Hubdoc launches in the UK – taking the pain of chasing documents away

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You’re probably all too familiar with the painful task of chasing clients for bank statements, bills, or receipts. It can be an extremely time-consuming process, limiting your ability to take on more clients, provide higher value services, and make more money.

Since launching Hubdoc on the Xero App Marketplace in 2014, we’ve been on a mission to help advisors eliminate manual tasks that are slowing them down. In particular, collecting client documents and manually entering data into accounting systems.

Hubdoc won the Xero App Partner of the Year Award (Americas) in 2016, and the Xero Partnership Impact Award (Americas) in 2017. After expanding in the US, Canada, and Australia, this Spring Hubdoc is coming to the UK.

Case study – How does Hubdoc benefit Xero advisors?

“Closing the books with Hubdoc and Xero takes minutes, and it used to take hours.” This was according to Cindy Hovig from Beyond Balanced Books. By introducing Hubdoc and Xero into their bookkeeping workflow, the practice no longer has to chase clients for financial documents.

Hubdoc auto-fetches bank statements, bills, and receipts from hundreds of financial institutions, utilities, telecom providers, and online suppliers. If a client gets a paper bill or receipt, they can upload it to Hubdoc using their desktop, mobile device, email, or scanner. Once everything is securely stored in Hubdoc, the key data is extracted and synced to Xero as an accurately coded transaction with the source document attached.

With Hubdoc and Xero, Beyond Balanced Books is able to reconcile transactions in one click and audit-proof their clients’ books.

Hubdoc and Making Tax Digital

Hubdoc is in a perfect position to support Xero advisors in the UK who are preparing for Making Tax Digital (MTD).

MTD is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to go fully digital – improving efficiency, effectiveness and ease of compliance. Preparation has already begun, with businesses and accountants moving online to make the transition painless.

The accounting firms that use technologies like Hubdoc and Xero will be better prepared to make the shift. By automating document collection, digitising paper, and eliminating data-entry, audit-proofed quarterly reports will take hours to complete rather than days.