“Time is money” for all kinds of businesses. With that being said, if we can compress some business processes, we can dedicate more time to more important matters. Data-entry can be one of the most time consuming for accountants and bookkeepers. Chasing a busy client for their receipts and bank statements is rather tedious. Hubdoc is made to simplify jobs in the financial industry that usually eat up a lot of time because of so many fields that need to be filled up.
FEATURES AND FUNCTIONS
Snap and Send
Hubdoc advises us to take advantage the power of technology by taking snaps of paperwork and push them into the database in a few easy taps and clicks. Extracting necessary data for your accounts and reporting can be done through drag-and-drop or scan-and-upload. Once uploaded, a receipt, for example, will be automatically stored in your account. Through the power of Optical Character Recognition (OCR), Hubdoc is programmed to read the texts in the scanned receipt and transform it into a list showing the essential details such as date, vendor name, and amount per receipt.
Hubdoc also enables inserting data through email. After creating an account, there will be a customised email provided for you where you can send your bills and other documents that need to be stored online.
Automatic Bills & Statements
By simply adding billing accounts, you can automatically fetch all your billing history in seconds. This requires a one-time setup for each account. Upon account setup, it immediately prompts all historical billing and statements to show up in your documents’ dashboard. You can add multiple accounts to Hubdoc which means you don’t have to log into different websites to get documents every month.
The auto-fetch is not limited to billing history; this can also pull all bank statements of a client which is a big deal to all accountants and bookkeepers. Hubdoc syncs with client’s bank and auto-pulls up to 12 months of bank statements. This eliminates the need for accountants to request these from the client, saving both parties time.
Hubdoc is partnered with over 600 banks, credit cards, telecom companies, e-commerce, and more. If your merchant is not available in their list of Automated Accounts, you can add it to the Manual Account option or request it to be added by calling their customer .
In addition, Hubdoc provides tools to help managing files convenient such as adding a “Paid” marks to documents, adding tags, and segregating documents to folders. These features help keep Hubdoc documents in proper order.
Exporting data is possible through intelligent Hubdoc integrations with a list of top accounting software. Your data can be directly pushed to Xero, Quickbooks Online, and Bill.com for easy encoding. You can customise rules on how these data will be exported to your accounting software.
These integrations help your business flow run seamlessly and keep all colleagues on the same page. Hubdoc also integrates with cloud storage files which makes data backup much easier. Each folder can be pushed to Dropbox or Google Drive in just a few clicks without the need to download-then-upload your files.
Using 256bit SSL/TSL and a Premium Extended Validation certificate, Hubdoc pledges to protect your data stored in the system. Hubdoc also limits the access to all user to “read-only” which means nobody can make any changes to any accounts published in the system.
Auto-filing & Sorting
Hubdoc serves as the online shelf of all your documents which promises accessibility of each file anytime and anywhere. All folders are sorted alphabetically the moment they are added. Files are customisable and in case of heaps of folders showing up your account, a search bar is available in the upper part of the app to make the search easy-peasy.
- Eliminates the use of paper for accounting
- They are connected to a long list of Australian merchants, banks, and service providers where most documents need to be fetched to bookkeeping matters
- Integrated with Xero, Quickbooks, Bill.com and other cloud software
- They offer a 14-day trial for curious clients who want to try if Hubdoc is for their business
- Mobile app helps both the accountants and the clients to access all billing regardless of time and location
- Scan-and-send option makes accounting process faster and convenient
- Hubdoc speeds up collecting documents from multiple clients
- The dashboard can be not intuitive enough for first-time users but video tutorials can make up for it
- Lack of reporting function
- Adding some accounts take up several minutes
- Lacks in customising access limit to employees
WHO IS IT FOR
Hubdoc’s primary goal is to “help companies say goodbye to data entry”. This mostly pertains to companies in the financial industry where heaps of data are coming in and out every day. Hubdoc is perfect for Accountants and Bookkeepers who want to leverage their practice through automated document retrieval. Hubdoc account is seamlessly synced real-time with Xero and other accounting systems which allows bank reconciliation and audit-proofing effortlessly simple.
Accounting firms of all sizes can take advantage of Hubdoc in escalating their accounting workflow. It saves time not only for accountants but also for their clients with the help of intelligent features installed in the app. While some areas, Hubdoc can be helpful enough for daily accounting and bookkeeping jobs.
Got Hubdoc for your business? Share your thoughts with us in the comment section!