Hubdoc joins with Xero
Xero recently acquired Hubdoc for 94 million dollars, the most Xero has ever paid for an acquisition. As the Adelaide Xero Bookkeepers we keep an eye on what Xero is buying and selling, as long-term they tend to focus their integrations on their own suite of products, such as they have done with Workflow Max.
Hubdoc is basically an advanced version of its original OCR competitors like Receipt Bank, using a high level OCR, document storage seamlessly integrated to your preferred cloud storage and the ability for Hubdoc to fetch statements/invoices directly from suppliers through their automated connections.
For example, if you log in to Hubdoc and link it to your Telstra account, then every time Telstra sends you an invoice Hubdoc automatically gets a copy directly from Telstra. It analyses it and follows your internal rules to upload it as a purchase into your Xero for you to match against the appropriate payment. This will have all the usual tricks of uploading a copy of the source document to the transaction, so one is stored in Xero on the relevant transaction and the OCR is able to read the information such as due date and amounts directly from the document.
You can also set up a unique Hubdoc email address and set up rules in your email to auto forward supplier invoices to Hubdoc for processing, again removing the need to manually upload a document. Once you teach Hubdoc how to process a supplier, then the software will remember and continue to process it the same way, allowing that automation to remove countless hours in manual entry and checking.
Overall we are pleased with the system, and from personal experience, can confirm Hubdoc is a great tool to automate your business processes and reduce the need for manual processing of transactions. It reduces admin time and bookkeeping time and reduces the amount of human error that can creep into the system (damn humans keep making mistakes)!
Over the last few months we have had dozens of additional clients come on board with Hubdoc and have found it to be a great investment at $27.50 inc. GST per month.
As the Adelaide Xero Bookkeepers we are Advanced Certified partners on the Hubdoc product suite and can help you to setup the system, train your internal staff and provide an ongoing review service to make sure it keeps working smoothly! So give us a call if you want more information about this or any other automation apps!