At Unicorn, we love to make the most of the technological tools at our disposal. We help our clients do the same. Let us introduce you to Hubdoc, the time-saving, document-processing app.
Hubdoc is an administrative pair of scissors that cuts through your tiresome tasks such as document collection and data entry. You have been able to use Hubdoc alongside Xero, for some time via the App Marketplace but now it is officially a part of the Xero family of applications since their recent acquisition. It will save you time, which as we all know means money, by either reducing your workload or removing the need for you to outsource.
What is Hubdoc?
Put simply, it’s a way to turn documents into useful data. It extracts key information from uploaded documents, such as invoices and receipts and automatically imports it. It removes the need to manually file the data and can be used to create up to date financial statements with minimal effort or input.
Hubdoc can automatically collect documents from more than 700 utilities and vendors and, like Xero’s app integration, that number is always growing. It’s currently available in the UK, US, Canada and Australia, with market expansion expected in Asia and New Zealand.
Easier with Hubdoc
Hubdoc is a great tool, whatever the size of your team. Each user gets a custom email address to forward documents for processing. Using this, you can easily forward invoices as and when you receive them with minimal effort. It really is as simple as forwarding an email.
This simple system allows you to stay up to date on the move too. If you are away from your desk you can use the iPhone, iPad or Android app to stay on top of your business’ financials.
How does Hubdoc mesh with Xero?
Xero automatically matches data from Hubdoc with your bank transactions, resulting in up to date books you can rely on. All the documents are “verified” to the source document and can be brought up on any compatible device, whether you’re on the go or at your desk.
Hubdoc is purchased via a subscription (starting at US$20 a month or could be included in your accounting package with us) and integrated with Xero through their App Marketplace. Through the merger, Xero plans to “accelerate delivering Xero’s vision for code-free accounting”. Xero continues to focus on clear and simple accounting for businesses, so your time is spent growing your business, not doing its paperwork.
At Unicorn, our document-processing app of choice used to be Receipt Bank, a similar app which also integrates with Xero, but as we are constantly reviewing and updating our app quality and future-proofing, we made the move to Hubdoc. And we have encouraged our clients to do the same. Efficiency is a prime objective for many of our clients and we know that Hubdoc helps them increase this.
The Hubdoc team remains independent, despite the merger. Over time the teams will merge more fully, and more powerful integrations will occur between the two apps.
While we strongly recommend Hubdoc, there will never be a requirement for Xero users to use it, although once you try it, you’ll wonder why you didn’t make the jump sooner.
Both Xero and Hubdoc can learn a lot from each other. Hubdoc processes tens of millions of documents on a monthly basis and using that technology Xero hopes to further improve its AI systems. Hubdoc also uses secure connection technology that Xero can utilise when a direct connection is not yet possible.
What if I don’t have Xero?
If you don’t yet have Xero, you have come to the right place. Xero makes short-work of your accounting tasks and our Xero Conversion service makes short-work of your move. All our clients have at least a Xero standard subscription as a part of their accounting package. Once we have your Xero implemented and converted, we also setup Hubdoc to work seamlessly to streamline your accounting process.
The bottom line is that Hubdoc will greatly reduce the time you need to spend on your bookkeeping tasks, and that’s an ethos that both Unicorn and Xero encourages. We know your business keeps you busy, but we also know how to help you spend your time on your e-commerce business’ growth, not its upkeep.
If you want to discuss moving to Xero, integrating Hubdoc or any of the other Xero compatible apps, please get in touch and we will be happy to help.
The best time to act in now.