Spreadsheet software revolutionized accounting by turning manual tasks into an automated, programmable process. However, due to data punching requirements and the error-prone nature of spreadsheets, they gradually lost their reliability. From this vacuum emerged the accounting software space. Thanks to their notable benefits, accounting softwares quickly gained popularity among SMEs.
Although accounting softwares were able to streamline, simplify, and automate accounting tasks, businesses were still experiencing difficulties with pre-accounting activities like providing data to the accountants, collecting invoices from various sources, entering their data into the system, and verifying each transaction or creating an audit trail.
To effectively address this issue, pre-accounting software, which acts as a link between business owners and accountants, takes birth.
In this software review, we will look at one such popular pre-accounting automated platform–Buktec. The five key points that we will cover in this review are:
- Buktec: An overview
- How does Buktec work?
- How does Buktec help accounting firms?
- How does Buktec help business owners?
- The final verdict
Buktec: An Overview
Buktec is a cloud-hosted, AI-assisted accounting and invoice management platform tailored to meet the unique needs of small, medium, and large businesses (SMEs) across all industries. The software is the first of its kind and is ideal for the Indian market, which is rapidly transitioning to a formal economy.
Buktec– a cross-platform accounting solution that assists users with various pre-accounting tasks such as data entry, bank statement upload, ledger maintenance, transaction verification, ledger creation, integration with banks and accounting software, and so on. Furthermore, the software is suitable for individual accountants, accounting firms, startups, and SMEs.
In addition to assisting you with all pre-accounting activities such as invoice auto-fetch, GST details, TDS elements, bank statements, and ledger entries, Buktec allows master users to track records, including deleted entries. This feature ensures that no user activity goes unnoticed and that every record can be traced back to its source. This feature is also useful for auditing purposes.
Furthermore, the software is fortified with bank-level security mechanisms and techniques such as SSL, Geo-tracking, end-to-end encryption, token-based authentication, and others. Besides that, the software is hosted on a Google cloud platform that has been configured to automatically reject requests from outside of India, significantly reducing the possibility of a cyberattack.
Buktec also offers a fully functional mobile version for Android as well as iOS that can be activated on any device. The Buktec mobile app allows you to perform all of the same activities as the desktop version, such as creating reports on your device, capturing receipts, approving requests, and so on, regardless of your location.
In a nutshell, Buktec is one of the best pre-accounting software solutions in the Indian market today, with the potential to significantly disrupt how traditional accounting firms and vendors operate.
The software will assist them in automating, streamlining, and optimizing their accounting activities, such as invoice and receipt capture, automated data entry, request approval, and ledger creation.
To better understand Buktec’s benefits, we must first understand how it works.
How Does Buktec Work?
Buktec’s work process can be broken down into six stages, as explained below:
Step 1: Register As a Business or An Accounting Firm
The first step for the master user is to create an account. The software allows you to register as a business or accounting firm. For successful account creation, the master user has to enter all the necessary details, such as GST number, address, and pin code. Later, you can create entities or invite businesses to register as entities.
Once the entities have been added, the next step is to assign permissions to each user who is associated with or will work on that entity based on their role. This allows you to restrict sensitive information access to only relevant users rather than all users.
you can also grant a different set of permissions to the same user for different entities. After you’ve set up the entities and user permissions, configure and retrieve ledgers from accounting software such as Tally or others.
Step 2: Upload Documents
Once you’ve defined the user and permissions, the next step is to upload documents such as expense and sales invoices. The Buktec lets you upload documents via snapshots or from the system’s storage, which will be read by an AI engine to speed up data capture. Also, the software supports most of the common file formats, including PDF and JPEG.
When uploading documents, you will have two options– Quick upload and Smart upload. The quick upload option, as the name implies, assists you in quickly uploading documents, which is recommended when uploading bulk documents.
Smart upload comes in handy when you are uploading a small number of documents. Along with the supporting document, the software also allows you to add a summary/note for each transaction, which can be very useful during the verification process.
you can also upload multiple documents simultaneously. To add multiple documents, you can either drag them to the “Drag Evidence” box or upload them from your drive. It is worth noting here that Buktec allows users to upload documents via their mobile applications as well. This means that you can quickly upload sales or expense invoices even if you are on the field or traveling.
Step 3: Configure Banks & Upload Statements
The next stage is to upload the bank statements. Users can upload bank statements in the same way they have uploaded expense and sales invoices. Buktec allows you to upload bank statements in two ways: via net banking or PDF.
To use net banking, the user must first select a bank from the list and then add the card. The software will extract and upload the statement in an encrypted format. It should be noted that Buktec does not record or store users’ banking credentials. If the user is not comfortable sharing their bank credentials, they can upload the PDF file instead.
Another notable feature of the Buktec is that if you forget or fail to upload a bank statement for a specific period, the system will automatically detect this and notify you.
