In August 2018, Hubdoc was acquired by Xero for $94m, being the largest ever deal conducted by Xero. So what is Hubdoc? Hubdoc is a leading Canadian-based, data capture solution that helps accountants, bookkeepers, and small businesses streamline administrative tasks such as financial document collection and data entry. Hubdoc has also been a partner of Xero for many years and it can be added as a third-party application.
Hubdoc is designed to alleviate data entry for busy business owners and bookkeepers as it captures, processes, and syncs important information between leading accounting applications. This works by simply snapping paper invoices, bills, or receipts using a smartphone or tablet camera, and the apps for iOS or Android scan those documents ready for upload.
Once this data is captured in Hubdoc, copies of files are then placed in fully customizable folder structures and documents can then be archived and viewed anywhere and across multiple devices via app or browser. Although Hubdoc is cloud-based, it features bank-level protection boasting industry-standard levels of encryption and verification technology. Financial data from uploaded documents or linked accounts can then be published between leading accounting software such as Xero. Vendor-specific rules allow Hubdoc to code documents based on these specific criteria which ensure seamless integration within existing systems and user groups.
As Hubdoc already integrates with Xero, it allows accountants and Bookkeepers to work more efficiently. This is because time-consuming tasks are streamlined with the following synergies possible:
- Streamlined data capture: Hubdoc complements Xero’s “financial web” strategy by auto-fetching financial documents from over 700 utilities, telecom providers, banks, and online vendors, extracting the key financial data and source documentation, and then seamlessly syncing the data into Xero.
- Real-time financial data: Xero can automatically match data imported from Hubdoc with bank feed transactions, so that advisors and their clients have an always up-to-date set of books, and can make more informed timely business decisions.
- Organized and verified data: Hubdoc provides accountants and their clients with confidence that their financial documents are organized, secure, and always available. All data is “verified” with the source document, stored, and easily searchable on any device.
Hubdoc is ideal for small and medium-sized businesses and a subscription starts from $20 per month it is also compatible with iOS, Android, PC, and Mac.
Hubdoc is ideal for small businesses in Dubai as it can help them to organize documents more efficiently while at the same time ensuring that cost is reduced when recording bookkeeping transactions.
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This article is an extract from the Xero website and is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.