What is Hubdoc and How Can Businesses Benefit From It?

In terms of user access, a lot of software packages offer the ability to restrict the role of other users. A normal piece of accounting software, for example, can have the account administrator assign accounts payable access to only one person and assign payroll-only access to the other. Hubdoc, a piece of document management software, is a popular choice nowadays, especially when financial information is involved. It is true that there are other applications available that are totally free, but they can only provide some of what Hubdoc offers. Docsumo uses intelligent OCR technology to convert unstructured documents into structured data that can be easily analyzed and processed.

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It is still a good idea to have backup storage when using the software. Remember, you are dealing with your financial records – receipts, bills, checks, bank statements, and perhaps important contracts. Once you delete a document or an account in Hubdoc, it will be lost if you haven’t downloaded it and saved it to your hard drive. Hubdoc then scans uploaded documents and automatically extracts key financial data. This data is then formatted to fit seamlessly within the Xero environment or other accounting software.

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Once documents have been seamlessly uploaded, the key data is extracted and synced with Xero or Quickbooks Online as an accurately coded transaction with the source document attached. Hubdoc transactions are automatically matched to the corresponding transaction in the bank feed, retained earnings ready for one-click reconciliation and allowing for audit proofed books. Think of Hubdoc like a centralized, digital data file cabinet for your business. It is a cloud-based data-capturing tool that lets you quickly and easily upload your financial documents in one place.

Setup and Pricing

PandaDoc is not a law firm, or a substitute for an attorney or law firm.
With this, it would be easier to check what specific receipt or bill was deleted.
Duplicate detection is the number one feature our customers have been asking for.
With its powerful features and user-friendly interface, DocuClipper makes bank statement conversion a breeze.

All plans include unlimited cloud storage, unlimited users, and unlimited clients for accountants and bookkeepers. Hubdoc syncs captured transactions with Xero, and uses supplier rules to automatically create transactions in Xero. Dext Prepare adds flexibility and control as you scale — with data quality checks, customisable rules and auto-categorisation. It uses machine learning to determine how to categorise each item based on your previous behaviour. Hubdoc turns a https://www.bookstime.com/tax-rates/california PDF bank statement into a CSV, making it quick and easy to get the transaction data into Xero.

Can I Extend The Lifespan Of Xero Or Quickbooks Online Or Should I Move To A Mid-Market Solution?

Overall, DocuClipper is the best bank statement extraction software, allowing anybody to process bank statements at scale fast and accurately. If this all sounds like a better way to work, that’s because it is. Improved data capture makes the entire accounting cycle work smoothly and makes using Xero even hubdoc better, from day one or as you grow. Reconciliations become more reliable, employee expenses are paid faster, your revenue picture is robust, and you can be more confident in compliance. Early on, many businesses have time-consuming manual data-entry processes. Finding and entering this data from multiple sources takes up valuable time, and can be prone to human error – it can soon become a task that you dread to complete.

One of the cloud solutions we use for ourselves and recommend to our clients is Hubdoc.
You can use Hubdoc’s Supplier Rules to automate how these bills, receipts, or statements are coded.
One can just connect their key accounts and be notified if there is a new statement or a bill that is due.
You can simply drag and drop your scanned documents into your account individually, or upload them by batch.
This process allows for a comprehensive and efficient financial investigation, turning any PDF statement into a source of actionable intelligence in less than 24 hours.