Hubdoc Joins The Elements Platform!

But you’ll want to do the initial preparatory work if you want to save time through automation. First off, both need to be synced to your chart of accounts – the hierarchy of accounting items in your accounts package. It has a number of default fields that you can’t change, such as ‘unpaid’, and ‘invoice’. That’s annoying if like some small businesses you have a large number of cash or credit card receipts to process and only two or three bills to pay. If your workload contains mainly paid receipts, you’re going to have to change the defaults every single time, and that’s more keystrokes and more effort. Because the application is designed to work for large enterprises as well as small businesses, Receipt Bank also has granular user permissions. You can specify exactly what each user of the system can see, edit or export.

• Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so.
• Great idea, poorly executed, cost our business much time and still not working.
• Consultance Accounting will work on your behalf to set up your accounts with vendors, banks and lenders so that Hubdoc automatically pulls your accounting source documents into one secure hub.
• You can set up some automation in there but for the most part it reads the data quite well and it saves data entry time.
• I really like how the setup is easy and the integration with QuickBooks Online is smooth.

The OCR technology will extract relevant information for your Hubdoc and bill payment records — date, amount, vendor name, etc. Share with your accountant, bookkeeper or colleagues to keep them in the loop. Extracts data from documents both from a feed and a scan really quick.

Entry

Hubdoc focuses on data capture, categorization and storage and it’s very good at what it does. However, Receipt Bank does have a little more finesse, for instance with user permissions, and with the ability to split invoices. It has more integrations, and is a bit more streamlined; it’s also a bit more speedy, while some users report Hubdoc can be slow.

To set up Hubdoc, you simply set up an account and get your login information. The software is available on your computer as well as for smartphones and tablets. Another neat feature is Hubdoc’s Optical Character Recognition capability.

Hubdoc allows your clients to easily capture and manage their bills and receipts. They can upload their documents using their desktop, mobile device, email or scanner – giving you access to the documents you need, when you need them. Once documents are uploaded to Hubdoc, the key data is automatically extracted and synced to Xero as accurately coded transactions with the source document attached. From there the transactions are ready for one-click bank reconciliation. All client documents are searchable and easy to access from anywhere in the world. Hubdoc is a document storage program that uses artificial intelligence to help you manage your documents. By connecting all of your accounts for which you have online login capabilities, Hubdoc automatically retrieves your recurring bills and bank statements when they become available.

Few Concerning Data Privacy Points About Hubdoc

We also integrated their scanner functionality into a custom mobile app that fed straight into the Hubdoc system with document notes via metadata tags. Hubdoc, a Xero-owned company, helps you spend less time chasing financial documents, and more time running your business. Since being acquired by Xero, Hubdoc continues to evolve into a feature-rich platform for Xero users to capitalize on. Hubdoc does the data entry by reading key information from bills and receipts and turning it into usable data. Receipt management for company paid cards and reimbursable employee expenses is lacking. Hubdoc doesn’t read the receipts to determine which card was used and automatically allocate that receipt to X employee. Employees should be able to setup Hubdoc inboxes with their own email address to send receipts to.

• Employees should be able to setup Hubdoc inboxes with their own email address to send receipts to.
• To provide exceptional services, we work with exceptional partners to provide you with the right technology platform to achieve your goals with maximum efficiency.
• It has a number of default fields that you can’t change, such as ‘unpaid’, and ‘invoice’.
• To set up Hubdoc, you simply set up an account and get your login information.
• Bill.com handles approval, payment and syncs to your accounting.
• There are various financial planning and analysis solutions that provide simple, adaptable, and easy-to-use tools to control and streamline the budgeting process.

Reviews are pretty good, which is refreshing in a world where customer service usually comes in for criticism from disgruntled users. Receipt Bank also ‘learns’ from previous transactions, and remembers where you posted a particular transaction last time, so it will automatically suggest where a given receipt or bill should post. That saves you having to enter data and can automate around 80 percent of transactions once you’ve been using the software for hubdoc a while. Both applications are super easy to set up, but applying a little more thought and effort to setting up supplier rules can help automate a higher proportion of items and save time in the long run. You even have the ability to put multiple users on the account. For example, your accountants wouldn’t need access to your private passwords for each of your bank or other online accounts. Source documents are the financial foundation of any business.

Integrate Hubdoc With Your Business!

