Revolutionize Your Bookkeeping with Xero and Hubdoc: A Guide to Going Paperless

Revolutionize Your Bookkeeping with Xero and Hubdoc: A Guide to Going Paperless | Bestar

Xero Hubdoc: Automate Bookkeeping Paperlessly

Revolutionize Your Bookkeeping with Xero and Hubdoc: A Guide to Going Paperless

In today's fast-paced business world, managing receipts, invoices, and other financial documents can be a major headache. Manual data entry is not only time-consuming but also prone to errors. This is where Xero and its powerful add-on, Hubdoc, come in. This guide will walk you through how this dynamic duo can help you automate your bookkeeping, improve accuracy, and finally go paperless.

What is Xero Hubdoc?

Hubdoc is a cloud-based document management tool that seamlessly integrates with Xero, the popular online accounting software. Think of it as your virtual assistant for collecting and processing financial documents. Instead of sifting through piles of paper or digital files, Hubdoc automates the entire process, from data extraction to creating draft transactions in Xero.

For many businesses and accountants, Hubdoc is a game-changer. It's a key part of the modern, paperless accounting workflow, helping you streamline processes, save valuable time, and gain a clearer, real-time view of your finances.

Key Features of Hubdoc

Hubdoc is packed with features designed to simplify your document workflow. Here’s how it works:

• Effortless Document Capture: Hubdoc provides multiple ways to get your documents into the system. You can:

  
  

  • Snap a photo: Use the mobile app to take a picture of a receipt or bill while on the go.

  • Email forwarding: Send digital documents (like PDF invoices) to your unique Hubdoc email address.

  • Drag and drop: Upload files directly from your desktop.

  • Automated fetching: Hubdoc can even connect to over 700 online accounts to automatically fetch recurring bills and statements.

    
    

• Intelligent Data Extraction: This is where Hubdoc truly shines. Once a document is uploaded, its powerful technology automatically extracts key information, including:

  
  

  • Supplier name

  • Date of transaction

  • Total amount

  • Invoice number

    
    

• Seamless Xero Integration: Hubdoc is a Xero product, so the two platforms work together flawlessly. When you publish a document from Hubdoc, it creates a draft transaction in Xero, such as a bill or an expense. This draft transaction is automatically populated with the extracted data, and the original document is attached for a complete audit trail.

  
  

• Automated Workflow with Supplier Rules: To save even more time, you can set up "Supplier Rules" in Hubdoc. This allows you to automatically code and publish documents from specific suppliers to Xero. The more you use Hubdoc, the smarter it gets, learning your preferences and making your workflow even more efficient.

Benefits for Businesses and Accountants

The Xero Hubdoc integration offers a wide range of benefits for small businesses, bookkeepers, and accounting firms:

• Save Time and Reduce Manual Work: Eliminate the tedious process of manual data entry. By automating document capture and data extraction, Hubdoc frees up hours that can be spent on more strategic tasks, like business analysis and growth.

  
  

• Improve Accuracy and Reporting: Automated data extraction drastically reduces the chance of human error. This leads to more accurate financial data, which in turn provides more reliable financial reports for better decision-making.

  
  

• Go Paperless and Stay Organized: Say goodbye to physical filing cabinets and mountains of paperwork. All your financial documents are securely stored in the cloud, automatically organized by supplier and fully searchable. This makes it incredibly easy to find any document you need, whenever you need it.

  
  

• Simplify Tax and Audit Compliance: With the original source document attached to every transaction in Xero, you have a complete and secure audit trail. This simplifies the process of preparing for tax season and makes audits a breeze.

  
  

• Enhance Collaboration: Hubdoc allows you to easily collaborate with your accountant or bookkeeper. You can provide them with real-time access to your financial documents, which enables them to provide more proactive advice and support.

Is Hubdoc Included with Xero?

Hubdoc is included with most Xero business plans, specifically the Starter, Standard, and Premium subscriptions. This means you can activate your Hubdoc organization from within your Xero account at no additional cost. For accountants and bookkeepers, a free Hubdoc Partner organization is also available, providing a great way to manage client documents.

Getting Started with Xero Hubdoc

Setting up the integration is straightforward. If you're on a qualifying Xero business plan, you can simply activate Hubdoc from your Xero dashboard. The process involves a few simple steps to link your accounts, and then you're ready to start uploading documents and automating your financial workflow.

