Are you up to your eyeballs keeping track of receipts, invoices
and bank statements? Business owners know that the CRA requires these
supporting documents to be in order in the event of an audit. However, the time
it takes to gather and input all this information throughout the year can seem
daunting! We feel your pain and want to share a more efficient way to keep
track of these necessary documents.
Introducing: Hubdoc! Hubdoc is a cloud-based software that helps you collect, manage and organize receipts, invoices and statements seamlessly. Here’s how it works:
- Hubdoc automatically fetches the latest monthly bank and credit card statements from all major banks. It can also fetch monthly bills from a growing list of vendors. (Yes, it’s that helpful!)
- Hubdoc keeps a digital backup of your receipts
and invoices in one central location. These can be easily submitted to Hubdoc through
automatic fetch, email forwarding, scanning or just taking a picture through
their mobile app. (Yes, it’s that easy!)
- Using machine learning technology, Hubdoc
extracts key information such as vendor name, dates and dollar amounts from
your uploaded documents. (Yes, it’s that smart!)
- Hubdoc integrates with QuickBooks Online which
can help you automate your bookkeeping. With a click of a button, you can
export the extracted data from Hubdoc and automatically create a transaction in
QuickBooks Online. (Yes, it’s that automated!)
Using Hubdoc to automate your data entry and bookkeeping chores will leave you valuable time to focus on expanding your business. To refresh your memory about Cloud Accounting, please refer to our June 2019 blog. To find out if Hubdoc is right for you, contact us anytime. Say goodbye to old school headaches and say hello to Hubdoc!