HASTEN YOUR DATA MANAGEMENT AND ACCOUNTING WITH HUBDOC

Cloud accounting software has made it easier for enterprises of all sizes to manage their books, either internally or in collaboration with outsourced bookkeepers. Software as a service (SaaS) accounting platforms are available for a range of purposes: some for general purpose accounting; others for more specialised functions.

 

Hubdoc is one of the latter. Rather act as an overall accounting platform, Hubdoc tries to fill the gap that exists between accounts on the cloud and the disparate data sources those accounts rely on. It’s an automated data entry and management tool that makes other cloud accounting platforms work even more efficiently.

 

Do Away with Manual Data Entry

Hubdoc’s focus is on expediting the data entry process. It does this by 1) automatically fetching data from a variety of sources; and 2) efficiently capturing data from other sources, according to users’ requirements. The first function, automatic data fetching, works mainly with bills and bank statements. While it takes some time to set up, it makes things go much quicker later on. Hubdoc can be set up to automatically source data from banks and several major vendors—such as telecoms and utilities—and archive them. While the program automatically generates folders, files can be manually sorted later on for other organisation schemes and purposes.

 

The second function, data capture, relies on optical character recognition (OCR), which is a method used by other similar programs. Users can upload other documents by taking a photo of them through the mobile app. Using OCR, the app then creates an entry using data from the document. This allows users to add data from sources that can’t be indexed automatically, such as bills from smaller vendors, receipts, and even checks.

 

Hubdoc for Business

With its focus on data fetching, capturing, and management, the platform can be useful to businesses in a number of ways:

  • Working with Accountants: Accountants or bookkeepers can set up accounts of their own, allowing them to manage multiple clients. This allows both bookkeepers and their clients access to important information, while leaving each one in control of their respective documents.
  • Digital Archiving: Hubdoc makes it easy to create and manage digital archives. Users have flexibility in creating and customising folders and the data fetching and capturing techniques makes it easy to populate these folders. Furthermore, when Hubdoc fetches information from certain sources, such as some banks, it can retrieve multiple years of information at once and sort it accordingly.
    Hubdoc also fetches .CSV data for bank statements, which makes it easy to enter data in batches.
  • Improving Existing Bookkeeping: Hubdoc syncs with other accounting platforms, like Quickbooks and Xero. Used in conjunction with other accounting platforms, performance is improved all around.
  • Reducing Physical Files: as information can be sent directly to the cloud and the digital archives are easy to organise, Hubdoc eliminates the need for most paper archives.

 

Amid a variety of more general-purpose accounting platforms, Hubdoc makes its mark by focusing on a specific process—getting and managing all the data you need for bookkeeping—and making it much more efficient.

 

If you’re in need of more help when it comes to optimising your business for profit, get in touch with the experts at Easdowns today! We provide business and financial advisory services to help you maximise the potential of your business, achieve your goals and secure your financial future.

 

Chris Kleeman has even been named as one of the top 50 Hubdoc Cloud Accountants for 2017 http://content.hubdoc.com/hubdoc-top-50/top-50-cloud-accountants-of-australia-2017

For more practical business and finance tips, don’t forget to read our blog.