By embracing the power of Xero and Hubdoc, you can transform your bookkeeping from a cumbersome chore into a streamlined, efficient, and error-free process. Start your journey to a paperless office today and free up time to focus on what truly matters: growing your business.

How Bestar Can Help You Go Paperless with Xero and Hubdoc: Your Guide to Modern Bookkeeping

Revolutionize Your Bookkeeping with Xero and Hubdoc: A Guide to Going Paperless

In today's fast-paced business environment, manual data entry and paper-based financial management are inefficient and prone to error. For businesses in Singapore looking to streamline their operations, achieve financial clarity, and embrace a paperless future, Bestar offers the perfect solution. As a leading corporate solutions provider, Bestar leverages powerful cloud technology, including Xero and Hubdoc, to revolutionize your bookkeeping process.

The Power of Xero and Hubdoc: A Modern Approach to Bookkeeping

Xero and Hubdoc are a powerful duo that forms the foundation of modern, automated bookkeeping.

• Xero: A user-friendly online accounting platform that provides a real-time view of your business's finances. It automates key tasks like bank reconciliation, invoicing, and reporting, all from a secure, cloud-based environment.

  
  

• Hubdoc: A smart document management tool that works seamlessly with Xero. It's designed to automate the collection and processing of your financial documents, such as receipts, invoices, and bank statements.

  
  

When combined, these two platforms eliminate the need for manual data entry, providing a complete and secure audit trail that is accessible anytime, anywhere.

How Bestar Revolutionizes Your Bookkeeping with This Technology

Bestar doesn't just offer accounting services; we provide a comprehensive, technology-driven solution. By partnering with Bestar, you gain access to a team of experts who will help you maximize the benefits of Xero and Hubdoc.

Here’s how Bestar can help your business go paperless and thrive:

1. Expert-Led Xero and Hubdoc Setup and Implementation

Setting up new accounting software can be a daunting task. Bestar's team of qualified accountants and specialists guides you through every step of the process. We will:

• Configure Xero and Hubdoc: Set up your accounts to align with your business structure and specific needs.

  
  

• Integrate Accounts: Connect your bank feeds and other financial accounts to Xero for seamless data flow.

  
  

• Set Up Automation Rules: Create intelligent "Supplier Rules" in Hubdoc that automatically extract data and code transactions to the correct accounts in Xero, drastically reducing manual work.

  
  

2. Effortless Document Management and Automation

Bestar helps you implement a simple, paperless workflow using Hubdoc. You and your team can easily capture financial documents in multiple ways:

• Mobile App: Snap a photo of a receipt on the go.

  
  

• Email: Forward digital invoices to a unique Hubdoc email address.

  
  

• Automatic Fetching: Hubdoc can connect to hundreds of online suppliers to automatically pull recurring bills and statements.

Bestar ensures that all your documents are processed accurately, with key data intelligently extracted and prepared for publication to Xero. The original document is attached to the transaction for a complete, secure audit trail.

3. Seamless Financial Management and Compliance

Beyond data entry, Bestar's services, powered by Xero, provide a complete financial solution:

• Real-Time Financial Reporting: Get up-to-date reports on your business's financial health, cash flow, and profitability. This real-time data allows for faster, more informed decision-making.

  
  

• Effortless GST Filing: Bestar ensures that your records are always compliant and ready for filing with the Inland Revenue Authority of Singapore (IRAS), minimizing the risk of errors and penalties.

  
  

• Secure Cloud Storage: Say goodbye to filing cabinets. All your financial documents are securely stored and organized in the cloud, making them easy to search and access for audits or internal reviews.

  
  

4. A Strategic Partnership for Growth

Choosing Bestar is more than just outsourcing bookkeeping; it's gaining a dedicated partner committed to your success. By offloading these essential but time-consuming tasks to Bestar, you free up valuable time and resources. This allows you to focus on your core business operations, client relationships, and strategic growth.

Why Choose Bestar for Your Bookkeeping Needs?

• Proven Expertise: Bestar's team has extensive experience in accounting and corporate services, with a deep understanding of the Singapore business landscape.

  
  

• Technology-Driven Solutions: We are committed to using the latest cloud technology, ensuring your business stays efficient and competitive.

  
  

• Comprehensive Service: From company incorporation to annual tax filing, Bestar provides a complete suite of services that a growing business needs.

  
  

Let Bestar help you transform your financial management. Embrace the paperless revolution with Xero and Hubdoc and gain the financial clarity and efficiency you need to take your business to the next level. Contact Bestar today to schedule a consultation and learn how we can tailor a solution for you.