Xero is a great accounting system. As Platinum Champion Partners we get to work with one of the top rated systems in the world.
In this article I’d like to show you how you can FINALLY get rid of all that floating paper you have to deal with.
Several years ago, Xero acquired a company called “Hubdoc.” Hubdoc is the system we use to make your info system paperless. Many of our clients are using it successfully and have become significantly more efficient as a result.
Hubdoc is a document collection system that optically scans and stores your documents. And we use it to create a paperless accounting system. How does it work? Ok, calm down. I’ll tell ya…
How it Works
Documents get uploaded to Hubdoc where they get published to Xero (or QBO), and subsequently get attached to the transaction it pertains to.
The documents can range from credit card receipts, paid or unpaid vendor invoices, or any other document you’d like to keep electronically.
There are 2 ways to upload docs into Hubdoc:
- Use the App! You can download the Hubdoc app on your smartphone and use the same logins that you use for Xero. After going into the app, you’ll see a little “+” icon at the bottom of the screen. Simply tap on the “+” and take a picture of the receipt of the invoice you’d like to upload. After you see the image on your screen, make sure it’s clear and readable. Tap the “Upload File” button and you’re done. Hubdoc uploads your doc into the cloud. Note: the image is not saved on your phone.
- Upload an emailed invoice or receipt. Sometimes we all receive emailed receipts, especially when ordering items online. When that happens, simply forward that email to a unique email address that Hubdoc creates, and voila, it gets uploaded into Hubdoc.
Ok, now what…
I’ll tell ya what! Once the document is uploaded into Hubdoc, Hubdoc scans it and pulls the vendor, date, credit card number, etc from the receipt or invoice, and inputs the data into a form. At that point, our bookkeepers review the receipt, categorize it (unless Hubdoc already did that accurately), and then publish it to Xero.
Once it hits Xero, Xero looks for the “spend money” transaction associated with it. Once that transaction is reconciled, the receipt is attached to that transaction.
And VOILA! You now have all your receipts and vendor invoices attached to each transaction. These are accessible 24/7 to you.
If you’re not already using Hubdoc, let us know and we can set it up for you. Hubdoc also integrates with Quickbooks Online if you’re using that system.
