bookkeep

About bookkeep

Bookkeep offers a specialized accounting automation platform tailored for the complexities of modern commerce, targeting businesses, accounting firms, and financial officers. The company was established in 2018, initially as a bookkeeping firm in Brooklyn, by co-founders Jason Richelson and Ruth Ku. This venture originated from the founders' direct experience with the cumbersome financial reporting required by multi-channel sales environments.

Jason Richelson, the CEO, brings over two decades of experience in payments, retail, and business automation. His journey as a serial entrepreneur, which began after a stint as a systems analyst at PricewaterhouseCoopers, includes founding companies like InternetCash.com, The Greene Grape, and notably, the iPad-based point-of-sale system ShopKeep (later acquired by Lightspeed). Richelson's firsthand experience with the accounting challenges in his own businesses fueled the creation of Bookkeep, aiming to solve the reporting and automation gaps he consistently observed. Co-founder Ruth Ku, a Certified Public Accountant with a background as a CFO and advisor for various startups, provided the financial strategy and scalability expertise that was instrumental in the company's early development.

The firm's core offering is a software platform that automates the generation of daily financial summaries, posting them as journal entries into accounting systems like QuickBooks Online, Xero, and Zoho Books. It integrates with over 60 e-commerce and payment platforms, including Shopify, Square, Amazon, and PayPal, to address the high volume of transactions and disparate data formats that challenge accountants. The business operates on a subscription-based model, providing a scalable solution that aims to save accounting professionals significant time by eliminating manual data entry. The platform is designed to handle accrual-based financial reporting, ensuring accuracy for its clients, which range from small independent retailers to large brands and restaurant chains.

Bookkeep has successfully raised a total of $10 million in capital over two seed rounds. The first round in May 2021, led by Lerer Hippeau, secured $3.3 million, and a subsequent seed+ round in October 2022, led by Fin Capital, raised an additional $6.6 million. This funding is directed towards further product development and scaling operations to meet the growing demand for automation in the accounting industry.