Automate Data Entry of Your Receipts, Bills, Invoices
All businesses need to get their receipts and transactions online so there is a digital record of every transaction. This is part of the UK Tax Department (HMRC) drive to their MTD – Making Tax Digital project for all UK businesses.
Besides making all your receipts and invoices electronic is today, ‘business best practice’. It’s way more efficient for you. It saves you time, minimises paper handling, yet greatly improves record-keeping as everything is stored electronically on your accounting software.
How to automate your data entry of receipts, bills, invoices?
At Libabun Accountancy, we use the Hubdoc application. Hubdoc is a free addition to your Xero Business Accounting License. Hubdoc allows you to automatically import your receipts into your Xero Accounting software. You can even simply forward an email of your receipts/expenses to Hubdoc, so your Bookkeeper can correctly enter this data for you.
Hubdoc allows business owners to quickly and easily manage their receipts, invoices, and other documents that the businesses depend on to keep your financial records accurate and updated. You can even take a photo of an Invoice/Receipt on your phone and import it straight into Hubdoc to be automatically uploaded into Xero.
You can capture and upload your receipts/bills using:
- The camera on your mobile phone
- Scan on your computer
- Fetch them from online platforms
Hubdoc uses OCR (Optical Character Recognition) technology to analyze your receipts (and other scanned documents) for useable data. It pulls out the supplier name, invoice date, due date, net amount, VAT amount, etc, and then sends them to your accounting software, in our case to XERO, just by clicking the publish button. Extracting the data helps eliminate typo errors as there’s no more manual entry.
You can even auto-publish the data to your accounting software. You can save your configurations in Hubdoc and choose to auto-sync for the same future transactions from the same supplier.
In one click, your receipt is booked –with the receipt or invoice attached to the journal entry or bill created. All the bills created are supported by receipts/invoices you capture via the Hubdoc application.
Supporting documents are securely stored electronically so they are available on any computer or connected device.
A summary on how Hubdoc works
Email the document as an attachment
Hubdoc also allows you to email in attached copies of supporting documents to your accountant or bookkeeper. During Hubdoc set-up you’ll be given a unique email address that can be used to upload your receipts. Each Hubdoc account has a unique, customizable email that is used to send documents into Hubdoc that ends in @app.hubdoc.com. We recommend changing the prefix of this email to something easier to remember, like your company name
This method is ideal for invoices/receipts that are sent to your email. You don’t need to print them out or click save, just forward them to your Hubdoc account. If you have recurring receipts sent to your inbox, you can set that auto-forward to Hubdoc so you don’t ever have to think about it.
We can’t hide the fact that we love Hubdoc. We use it at Libabun Accountancy and we implement it to all of our clients.
You didn’t get into business to hoard crinkled bits of paper and spend hours typing them into spreadsheets. Together with Hubdoc, we can help your business grow by saving a big portion of your time — so you can focus on what matters most, which is running your business.
Now we have automated and digitised much of the data entry for your receipts and expenses. See another of our blogs that expands on managing Your business expenses.
If you have questions on Hubdoc, please give us a call on +44 07828 580251.
How Libabun Accountancy can help your business?
We use XERO Accounting Application to record all your sales and bills which are readily accessible wherever you are in the world. You can even access them via Smartphone. You no longer need to worry about missing receipts or unrecorded expenses as we use Hubdoc to capture ALL your bills and expenses. Application is also accessible using your Smart Phone.
Libabun Accountancy is part of Libabun Business Services Agency. We provide Small Businesses assurance, autonomy and abundance.
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