2020 has seen a variety of developments arise that have impacted the way businesses operate. For instance, companies have become more receptive to the idea of remote working and cloud-based applications. Businesses have thus been scrambling to adjust their business models to make the most of these new business environments. As mentioned in our article, Coronavirus Navigation – How Online Tools Support Home Office, working from home for extended periods of time can negatively impact a businesses productivity. This does not necessarily have to be the case. In this article, we look at how Xero’s cloud-based accounting software and Hubdoc’s data capture software can facilitate a company’s efficiency and streamline their bookkeeping and financial management.
What you will learn from this article:
1. What is Xero?
Xero is an online accounting software developed with SME’s in mind that offers quality features and strong usability as a cloud-based solution. Xero allows companies to manage and share access to their financial documents with their team, accountants and bookkeepers – facilitating collaboration, transparency and efficiency.
Using cloud-based software as their foundation, Xero lets its users manage large portions of their business anywhere and on any device.
Cloud application developers in particular have been able to take advantage of Xero’s cloud-based foundations and have been building and launching their apps using Xero. These app partners can be found on Xero’s App Marketplace and offer users a plethora of options to customise their Xero experience. At the time of writing, Xero’s App Marketplace currently features over 700+ different apps that can synchronize with Xero – among such apps is Hubdoc, which was formally acquired by Xero on July 31, 2018.
2. What is Hubdoc?
Hubdoc is a cloud bookkeeping solution designed with the focus of helping SME’s and their advisors spend less time managing their financial documents and more time growing their business. Xero users can utilize Hubdoc and the features that it provides by installing the Hubdoc add-on via Xero’s App Marketplace.
Hubdoc has developed a reputation as a leading application on the Xero app marketplace. Hubdoc won the 2016 Xero App Partner of the Year award, Xero’s very first Partnership Impact Award in 2017, and has since become an established Xero HQ integrated partner. Xero’s acquisition of Hubdoc on July 31, 2018 allowed both parties to further develop how their platforms can synchronize with each other.
With Hubdoc’s data capture software, SME’s can swap their manual bookkeeping tasks (which is often the most time consuming task associated with bookkeeping) with an online solution by extracting key information from their invoices, bills and receipts.
By simply taking a photo of their financial documents with Hubdoc’s mobile app, all key information found on the financial documents will be scanned, extracted and stored online. This also frees up the need to maintain physical documents. However, taking a photo is not the only method to upload documents! Users can forward their email paperwork or even scan/upload their financial documents for data extraction. Regardless of the method of recording financial documents, all information will be organized and verified as authentic upon successful uploading.
Upon uploading all financial documents onto Hubdoc, users can view and manage all their financial documents from a single platform, eliminating the need to maintain multiple accounts. All uploaded financial documents will be organised automatically, backed up forever and are available to view on any device – Hubdoc thus becomes a secure digital filing cabinet on the cloud. Hubdoc’s features and usability truly excels as compared to competitors, with their strengths highlighted through its ability to synchronize with Xero.
3. How Can Hubdoc Benefit Your Business?
In one simple sentence, Hubdoc allows businesses to spend more time growing on their business by alleviating them from the need to manage their financial documents. Time saved means more time for businesses to interact with their clients or even find new ones.
Another benefit that cannot be easily quantified is the amount of burden lifted from a business owner’s mind. By understanding that their documents, when uploaded onto Hubdoc and Xero, are automatically backed-up, business owners do not have to worry about any financial information being potentially omitted when reviewing their business operations and general company health.
With timely and accurate uploading of information, businesses will also be better able to adhere to their audit and tax compliance obligations. Accordingly, to the extent that a business engages an accountant or bookkeeper, they will be provided with better resources to conduct their responsibilities.
Conclusion
Unlike traditional accounting firms who manage large volumes of paperwork but offer low transparency to their clients, the FastLane Group provides hassle-free, reliable accounting services. We are a Xero Certified Partner and have been recognized as Xero’s Hong Kong Accounting Partner of the Year 2019! Our staff are greatly familiar with how to utilize the cloud accounting software and its features, including Hubdoc.
We can assist our clients in Xero Implementation, Xero Training, and then can perform ongoing bookkeeping services where all you have to do is upload your financial documents onto Xero! Please contact the FastLane Group for a quotation or if you have any questions you would like us to address!