Hubdoc is a document management software that integrates with multiple accounting software. It can be used to streamline bookkeeping tasks such as data collection and data entry. All documents are kept in one place and automatically filed.
Benefits of using Hubdoc:
Easily capture bill and receipt data and get the information into xero - Email, photograph or scan and upload bills into hubdoc. Information is extracted automatically and is ready to publish to xero complete with the original bill attached.
Paperless system – All information is stored on the cloud and is easily searchable.
Transaction coding – automate coding with supplier rules
User access – there are multiple user access option to allow reduced access for staff that don’t need access to all expenses.
Supplier accounts – hubdoc can be fetch bills from certain suppliers such as utilities and spark. This allows hubdoc to fetch the information/invoices directly from the supplier each day.
Hubdoc uses machine learning technology to extract information. The key information that is extracted from bills includes – the supplier name, date and amount. The invoice number and due date will also be extracted if present.
Hubdoc integrates with multiple accounting software including Xero, Quickbooks and Bill.com. Hubdoc is included in Xero business edition subscriptions (starter, standard and premium). The best way to do this is setting your hubdoc account up through Xero as it needs to be connected to your xero otherwise this will be a separate subscription until connected.
The use of Hubdoc & Xero helps to audit proof your business as copies of the receipts will be stored within Hubdoc folders and also attached to the individual transactions in Xero. Settings can also be updated to push receipts through to Xero files, google drive or dropbox aswell so if a transaction gets deleted in Xero there will at least be one other copy in Hubdoc if not two copies.
There is also a Hubdoc phone app. The app helps to simplify your administration systems and move to a paperless system. The app can be accessed from anywhere in the world as the system is cloud based. This can be downloaded for free on the App store.
Each Hubdoc account has its own unique email address provided, however this can be further customised so that it is easy to remember. The address will always end in @app.hubdoc.com and can be sent to suppliers for them to send bills and statements directly to your account.
Hubdoc is a great easy way to store information. Receipts and bills are kept organised and transactions are easily traced back to the original source documents. It can also reduce document requests from accountants and bookkeepers as they can be invited into the account. I have set quite a few of my clients up on this and they have found it really easy to use and has already saved them time as they no longer need to manually enter bills and can batch pay the bills through Xero.
This is an app that I would recommend especially if you already have a Xero business edition subscription as this is included in the price. Once you know the basics it will help to automate your processes, move you towards a paperless system (if you don’t already have one) and save you time. It can also be tried for free.
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