Hubdoc – Document Storage and Data Extraction
Are you a Xero user? Are you using Hubdoc for FREE?
Yes, that is right, on most Xero plans, Hubdoc is included in the cost of your Xero subscription. Hubdoc also works with other accounting programs too, for a small cost.
Hubdoc is –
1. an atomisation tool that can help you stay on top of your bookkeeping
2. a document storage facility; and
3. a tool that can save you money with your Bookkeeper and Accountant.
So, lets dive into this deeper…
What does Hubdoc do?
Hubdoc captures the data by extracting key information from your invoices, receipts and bills and gets the data ready to send over to Xero for reconciliation against your bank feeds. You can get your data into Hubdoc by taking a photo on your phone through the Hubdoc app, forwarding the data via a unique email address or you can scan and upload the data directly to Hubdoc. Once Hubdoc has extracted the data, this data sits in Hubdoc ready for you to check and publish. Once published this data is also published in Xero (including a copy of the invoice, receipt, or bill) and is ready to be reconciled.
Once Hubdoc has published the data, the data is moved to a folder in Hubdoc under the name of the supplier so that it is easy for you to locate later if needed.
So how does Hubdoc save you money with your Bookkeeper and Accountant? By using Hubdoc all the information and data your bookkeeper needs to ensure you are up to date and compliant is available so your bookkeeper can get on with your bookkeeping and deadlines in a timely manner without having to hassle you! For your Accountant, at the end of each financial year at tax return time all the information your Accountant needs is already in Xero – this reduces the queries that the accountant needs to come back to you with before lodging your tax return – therefore saving your Accountant time and your money!
So, in summary – if you are not using Hubdoc and you are not sure how to get started – please contact our team and we can get you on the right track and making your bookkeeping smoother, easier and cheaper!