Having gone slightly off message in the last newsletter to focus on COVID-19 support, I am now returning to my planned series of articles focusing on the AG App Stack. This month I am looking at invoice automation and wanted to share with you Hubdoc. This app has been acquired by Xero and has now been linked to Xero, so that you can access it from within the package.
So, what is invoice automation and how can it benefit you. Think about the following questions:
- Where do you keep your paper receipts and invoices – glove compartment, shoe box, carrier bag or are you organised with an in-tray and lots of files?
- Have you missed out on tax relief because of lost paperwork?
- Do you enjoy typing up every invoice onto a spreadsheet or into your accounting software?
- Do you want to stop handling paper for whatever reason – possibly the pandemic has highlighted the need to handle paper less?
Well, invoice recognition software such as Hubdoc can help.
How does it work? Hubdoc uses OCR (Optical Character Recognition) technology to analyse your receipts and other scanned documents for useable data.
Hubdoc makes it easy to capture bills and receipts by email, mobile, desktop or scanner so they’re all stored online, in one place.
When you upload your receipts, Hubdoc converts that data into digital files, ready for export to Xero.
With a little upfront work setting up rules specific to your business, Hubdoc automatically extracts the key information from each bill or receipt so it’s ready to copy into Xero with the original document attached.
Hubdoc then syncs the data from your bills and receipts to Xero and posts them as accurately categorised transactions that are then available for you to match with your bank feed.
Hubdoc is free with business editions of Xero so what have you got to lose? It will take a little upfront investment of time to set up, but in the long run will save time and improve the quality of your records.