Then sweat over them for several hours entering numbers one by one into an accounting system.
I remember before the creation of cloud accounting, I used to spend hours entering cheques, sometimes it would be up till 7 in the morning entering cheques.
God forbid if you transpose a few numbers or have the wrong dates for the cheques.
You would then have to search and see where you made a mistake and correct them since your bank reconciliation is not working.
Enter the Hubdoc,
Hubdoc has the Optical Recognition feature so it will read the expense sheet and retrieve all the accounting data and the sends them to QuickBooks Online and keeps the expense sheet for 10 years and helps with the reconciliation.
Better yet, you can forward electronic expense sheets to a unique Hubdoc email and then the software repeats the same thing and retrieves all that data.
One of our clients did this and capture close to 1400 documents and sent them to Hubdoc. This saved over 30 hours of bookkeeping time.
The documents then don’t need to be saved separately in a show box, they can easily be recycled.
Better yet, if ever Canada Revenue Agency is knocking on your business door and wants to see receipts. A note here, if you can’t provide it, the disqualify the claim for HST and Expense.
With Hubdoc, we can provide the receipt right from QBO.
Once the expense item in opened in QBO, the PDF receipt with show up as an attachment and opens when we click on them.
This can also be sent electronically to RA. Imagine how many trees you save.
In summary, this document collection and management software will automatically import all your financial documents (receipts, emails, bills, statements, etc.) into a secure account in the cloud. You can even link all your accounts together for automatic upload.
HubDoc Highlights
Hubdoc Makes Bookkeeping Effortless
It's really simple to organize your financial records using Hubdoc. Your document can be uploaded automatically from your accounts, forwarded from your email, or you can take a picture of it. After that, Hubdoc takes important information out of the documents (such as the vendor's name, date, and amount) and outputs it as usable data. To put it another way, Hubdoc does all of the data entry for you.
Hubdoc Collected Documents Automatically
Hubdoc will automatically gather your bills and statements and upload them to your cloud once you link all of your accounts. This makes it simple to check if you have received everything and made all of your required payments. Banks, telecom providers, utility companies, and more than 700 hundred online vendors can all have their documents automatically retrieved by Hubdoc. This will save you a ton of time searching through multiple accounts, finding your documents, and uploading them one by one.
Hubdoc Creates Folders and Sorts for You
After the documents are uploaded, Hubdoc will even manage the folder creation and sorting for you based on vendor name..
Hubdoc Provides Access to Users, Bookkeepers, and Accountants
You can use this software to give multiple people, including your accountant, access to your account so they can work on your books and download any necessary documents for tax season. Easy enough, you can make the files "read-only" to prevent them from tampering with your documents. Even better, Hubdoc and Xero HQ can be configured to notify the activity feed when documents are uploaded and prepared for direct Xero publication.
Hubdoc Utilizes Cloud-Based Platforms
Hubdoc has the great feature of seamlessly integrating with other platforms. Accordingly, it will establish a connection with your Xero accounting program, enabling one-click reconciliation and the automatic sending of documents there. Combining the two software packages can improve your assurance that your books are accurate and well-organized while also lessening the effort involved in data entry. The coding of these documents can even be automated with rules, after which you can review the draft transactions in QBO.
Hubdoc Automatically Back up your data
In case you are still not convinced, let us clarify that you will not have to worry about losing documents in the event of a computer or server crash. Your documents are automatically backed up by Hubdoc and are safely kept on the cloud.
Hubdoc is accessible, wherever you log in
All kinds of devices, including tablets, can use Hubdoc. By using your mobile device, email, or even your scanner, you will be able to effortlessly upload invoices and receipts with ease.
Hubdoc Allows You to Work Anywhere
Additionally, you can view your documents at any time and from any location in the globe. This guarantees that assignments are completed on time, regardless of whether you are working from home or in the office. Your workflow can now be simplified, and everything can be managed from a single, secure cloud.
Hubdoc offers top-notch training and support.
It is great to have software that is convenient, but if you do not know how to use it, what good is it? When learning how to use the software, Hubdoc makes it easy. Together with committed phone support, they offer complimentary online training to assist you during the process.
As you can see, bookkeeping is simplified with Hubdoc. All of your financial documents are securely managed and kept on the cloud, so you do not need to search for them at the end of each month. You will have more time to concentrate on managing your business, which is what you do best, and your business will run smoothly.
Are you ready to finally organize your books?
Reach out to Numetrica right now.
We handle all of your accounting requirements.
In addition to sorting transactions and organizing all of your statements and monthly reports, our team of cloud bookkeepers and accountants will also assist you with your tax accounting.
We employ cutting edge technology, such as accounting software from QBO and Hubdoc, to help you optimize all of your accounting procedures and give you access to user-friendly accounting systems at any time and from any location.
Find out more about our offerings and how we can assist you in concentrating on your business rather than your bookkeeping!
Suggesed Read: HST Definition: What It Is, How to Use It, and More