With the shear number of contacts we’ve been able to find using RocketReach, the platform has probably saved us nearly five years’ worth of waiting. She has written for big publications including Overseas Property Professional, Pensions Age, Property Drum/The Negotiator, Credit Management, and Network Security. That’s annoying if you have hotel bills which run over on to a second page. You can fetch multiple months’ and even years’ statements, which is great for end-of-year audit and really useful if you have lost some of your old paper statements. Construction Executive published an article by Advisory Director Dawn Meeker and BD Director Chuck Schwartz, about the value of accounting and enterprise resource planning systems. There are various financial planning and analysis solutions that provide simple, adaptable, and easy-to-use tools to control and streamline the budgeting process.

Hubdoc does a great job of organizing documents by account and by vendor. It is so easy for bookkeepers and accountants to reconcile bank statements. You can truely remain 100% paperless and never have to print unless you need to tick and tie or highlight. It renames and saves documents that you scan and upload into folders based on the vendor name, bill date, and amount. It can also take the information from those documents and post it to several different accounting packages. Finally, it can save the documents to several cloud storage services. It provides your business with a very easy way to capture important documents and link them to the related transactions.

Top 5 Alternatives To Hubdoc

Individual users find the mobile app for entering receipts very easy to use. And there’s almost no time lag when you publish to QuickBooks Online, which means if you have a once a week session to get your accounts in order, you’re not wasting time waiting for them to come through.

Anyone allowed in has full access to the account, can modify, add, delete vendor accounts and receipts. For instance, both systems are read-only where bank and credit https://www.bookstime.com/ card accounts are concerned, so hackers have no way into your account. Digitizing and automating the process frees up your time to focus on more useful things.

Hubdoc Information

While you still have date and time stamps on each item scanned or photographed, you can’t be sure that all the items that should be there, are actually there, either. Both apps are user-friendly and simple, but Receipt Bank just edges into first place with its simplicity of format and good user reviews. Both applications are easy to use, but Hubdoc has a few annoying features that make life more difficult than it could be. Its ability to automate some parts of the organization of receipts is helpful. Figuring out how to set up the automatic feed is cumbersome.

Hubdoc gets your key financial docs in one place – automatically. Say goodbye to chasing documents and data entry and say hello to increased productivity.

You’ll be able to enter your expenses while your accountant will be able to check that they have been properly posted to your accounting system. Yes, Receipt Bank works with QuickBooks so that you immediately pass through your receipts and bills to create transactions in your accounting system. Hubdoc opens up showing a simple folder structure, which is very easy to use even for technophobes. It’s much more open and less full of data than the Receipt Bank interface, and show clearly the actions you can take, from uploading a receipt to syncing with the accounting system.

Power up your marketing and get people to pay attention to your business, pursuit, or clients. Find prospects, develop your lists, and track your marketing campaigns without even having to leave the RocketReach suite. Find the most crucial people you need to bring your product to with our advanced search features and then immediately take action, leaving your competition in the dust. Both Receipt Bank and Hubdoc allow accountants and bookkeepers to sign up and use the application on behalf of their clients.

Hubdoc’s mobile app is very easy to use,though iPhone users may not like the fact that it’s a non-rotating app. If the receipt you’re photographing is in the opposite orientation this can be an annoyance; not only is it not easy to take the photo, but you’ll need to rotate the photo once it appears in the system. That’s three extra clicks you really don’t need to complicate your life, and it will take a bit of time to display, too. 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. Hubdoc has more of a small business focus, and isn’t scalable beyond 1,000 vendor accounts. It also has no user access controls, and that, for us, makes it a difficult choice for businesses which have grown beyond a small number of users.

Data

PitchBook’s comparison feature gives you a side-by-side look at key metrics for similar companies. Personalize which data points you want to see and create visualizations instantly. There’s more features too, not to mention the ability easy find a document in seconds the next time you need to look something up or compare purchase history over time.

Hubdoc General Information

We’ve taken a look at two applications that can handle receipt scans – Receipt Bank and Hubdoc. Hubdoc can then be integrated with QuickBooks or Bill.com — or whichever automated payment service you prefer — so all bills get entered automatically. This eliminates a lot of computer keystrokes from the process, not to mention human error. The system offers bank-level security encryption and restricted access. In addition, the files are «read-only,» so neither the accountant, the business owner nor anyone else can alter them.