For example, if you upload bank statements from July 2021 to December 2021 and March 2022 to August 2022, the system will prompt you to upload statements from January 2022 to February 2022 for correct accounting.
Step 4: Bank Account Statement Processing
Once you have uploaded the invoices and bank statements, it is time for accounting firms to verify each entry and add it to the ledger. To perform verification, Buktec provides a feature called Money Link. As the name suggests, Money Link is an innovative feature designed to assist accountants and third-party auditors in linking each document with the matching transaction.
Using this feature, accountants or auditors can double-check each bill and its details. They can check the status of each transaction (e.g., Not Ready, Ready, Not Processed, Processed, Synched) and take the necessary actions by comparing those transactions to the bank statement.
They can even check and verify the supporting documents attached to each entry if they have any doubts. If they still have concerns, they can even communicate with the appropriate person or team to resolve them. The software has a built-in communication channel that allows you to interact with internal or external individuals.
Additionally, depending on the query type and information confidentiality, you can keep the conversation private or public. When you choose public chat, your message will be visible to all users working on that entity. On the other hand, when you choose private chat, only authenticated users can see and engage in the conversation.
Once the ledger entries have been verified, you can upload them to your accounting software.
Step 5: Monitor and Track Business
The Buktec intelligent bill payment platform also includes a powerful BI dashboard with a 360-degree view of your financial health. Again, the primary dashboard can be further divided into two sub-dashboards– Buktec summary and business summary.
The Business Summary allows you to monitor and track each key performance indicator (KPI), such as total expense, outstanding amount, total sales and receivable amounts, and so on. On the other hand, Buktec Summary provides you with information about your bank card usage, including reimbursement and expenses over a specific period.
The BI (Business Intelligence) dashboards also provide users with valuable insights into their financial performance over time, assisting them in improving their strategy, limiting expenses, blocking capital leakage, and increasing ROI.
To summarize, with Buktec’s information-rich and clutter-free BI dashboard, you get accurate, up-to-date financial information that, when combined with round-the-clock cloud availability, leads to better and faster decision making.
How Does Buktec Helps Accounting Firms?
It is clear from the above explanation of Buktec’s working that this cloud-based pre-accounting management software can significantly assist accounting firms by drastically reducing manual labor, automating data entry, and streamlining the transaction verification and approval process.
Furthermore, the software enables accounting firms to collaborate with multiple businesses on a single platform. Individuals and businesses can submit or upload files directly into the system in real-time. This saves accounting firms from navigating from one application to another (e.g., Email, WhatsApp, Google drive) to find the documents, such as invoices and receipts, as well as information w.r.t various transactions.
Additionally, the stringent authentication process and bank-level security mechanisms ensure that data sharing between accounting firms and businesses remains highly secure and out of reach of cyber-hackers.
Furthermore, the ability to attach notes to each document, the Money Link feature, and the easy communication channel help accounting firms with transaction verification and ledger creation. Besides, its quick integration with leading accounting software such as Tally and Zoho Books enables accountants to easily transfer data between the two systems.
Overall, Buktec is the best pre-accounting software solution that, when used properly, can be an excellent companion for accountants and accounting firms.
How Does Buktec Help Businesses?
Just like accountants and accounting firms, Buktec software can be extremely beneficial to vendors, startups, and SMEs as well. Using the software, individuals can easily upload and share expenses and sales invoices with their accountants with a single click. They can even upload documents in real-time via the mobile application, making the process more efficient.
In addition, to avoid future confusion when filing returns, users can attach notes with the document that will help accountants understand the transaction and its context. Besides that, the vendors will enjoy lifetime ownership of all documents and data uploaded to the system. This will allow them to easily switch to new accountants as and when they wish, without losing any of the records.
Moreover, rather than charging businesses based on the number of users, Buktec charges them based on entity and number of smart scans. All of these factors and features certainly help business owners lower accounting costs and systematically manage the pre-accounting process without data error, duplication, or ambiguity.
The Final Verdict
Based on our thorough examination of its features, technical aspects, security shield, customer support, pricing model, and other factors, we can say with absolute certainty that Buktec is the best pre-accounting software in the Indian market at the moment, far ahead of its competitors.
The software is feature-rich, has a very simple and well-designed process flow, is protected by a range of security protocols and procedures, comes with a BI dashboard, and integrates easily with leading accounting software such as Tally, Zoho Books, and others.
Additionally, the software’s machine learning (ML) and artificial intelligence (AI) supported algorithms produce 100% accurate data predictions, eradicating any possibility of data errors or ambiguity. This will further improve pre-accounting processes.
In conclusion, if you’re looking for an intelligent accounting automation software that is secure, scalable, comprehensive, and simple to use, Buktec is the best option!
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