Hubdoc

Pros

It has three amazing features:
It fetches statements, our client statements directly from the source. So, all of their bank statements, phone bills, hydro bills, any kind of account or they'd have a regular statement, it fetches those as soon as they're released and brings them to us.
They have a unique email address that they're given through Hubdoc. Anything that comes to their email; receipts for any purchases online or what have you, they can forward directly to Hubdoc and they can also set up email forwarding depending on their email service to have those automatically sent over.
With the phone app they can take pictures of receipts on the fly while they're out and about and they don't have to actually categorize those expenses through the app they just to take a picture and they're done. So we're able to get all of the documentation that we're required to close their books super easily.

Another stand-out feature for this app is the OCR technology; so it'll read what's on the image or the attachment that’s sent to Hubdoc, and the data that's on there, and try to categorize it as best it can. We're still involved in verifying and pushing the data. You can set up some automation in there but for the most part it reads the data quite well and it saves data entry time.

So what happens with Hubdoc is once the transaction or the document comes in, the OCR is there to read the transaction level of data, you can then push the transaction over to Quickbooks Online or Xer

Cons

So, where we’d like to see some development is in the multi-currency functionality. So, a lot of our clients have bills that come in in U.S. dollars. It's a little bit messy with the effects moving over to Quickbooks.

Pros

Hubdoc is a great all-in-one expense tracking/ document collecting software solution. I set up all of my clients with this software and show them how to use it on their phones and through email. Two great features for the accountant or bookkeeper.
1) Receipt capture. No longer will you need to contact your clients to request what a particular charge is because they can simply scan the receipt at the time of purchase, or forward the digital receipt to their specific email address. The software pulls the necessary information from the receipt and pre-populates an entry to the accounting software you have synced to their Hubdoc account.
2) Connection to banks and credit card companies is super by the automatic download of statements. No longer do you have to go to each of the client's bank's websites and manually download the statements for reconciliation. Hubdoc will grab them for you.

Cons

Hubdoc will categorize an expense to push the charge as a bill/invoice or directly to a bank account into the accounting software. One negative feature is the inability to tag the bank accounts with the last four digits of the credit/debit card that was used so the Hubdoc can push directly to that bank account. At this time of publication, we have to manually add the bank account to push the expense to - also assuming you have the last four digits of the cards memorized. Which I do not.

Pros

The software integrates with Xero cloud accounting making it easy to get your invoices and receipts entered into your accounting records.

Cons

The setup is a little clunky when adding more users but once you have got your head around how to carry out the task it is fairly straight forward.

Alternatives Considered

Reasons for Switching to Hubdoc

Pros

Data extractionHubdoc offers an advanced data extraction feature that can automatically extract important information from your bills, receipts, and invoices, such as vendor name, invoice number, and total amount. This can save you a significant amount of time and effort compared to manual data entry.Centralized document storageHubdoc allows you to store all your financial documents in one central location, making it easy to find and access important information when you need it. This helps to streamline your financial management process and keep your documents organized.IntegrationsHubdoc has built-in integrations with many popular accounting software, such as QuickBooks, Xero, and more. This allows for seamless data transfer between the two platforms, which helps to automate certain aspects of accounting, such as bookkeeping, invoicing, and financial reporting. This improves efficiency and eliminates the need for manual data entry.

Cons

Limited accounting functionalityHubdoc is not a full-featured accounting software and may not have all the functionality that some users may need.Limited mobile functionalityThe app does not have all the functionality of the web-based version and is not user-friendlyLimited OCR capabilitiesThe OCR technology used by Hubdoc is quite advanced, but does not work perfectly on all types of documents, and the accuracy of the data extraction feature can vary depending on the quality of the original document.

Pros

- Syncs well with Xero
- Provided FOC with Xero
- Easy way for us to provide information to our bookkeeper/accountant
- Can just take a photo and send the attachment to a Hubdoc email address and the document will be captured in the system

Cons

Once in a while, data is read incorrectly. But this is very easy to fix and not a big issue