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Hubdoc: It will eliminate the need to nag clients

Posted 1 week ago in Apps by Nick Houldsworth

Hubdoc can do some pretty amazing things with your documents – including auto-fetching bank statements, bills and receipts from over 700 financial institutions, online vendors and more.

This month, they’re our app partner of the month. And for good reason.

With Hubdoc bookkeeping is easy. Administrative tasks like document collection and data entry are automated. This helps accountants and bookkeepers save time, scale their practice and build deeper relationships with the small businesses they serve.

We hear from Jamie Shulman, the co-founder and co-CEO of Hubdoc. He discusses how Hubdoc can transform document management in your business.

How does your app make life easier for small businesses and their advisors?

Advisors traditionally provide two key services to small businesses: bookkeeping (the translating of daily transactions into accurate and reliable financial records) and financial advisory (the provision of financial and strategic guidance to help businesses grow and prosper). Many advisors find their time dominated by bookkeeping. They have to nag their clients to give them documents, organize paper files and perform repetitive data entry. This reduces the time they have to provide valuable advisory services and limits the number of clients they can serve at any one time.

Hubdoc automates the bookkeeping process by:

  • Auto-fetching bank statements, bills and receipts from over 700 financial institutions, utilities, telecom providers and online vendors.
  • Extracting the key data from those documents.
  • Creating transactions in Xero with the source document attached.
  • Backing up source documents to a range of third party cloud storage solutions.

For the small business owner, this means fast, audit-proof books, and more time for high-value financial guidance from their advisor. For the advisor, this means the ability to save time, scale their practice, and build deeper relationships with clients.

What are some of the biggest challenges businesses face when it comes to document management?

The perfect document management system is the invisible one. A completely paperless system, where every document is properly named, well organized, easy to find and accessible anywhere, anytime, from any device.

The trouble is that getting to this “document nirvana” today is really hard. You have to set up one system to collect documents (from emails, web portals, or the proverbial shoebox of receipts), another to scan every paper document, a third to sort, organize and rename everything, and maybe even a fourth to store or backup in the cloud. In short, getting the perfect document management system is technically possible, but requires so many disparate processes and so much administrative work that few businesses ever get there.

We built Hubdoc as the single solution to make all of these problems go away, and to help businesses and their advisors reach document nirvana. Hubdoc automatically fetches and digitizes all of your documents, files and organizes them, and stores everything securely in the cloud. We are a single app that enables a paperless office.

How can automation transform the way businesses operate?

Automation helps all stakeholders in a business spend less time doing the repetitive, low value, manual work (which computers happen to be great at!) and more time doing the high value, interesting work they want to do.

For the small business owner, they can avoid the time-consuming collection of financial documents and the nagging of their advisor for missing documents and use that time to focus on running and growing their business.

For the advisor, they can avoid the frustrating work of nagging clients for documents, filing paperwork and doing data entry. Instead, they can use that time to serve more clients and provide higher value advisory services (or spend more time with family, drink more lattes, or do whatever they want to do!)

Why did you choose to partner and integrate with Xero?

Xero is a leader in cloud accounting. It is also home to some of the smartest small businesses and advisors on the planet. Xero users are forward-thinking and are constantly looking for ways to optimize and automate their businesses. This makes Xero the perfect partner for Hubdoc, reflected by the huge growth in Xero customers that we’ve experienced since we introduced the integration in 2014.

Jamie Shulman is the co-founder and co-CEO of Hubdoc, a cloud accounting application that automates the collection of financial documents. Prior to Hubdoc, Jamie was the co-founder of Sparkroom (acquired by Nelnet Inc. in 2010). He was also a practicing attorney in Palo Alto and Toronto.

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