“Like a great personal assistant, we do it for you”– Hubdoc
What is Hubdoc? What can Hubdoc do? Why should I use Hubdoc? – All great questions, so here are the answers you’ve been looking for.
What is Hubdoc?
Hubdoc is a document collection and management software that was recently acquired by Xero.
What can Hubdoc do?
Missing bills and statements sending you down a rabbit hole of filing? Then Hubdoc is the software solution for you -it uses OCR (Optical Character Recognition) technology to analyse your receipts (and other scanned documents) for usable data. Once they’re analysed and scanned, that’s it – they’re in the system! Quickly search through all of your documents and find matching keywords or phrases, accountants and co-workers.
BONUS – this is a fantastic opportunity to go paperless! Great, right?
Hubdoc automatically sorts and organises all of your documents into searchable and customisable folders as soon as they arrive. No more piles of paper or filing cabinets full of documents. Not only does using this software simplify the process of storing documentation, it becomes available on any device and is more secure. Your important financial records are organised automatically for you, and backed up forever. It can become your secure digital filing cabinet in the cloud.
So, as mentioned above, your data will be stored securely in the cloud. Is it really safe? Yes, yes it is. Hubdoc uses bank-level security to protect your data! This software cannot make account changes in any way as it has limited access to your accounts, bills and statements. This means that no one, including you, can use the service to access money or make changes to any of the accounts.
Why should I use Hubdoc?
Setting up is straightforward, simple, effortless. Just search for your account provider, enter your information, and like magic, it automatically pulls your documents for you! After you’ve added an account, Hubdoc downloads your new bills as well as pulling and storing all of your past available bills!
Once connected, recurring bills and statements automatically get retrieved by Hubdoc and are added to your secure account in the cloud. Hubdoc converts the data received from the receipts you upload into digital files, ready for export.
“Now your accountant can gain access to all your bookkeeping, directly from Hubdoc. Simply grant your accountant access to your account and an email invite will be sent” -Hubdoc
By using Hubdoc it means you’re able to publish your docs and their data directly to accounting software like Xero, QuickBooks Online and Bill.com – meaning your data is always accessible while remaining safe and secure. Furthermore, you can use the Vendor Rules to automate how receipts, bills and statements are coded.
Using Hubdoc and Xero
- Transactions are automatically matched with bank feed transactions in Xero.
- Receipts, bills and invoices are turned into Xero transactions with source documents attached.
- Have your online bills and statements automatically pulled into one secure hub.
- Every time a document is fetched or uploaded, it extracts the key data and creates entries in Xero.