I’m on a mission – a mission to attain zero data entry in our virtual bookkeeping practice. One of the most time-consuming processes is collecting statements to do month end closes and entering bills on an real time basis. The integration between Xero and Hubdoc provides a major step forward in completing my mission – attaining zero data entry for bills, invoices and receipts.
What is Hubdoc?
Hubdoc is an automated document collection, storage, and organization platform on steroids that lives in the cloud and integrates with your cloud accounting platform.
It puts your clients’ monthly bills and statements on autopilot. So instead of using a task management app, e-mails, and all out bullying to get your clients to provide the information necessary to keep their finances up to date, you can use a solution that automatically grabs the statements as soon as they are available.
My favorite feature of this service is as soon as you configure an account (bank account, credit card, utility, etc.), it connects and downloads every historical statement that is available on the website. This is typically 12 to 18 months of statements, sometimes multiple years of statements. This is extremely useful when we are onboarding a new client and have to reconcile accounts going back months or years and need all the statements.
What does it mean for an accountant?
This is a productivity tool that enables you to support more clients in less time while providing more value. Hubdoc covers a significant portion of the document collection process required to maintain accurate and auditable financial information. It will eliminate a lot of the trivial communications with your clients to collect the documents they have and you need.
The next key feature is the integration with cloud accounting platforms, in this case Xero. When Hubdoc collects a statement, it will create a bill in the accounting system and attach the source document to the bill. Another time saver is that the statements are added to the accounting system the day they are available and don’t have to wait until you or your team can get to them (or when your client finally gets them to you months later).
Hubdoc is being designed for accountants to manage multiple clients. They will soon launch a multi-client dashboard, and volume pricing is available to accountants and bookkeepers.
What does it mean for your clients?
Implementing Hubdoc means fewer administrative interactions (and frustrations) for your clients, and more time to discuss their business and review their accurate and complete financials. Plus, they can log in to find their statements without bothering you, and can they add their own personal accounts.
- Recurring bills and statements on Auto-Pilot
- Automated collection and as new documents become available an email alert lets you know that bill is available.
- E-mail or upload documents and statements to be stored in Hubdoc
- Snap and send paperwork (Mobile App)
- Use the mobile app to capture statements, documents or receipts
- Export documents
- Documents are stored following a standard naming scheme
- Download single documents or all documents quickly
- Sync the documents to Box (Google Drive, Dropbox and others in the future)
- Audit-proof the business
- Hubdoc holds an archive of financial information; including statements, invoices, and receipts which will save you and your client time in the event of an audit.
Hubdoc is a straightforward, cloud application that is easy to setup, quickly retrieves the information you are looking for, and integrates with multiple platforms.
Figure 1: Hubdoc’s main screen
Hubdoc’s main screen (figure 1) shows folders (one folder per account), most recent documents, and a summary screen showing the due dates, amount due and current balance.
Adding Accounts (Banks, Credit Cards, Utilities, Insurance, etc.): Hubdoc already supports a wide range of sites today. They are GREAT at adding new accounts: just send an email to support with a URL, and they will add it within a week or two (or less). They will configure the new connection to log in to the new site and grab all the available statements.
Figure 2: Hubdoc Accounts screen, and adding a new account
Hubdoc integrates with Xero. It checks for statements daily so as soon as the statement is available, it is pulled in and then synced over to Xero. Hubdoc provides the ability to map the bill to the right vendor and chart of account.
You can choose if the bill goes into “Draft”, to be reviewed before processing, or as “Approved”, depending on your workflow.
Figure 3: Configuring Hubdoc to create bills and send documents to Xero
Figure 4: List of Bills created in Xero with the Vendor, Due Date and Amount Due
What’s in the Future for Hubdoc?
Hubdoc is a modern, dynamic, responsive cloud software company. They are constantly collecting feedback from accountants and their customers to improve the product. They are constantly adding new banks, credit cards, utilities, etc.
In the near term, you can expect to see a dashboard for accountants to manage multiple clients and more and more connections to the companies you interact with everyday.
The long-term vision for Hubdoc is to help accountants and bookkeepers automate the process of accounts payable by creating the accounting entries with the source documents attached. This will free up accountants and bookkeepers for high value work, support more clients, and save us from the drudgery of data entry and pestering our clients for information.
The combination of Hubdoc’s document collection capabilities and Xero’s cloud accounting platform provides a great solution to improve productivity and push the envelope of zero data entry accounting.
Scott Scharf will be present sessions on Ecommerce Wizardy and Ecommerce Implementation Scenarios, as well as on Sales Tax, at Solutions 14, The Sleeter Group’s Accounting Solutions Conference in Las Vegas in November.