In the fast-paced technology age we’re in, we expect to find the answer to every problem with a quick Google search or the use of an app. The same goes for businesses and their accounts.
However, bookkeeping didn’t start out this way. It was a tiresome and manual process.
How bookkeeping used to be
Many years ago, when we were learning the ropes, the only way to book-keep (by this we mean keeping track of your money coming in and going out) was sorting through boxes of paperwork and entering the information into a manual cash book.
You were lucky if you had access to the office computer and could use spreadsheets.
Receipts were often faded, old and unreadable, which meant they could be impossible to analyse. We even came across some pretty disgusting things in those boxes…but that’s a story for another day!
Fast forward to the 21st century and the technology age, this has all changed. It is inefficient to process data like this, and if you’re running a business, what use is year-old information?
Long gone are the days of having to sit down on a weekly, monthly or even quarterly basis entering receipts into a spreadsheet for your accountant.
So, how do we do it?
We use Hubdoc.
Who are Hubdoc?
Hubdoc was founded in 2011 by Jamie McDonald and Jamie Shulman in Canada. Hubdoc was then bought by Xero back in July 2018.
Hubdoc is a great piece of software that reads your invoices and receipts, turning them into data that bookkeeping software such as Xero can read. This means instant bookkeeping information, and reduced paperwork storage because a digital image is saved with that transaction in Xero (and backed up in Hubdoc), which is enough to keep the HMRC happy.
Bonus!
How Hubdoc can help your business
Good bookkeeping starts with a mobile phone. Ofcom reported that in 2018 the number of adults with a smartphone had risen to 78%.
With the right software and apps, you can run a business direct from a smartphone, giving you more of your precious time back to enjoy the fun stuff. After all, you started a business because you had a passion for it, not to spend hours entering information into a spreadsheet.
Save time
No more paperwork or manual entry needed. You can remove the day-to-day processing of paperwork with Hubdoc, and spend more time doing what you love.
Save paper
No need to print invoices and store them in folders or boxes for 6 years. Hubdoc will help reduce your paper usage and save vital office space.
A great way to reduce your carbon footprint.
Keep up-to-date with real time information
Hubdoc reads your documents, and pulls the information from them, so your bookkeeping software (such as Xero) gets up-to-date data. This keeps you informed, and helps you make better business decisions.
Hubdoc allows you to store important documents and data in seconds, with just a click of a button, and instantly share them with your accountant.
Auto invoice collection
Do you get those annoying emails reminding you that you have a new bill, but you’ve got to log on to get it? It’s a time-consuming task which can be frustrating if you’ve lost those all-important login details.
With the invoice fetch feature in Hubdoc, it will automatically connect and download those bills for you and process them into your bookkeeping software.
The bottom line is that it’s a better way of bookkeeping and record keeping. It’s as simple as that.
Why did we choose Hubdoc?
We have used the other big players in the market for this sort of data capture, however each had areas that we didn’t find to be a particular fit for our business and clients.
We began using Hubdoc around the time it was bought by Xero and liked the fact that it was going to have the advantage over other providers, with further improvements and investment from Xero.
We’re very much a Xero practice, and we wholeheartedly embrace everything about it, so it was just a perfect fit.
What our clients say about Hubdoc
Before Freedom in Numbers introduced me to Hubdoc, I would spend two to three hours sorting, scanning, then sending my documents to my accountant. Now, it’s all done in about half an hour because it’s an easy photo and done!
R Dolman – Glade Consulting Services Ltd.
How much is your time worth?
This is a question asked very often, but a hard one to answer.
Time away from family and friends, and not having the time to enjoy life is costly, both mentally and financially.
Having options that work so neatly together, such as Hubdoc and Xero is a solution that can help with this. Speeding up processes and having up-to-date information is key to staying on top of your business, leaving you more time for the important things in life.
