions Eliminate Manual Data Entry, Deliver More Accurate Financial Reporting, and Address the Challenges Created by New Payment Methods and Sales Channels

NEW YORK--(BUSINESS WIRE)-- Bookkeep, the smarter accounting automation platform, today announced three new integrations with Stripe, Sage Intacct and NetSuite. Bookkeep’s technology is currently used by over 600 retailers and restaurants with annual revenues ranging between $50,000 and $250M to automate sales summaries and deposit reconciliation. The platform delivers the most comprehensive automation by offering over 20 connections to the most popular sales channels such as Shopify, Square, Amazon, and Etsy.

The Sage Intacct and NetSuite integrations enable professional accountants and bookkeepers to generate accrual-based summaries, post journal entries and reconcile payment deposits automatically. The Stripe integration automates the capturing of processing fees and payout deposits. Bookkeep eliminates the need for tedious manual data entry, drastically reduces errors and saves time – a minimum of 20 hours per month per client – empowering accountants to deliver more real-time financial reporting that equips retailers to effectively scale their businesses.

“Many of our enterprise customers have expanded beyond QuickBooks and are looking for the same seamless automation for Sage Intacct or NetSuite that they’ve grown to depend on with our technology,” David Mette, Director of Product at Bookkeep. “With these three new integrations we are able to serve more retailers who rely on digital channels and payments to grow their business.”

The pandemic has radically transformed the way smaller brick-and-mortar retailers and restaurants operate. Nearly all business today is ecommerce. Restaurants have fully embraced digital delivery, with it now representing 28% of all orders. Retailers are selling on three to five different sales channels like Amazon Seller, Walmart and Etsy or building their own ecommerce storefronts. Further accelerating this shift is the adoption of digital payments. Ecommerce payments made through digital and mobile wallets will grow to 51.7% by 2024, with Buy Now Pay Later accounting for 4.2% of these transactions.

“While these digital platforms are a boon for small businesses, they’re creating a logistical logjam for accountants and bookkeepers. Those who remain in the profession now spend most of their days logging into dozens of different systems to download transactions and figure out fees and sales taxes to match bank account deposits,” said Jason Richelson, CEO and Co-founder of Bookkeep. “We’re facing a silent accounting crisis and accountants have historically been voiceless in the industry. The problems we face are entirely solvable through automation.”

Retailers of all sizes rely on Bookkeep to access more timely and accurate financial reports and grow their business. Additional benefits include:

Accrual-Based Daily Summaries

Bookkeep’s team of CPAs and accounting engineers implement proper accrual-based summary entries that conform to GAAP requirements, which are important to enterprise sized companies. Its platform captures and posts summaries of sales, deposits, discounts, fees, sales taxes, tips and other financial data in real time.

Automated Payment Reconciliation

Posting sales summaries is only half the work accountants manage. They must also reconcile payment deposits that come often several days later. Bookkeep automates this process so that balances held in payment platforms like Amazon Seller or Stripe match the balance in the accounting platform.

“At Böhme, our business has multiplied to 17 retail locations and an extensive multi-channel ecommerce operation. To reduce manual input and to allow us to refocus our time on other issues, we chose to implement an automated accounting system. Bookkeep allows us to stay on top of the daily sales reporting and payment reconciliation across all our sales channels,” said Forrest Allen, Head of Accounting of Böhme.

Bookkeep’s accounting integration for Stripe is available now. The Sage Intacct and NetSuite integrations are currently in beta and will be generally available by Q2 2022. Visit www.bookkeep.com for more information.

About Bookkeep

Bookkeep is the leading provider of summarized financial automation and deposit reconciliation for retail, restaurant, cannabis, and ecommerce businesses. Bookkeep automates the time-consuming, complex process of posting daily financials from multiple sales channels to accounting systems like QuickBooks, Xero, Sage Intacct, and NetSuite. Our automation saves accountants and bookkeepers at least 20 hours per month per client. Our platform integrates with Square, Shopify, Grubhub, Amazon Seller, Squarespace, Stripe, Paypal, and many more. For more information, visit https://www.bookkeep.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005095/en/

Media Contact:

Kelsey Thompson

kelsey@bookkeep.co

Source: Bookkeep

FAQ

What new integrations did Bookkeep announce?

Bookkeep announced new integrations with Stripe, Sage Intacct, and NetSuite.

How much time can clients save using Bookkeep's platform?

Clients can save a minimum of 20 hours per month using Bookkeep's platform.

How many retailers and restaurants use Bookkeep's technology?

Over 600 retailers and restaurants use Bookkeep's technology.

What services does Bookkeep provide?

Bookkeep provides accounting automation, including sales summaries and deposit reconciliation.

What is the expected growth in digital payments by 2024?

Ecommerce payments made through digital and mobile wallets are expected to grow by 51.7% by 2024.