Urgh… paperwork. Come the end of your financial year or VAT period, there’s always that mad scramble to get everything in order for the accountants, isn’t there?
It’s horrible. Receipts everywhere, purchase orders hidden deep within email threads and invoices which you know – hand on heart – you definitely put in that folder.
Thankfully, there are plenty of solutions to this in the digital age. Today, we’re going to look at one in particular – Hubdoc, which could save you hours and even improve your bank balance in certain situations.
How does it work?
Hubdoc is essentially a big vault for all of your financial documents. And before you say, “well, we’ve already got one of those” – it’s a bit smarter than your server or laptop’s hard drive.
Where Hubdoc excels is in its ability to automatically import receipts, bills, statements and emails, thanks to integrations with the likes of Xero and Box. It even sorts them neatly into sensible folders so you can find them instantly, whenever the need arises.
Secure cloud storage ensures you can access your accounts files on any device, without taking up an ounce of disk space on your own hard drives. It’s about as portable as it gets.
What about receipts?
You need look no further than the abundance of receipts we all continue to collect on a weekly basis for proof that we’re some way from a paperless office.
With Hubdoc, you simply take a photo of your receipt and the app will convert it into digital form and store it away for safe keeping. Simple! You can also scan in such documents and forward emailed receipts directly to the platform.
Hubdoc then converts all of this data into something far more useful by making it compatible with the likes of Xero. And yes, that will indeed remove a massive amount of manual work and checks and balances you’re probably undertaking now.
Xero users, rejoice!
Hubdoc is compatible with a number of third-party applications, but its integration with Xero requires special mention. Because it’s brilliant.
If you have the standard Xero subscription, you actually have access to Hubdoc already, so there’s no additional investment.
The integration is completely seamless, too. For instance, when Hubdoc automatically imports a bill for you, you’ll find it correctly configured in Xero, waiting for payment in your bank reconciliation.
Xero alone is a fantastic tool, but team it up with a document management system like Hubdoc and it really can save acres of time.
How does it save me money?
In certain scenarios, a platform like Hubdoc really can save you money.
This usually comes in the form of time saved. For instance, if you’re using a bookkeeper whom you pay to sift through your mountain of receipts and bills each year, Hubdoc will undertake a lot of that work instead.
Think about your own time, too. How long does it take you each year to find all of your receipts and purchase invoices? Your time is precious and incredibly valuable to the business, but should you really be investing it in paperwork?
It works with suppliers, too
Want even better news? Hubdoc is compatible with a number of suppliers, including BT and Jewsons, which means it will pull through the documents you’d normally have to deal with manually.
Imagine how much time that’ll save. In fact, for some businesses, it means there’ll be little to no manual bookkeeping required at all!
We think Hubdoc is a bit of a no-brainer – particularly if you’re already using Xero.
But if you’ve got any queries on this platform or anything relating to your own end of year process, just get in touch with the Trinity team!