Application of the Month: HubDoc
HubDoc is a software as a service (SaaS) tool that eliminates the headache of managing recurring bills and monthly statements. Essentially, HubDoc allows businesses to avoid wasting time entering data and focus their efforts on more strategic, proactive tasks. The cloud-hosted application allows businesses to securely store and access their financial documents from one central location.
HubDoc automatically extracts key data from bills, statements, invoices, and receipts and is available in a mobile version that can be purchased via the Apple or Google Play stores. To upload financial documents into HubDoc, businesses can either sync their accounts, email financial documents to the company’s assigned HubDoc email address, drag and drop scanned files into their account, or take a photo of the document to automatically sync with the HubDoc platform. Read the sections below to find out more about HubDoc and its capabilities.
How do you use HubDoc?
To create an account, a business can simply go to the application’s website and sign up for a free, 14-day trial. After the trial has ended, the organization will be charged $20 a month. When a business signs up, a personal email address will be generated to which the company can send its financial documents to be stored and organized.
Using a single login, the company’s accounting team can view and manage all documents from multiple accounts, making it easier to organize and manage financial information. The application can be used in four different ways.
Many companies believe HubDoc’s account sync capability to be the application’s most helpful feature. A business can connect its accounts to the application and elect to receive notifications when a new bill arrives or a statement is due. HubDoc can sync to a company’s bank accounts and to any vendors that regularly deliver documents such as utility and telecom bills.
When a business registers for HubDoc, it will receive a unique email address. Employees can send receipts, bills, and invoices to the address to be stored by the application. When an email is sent to the application, its attachments will be automatically uploaded to the user’s HubDoc account.
Users can drag and drop files individually or by batch to upload their financial documents into HubDoc.
Take a photo using the HubDoc mobile app
The mobile version of the application allows users to quickly snap a photo of a financial document. The mobile app automatically syncs the data from the photo with the company’s HubDoc account.
What benefits does HubDoc provide?
The primary benefit HubDoc provides is its ability to consolidate and simplify the management of account information. Users can view all of their statements and bills from one location, with one login, eliminating the need to access multiple accounts. Automated bookkeeping helps organizations reduce human error and allocate employee time to more productive tasks. HubDoc helps a business audit-proof its financial records by aggregating key financial information in one place for easy search and reference. A few additional benefits the application offers include…
- Bank-level security with 256-bit encryptionOver 500 automated connections
- Automatic document retrieval from companies such as Verizon, Comcast, and a majority of major financial institutions
- Integration with QuickBooks Online, Xero, and Bill.com to reduce the need for manual data entry by employees
- Ability to connect with cloud storage accounts such as DropBox
- Ability to forward every new document uploaded to Hubdoc to a specified email address
- Ability to assign tags to enhance document management
What considerations should be made when using HubDoc?
While HubDoc can be beneficial for a business looking to improve its management of financial documents, an organization should still evaluate the technology’s ability to securely and effectively serve its operations. A business should consider the following when evaluating HubDoc.
Once a document or an account is deleted on Hubdoc, the data will be lost unless another copy of the document is saved elsewhere.
When an organization is using HubDoc, it is handling sensitive financial records such as receipts, bills, checks, bank statements, and even business-critical contracts. Although HubDoc provides secure storage of such information, a company should have a back-up solution in place to replicate critical data in case a file is accidentally deleted or modified. If a document is deleted without being copied, or an account is deleted by accident, the business could suffer damages to its reputation and bottom line.
A business cannot restrict user roles within HubDoc.
HubDoc allows an organization to grant access to multiple users, but it does not offer the ability to limit an individual’s access to align with their role. Full access capabilities for any user may lead to errors and incorrect financial records. HubDoc enables several users to make changes simultaneously, but it fails to provide a way for a company to track what changes were made and who made them.
At Aldridge, our team stays up-to-date with the latest industry innovations. Our knowledge and expertise can help your business keep pace with leading competitors and create a more efficient work environment for your employees. To learn more about what Aldridge can do for your business, contact a firm representative today.