How Hubdoc automates document collection and data entry for accountants

Hubdoc lets you extract critical data from your bills, invoices, and receipts. It handles things for you in the same way that a superb personal assistant would. Simply use its smartphone app to take a picture of your bill, invoice, or receipt, and then you will no longer need to store that data. Hubdoc makes bookkeeping simple. There is no need to seek paperwork at the end of each month, quarter, or year. You can handle and preserve your financial documents in one secure spot, which is convenient for your business. Further, we will be discussing the benefits of using this app for your business.

Benefits of using Hubdoc

• Storing Financial Documents: Using Hubdoc, you can easily capture your financial papers. You can scan or upload documents to Hubdoc, send emails, and take images using your mobile device.
• Easier Data Entry: You may store all of your essential papers online. Hubdoc extracts essential information from invoices and receipts and translates it into usable data.?
• Bookkeeping: Supplier names, quantities, invoice numbers, and due dates are retrieved to create transactions in Xero and QuickBooks Online that include the source document. All of your bookkeeping is now simply accessible to your accountant via Hubdoc. You only need to grant your accountant access to your account, and they will send you an email invitation.
• Integrates with other platforms: Publish your documents and their contents directly to accounting software like Bill.com, QuickBooks Online, and Xero. Use Hubdoc's Supplier Rules to automate the coding of invoices, statements, and receipts.
• Organises your documents: When your documents show up, Hubdoc automatically sorts and puts them into searchable, configurable folders. No more squeezed filing cabinets or piles of paper.
• Easily navigate your documents: It makes your searching process easier to find the particular documents you are looking for and helps you find matching keywords or phrases.
• Use it from anywhere: You may access your essential documents from anywhere. Use your browser or download the app for one of the suggested systems.

How can it help you in Document collection and turn data into useful information?

Hubdoc extracts essential information from your bills, invoices, and receipts. No more filing or data entry. They serve as your assistant and make the process much easier for you. Further, we will discuss the process by which you can convert your collected data into useful information.

1. Capture the photo with the app: Simply use its smartphone app to take a picture of your bill, invoice, or receipt and then destroy the paper copy. Hubdoc scans, extracts, and stores your documents, preparing them for publication.

1. Generates unique Email address: Signing up with Hubdoc automatically generates a unique email address. Send them your files by email, and they will take care of the rest.

1. Scan your documents: If you have previously scanned your bills, statements, invoices, and receipts, you can submit them directly to Hubdoc, and they will extract the necessary information for you.?

How Bill and Receipt Data Collection Facilitates Seamless Bookkeeping?

Improving the monthly bookkeeping process through automation was one of Hubdoc's fundamental values. Jamie McDonald and Jamie Shulman, the co-founders of Hubdoc, knew from their previous experience co-founding a company that it was not sustainable to spend hundreds of hours per month gathering and organising documents, entering the data into a ledger, comparing it to a bank feed, and then clearing out each transaction.

Consequently, Hubdoc's major goal is automated data extraction. Hubdoc converts data into useful information for transaction coding and reconciliation by extracting key data from each bill, receipt, and invoice that is either auto-fetched or submitted. This is accomplished through machine learning-driven technology and, when needed, human quality assurance.

Benefits of automated bill and data receipt extraction

Everyone can benefit from automatic bill and receipt data extraction such as the clients, business owners, employees, and other participants will all benefit from automating this as previously complicated and manual procedure in the bookkeeping industry.?

"Hubdoc takes efficiency to the next level, eliminating hours spent manually collecting and organising documents," explains Hubdoc partner Stephanie Pettitt of Equation Accounting Ltd. It can also take invoice data and enter it directly into our accounting software, Xero. This eliminates hours of labour."

Automated bill and receipt data extraction can save time and reduce the number of document touches for both the bookkeeper and the customer, all of which help to achieve the smooth reconciliation goal.