If you’re running a business, you know how important it is to keep your books tidy and up to date. But let’s be honest, bookkeeping can be a bit of a headache, can’t it? Well, I’ve got some great news for you. Imagine combining the powers of Hubdoc, a top-notch document management tool, with Xero, one of the coolest accounting platforms out there. It’s like having a superpower for your business finances!
This blog is all about showing you how this dynamic duo can make your bookkeeping smoother, faster, and way more accurate. So, whether you’re juggling invoices as a small business owner, crunching numbers as a bookkeeper, or advising clients as an accountant, this integration is your ticket to a hassle-free financial world. Let’s dive in and discover how it can make your life easier!
What is HUBDOC
Hubdoc is a must-have app for anyone interested in automating their bookkeeping workflow and eliminating data entry. It is a cloud bookkeeping solution designed with the focus of helping SME’s spend less time managing their financial documents and more time growing their business. It provides small businesses with confidence that their financial documents are organized, secure, and always available. All data is “verified” with the source document, stored and easily searchable on any device.
Transformative Benefits:
Say Goodbye to Manual Data Entry: Hubdoc is like a magical assistant that automatically pulls out key info from your financial docs. When you pair it with Xero, every receipt and invoice finds its place without you lifting a finger. This means less time typing and more time for your coffee breaks!
Your Financial Health, at a Glance: Keeping track of your money is crucial, right? With Hubdoc and Xero, you get a live picture of where your finances stand. It’s like having a financial health monitor that helps you make smart decisions on the fly.
No More Paper Chaos: Let’s face it, dealing with piles of paper is no fun. Hubdoc turns all those papers into neat digital files, all sorted and stored for you. Come tax time or any financial check-up, you’re all set with just a few clicks.
Teamwork Made Easy: This combo is like a bridge between you, your bookkeepers, and accountants. Everyone gets to see and work on the same page, making sure your financial story is always clear and consistent.
Save Money While You Make Money: Cutting down on manual work and paper storage means more savings for you. That’s more cash in your pocket for the things that really matter in your business.
Safe and Sound Finances: Keeping your financial info secure and in line with the rules is super important. Hubdoc and Xero make sure your data is not only tidy but also protected like a fortress.
Manage Money on the Move: Whether you’re out meeting clients or sipping coffee at your favorite café, the mobile apps for Hubdoc and Xero mean your finances are just a tap away. Perfect for the busy bees!
Grow Without the Growing Pains: As your business expands, so do your financial needs. This integration grows with you, adapting seamlessly to your business’s changing landscape. It’s like having a financial partner that evolves with your success.
So there you have it! Integrating Hubdoc with Xero is like having a financial guardian angel for your business. It simplifies things, saves you time and money, and gives you the peace of mind to focus on what you do best – running your awesome business! Let’s embark on this journey to a more streamlined financial future together.
How it works
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, Account to use from your chart of accounts, etc, and then sends them to your accounting software.
Supporting documents are securely stored electronically so they are available on any computer or connected device.
MORE FEATURES
Turn paperwork into data you can use
Hubdoc application is cloud-hosted, with strong mobile apps which allow you to photograph or scan in documents – both receipts (already paid) and bills (which are automatically posted to accounts payable). They can also fetch statements automatically from suppliers such as telecoms, banks, and utilities – particularly useful if you want to avoid year-end chasing for statements when you want to close your accounts.
It allows multiple users to submit receipts, and automatically create transactions that you can export to your accounts system. Your system will then match the transaction to its bank feed. High definition OCR (Optical Character Recognition) allows the system to process the data – you don’t have to.
Audit proof your business
A big advantage of using Hubdoc is that your receipts will all be date and time stamped, giving you an excellent audit trail. The receipt always remains ‘stapled’ to the transaction even once it’s been passed through to your accounts system, so that auditing or responding to tax office queries is simple – there’s no need for a protracted search among the filing cabinets to find the original.
Security
Security features also help you keep your accounts safe. For instance, both systems are read-only where bank and credit card accounts are concerned, so hackers have no way into your account. Easy backup also helps keep data safe. Hubdoc automatically pulls your bills and statements into one secure hub. This means you have one login to view and manage the documents from
Set supplier rules
You can set supplier rules, so that Hubdoc knows how to code bills from recurring suppliers. That enables you to automate a high percentage of the transactions going through to your accounting package.
Duplicate document detection
If a document has the same supplier, date and amount as a document already uploaded, Hubdoc will automatically highlight the duplicate and notify you that a duplicate has been detected. You can then either move the duplicate to the trash, or mark it as ‘not duplicate’ if you’d like to keep it. This new feature will save you time and reduce errors in your bookkeeping, so you can spend less time double-checking uploaded documents and more time on value-added tasks.
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 those auto-forward to Hubdoc so you don’t ever have to think about it.
Seamlessly Integrated with Xero
All documents published to Xero from Hubdoc have a link in Hubdoc under the ‘publish details’ that allows you to click directly through to the transaction in Xero from the published document in Hubdoc. This functionality is particularly useful for those who capture a bill with Hubdoc and like to pay the bill right away. You can easily navigate from Hubdoc to view the bill in Xero and pay it there and then. From there, reconcile with just one click to create an up-to-date view of your books.
Xero product teams are continuously working to deepen the integration between the two products, including their look and feel. This is one of many updates you’ll see over the coming months, to create a more seamless experience.
HUBDOC IS FREE!
You read it right. Hubdoc is now part of Xero, and we would recommend Hubdoc for most Xero users, because you’ll get it for FREE! You can see Hubdoc included in all Xero Pricing Plans. You also get a single support center, which may be useful if you have problems with implementing supplier rules or syncing to the chart of accounts, for instance.
We can’t hide the fact that we love Hubdoc. We use XERO+Hubdoc at Libabun Accountancy and we implement it to all of our clients.
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.
Still have questions on Hubdoc? Please give us a call on +44 07828 580251.
Libabun Business Services Agency – “Building Better Businesses, Greater Lifestyles
Please refer to our main website for more details.