Thinking of using Xero as your accounting software? We will run over the basic functions…
Hubdoc: Getting on top of Document Management
Keeping track of business finance documents is a huge task. Here’s how cloud accounting software like Hubdoc and Xero can track your documents for you.
Will HubDoc clear away the document clutter?
If you’re already using cloud accounting software, then it’s highly likely that you’re using it to keep track of the massive amount of financial documents that your business receives. Businesses receive a wide range of documents that must be recorded on a daily basis, such as receipts, bills, statements, and financial emails.
Ensuring that the financial documents necessary to your accounting procedures have been collected and entered into the necessary accounting software, however, can be an extremely time consuming and costly process.
Services such as Hubdoc provide businesses with an automated solution that takes the heavy lifting out of document management and use them to create actionable insights. We’ll proceed to take a look at the benefits offered by Hubdoc and help you determine whether it’s the right document capture and management platform for your business.
What is Hubdoc?
In addition to capturing data through optical character recognition (OCR) and other methods, Hubdoc is able to capture relevant bank statement information and bills through a variety of integration options, acting as a simple centralized solution for all finance document management.
Hubdoc Pricing & Plans
Hubdoc offers the most straightforward pricing structure of any OCR document capture and organization platform that integrates with Xero. Rather than limit businesses to a specific amount of receipt scans based on plan level, Hubdoc offers a simple flat rate of $20 per month, with unlimited data extraction across bills, statements, receipts, and invoices.
There is also a 14-day free trial that allows businesses to test drive the service before committing.
Routing all your bills to Hubdoc
Hubdoc allows users to capture documents and other data through four different methods. The Hubdoc smartphone app provides users with the ability to take a photo of a receipt, bill, or invoice, and automatically extract and store relevant data.
It’s also possible to submit documents to Hubdoc via a dedicated email address, or manually scan and upload documents. A major feature is the ability to automatically pull bills and bank statements from service providers without the need to log into to each individual service.
Hubdoc connects to banks and service providers via a read-only link once given permission by users and automatically pulls both current and historical bill and statement information. Once captured, this data is organized into searchable, customizable folders that can be easily searched in order to find matching phrases or keywords.
Hubdoc & Xero
Hubdoc is capable of generating a truly massive amount of organized, searchable data. This data can be automatically imported to Xero, which is then automatically matched with bank feed transactions.
Using Hubdoc and Xero, it’s possible to set up specific data forwarding rules in order to ensure all financial documents are synced with Xero. Setting up Hubdoc and Xero is achieved in a few clicks.
Hubdoc may not offer any focused expense tracking functionality, but is an extremely effective method of establishing a paperless, digitized, and fully searchable database of every single financial document you’ll need in your Xero accounting stack.
Creating a database of financial documents and automating the data collection process helps streamline your business processes and establishes an immutable audit trial. If you’re interested in how Hubdoc and Xero can improve your business financial strategy, reach out to Fullstack for automated bookkeeping expertise today.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.