Hubdoc to be included with Xero Business Subscriptions
Key Points:
- Hubdoc is a data capture and document management solution for small businesses.
- Bills from suppliers can be forwarded to Hubdoc via email (or photos of receipts taken via the app).
- OCR technology is used to read the data of the bill/receipt and create a digital record of the transaction that is then pushed into Xero with a copy of the original bill.
- These transactions can be reconciled against bank transactions in the reconcile screen in Xero.
- Free from 18th March 2020 for Xero Business subscribers (Usually costs $27.50).
- Cost of Xero subscription will increase $2 per month from this date also.
More information:
When used correctly the utility Hubdoc is comprised of three key points:
- Document Storage
- A place to store key documents relating to business transactions online that can be shared with your accountant and bookkeeper.
- Conversion of business transactions into a digital form
- Business transaction data can be collected:
- Automatically from a list of providers (NAB, Telstra)
- By forwarding invoices to a special Hubdoc email address
- Taking a photo of an invoice/receipt via the Hubdoc app.
- The collected data is electronically processed by Hubdoc and key data is extracted from each document (Invoice number, Supplier Name, GST, Invoice amount).
- The data is presented for your review and can be pushed to an account in Xero you specify. (Rules can be set so future documents are handled in the same way).
- Business transaction data can be collected:
- Information in Xero is more reliable
- Each transaction has a copy of the original invoice attached.
- Information relating to creditors is input as suppliers invoices are received providing more insight into future cashflow needs of the business.
A short video showing the benefits of using Hubdoc and Xero is available at the below link: https://content.hubdoc.com/on-demand-webinars/how-to-streamline-your-business-bookkeeping-with-hubdoc-xero