Did you know that bookkeepers spend 30 per cent of their time collecting documents, while business owners struggle to fit the collection and preparation of these documents into their busy schedules.
Needing to collect receipts, invoices and bank statements in a timely manner is one of the biggest pain points for business owners, bookkeepers and accountants.
Hubdoc’s co-CEOs and co-founders, Jamie Shulman and Jamie McDonald
This situation was what prodded Hubdoc’s co-CEOs and co-founders, Jamie Shulman and Jamie McDonald, to find a better solution.
By having clients scan paper documents into Hubdoc using ScanSnap Cloud, bookkeepers and accountants can focus more on keeping the booksup-to-date and less on handling paper.
“Their books weren’t up-to-date, and they spent too much time dealing with documents. Meanwhile, their bookkeeper couldn’t move on the work she had to do for their company,” explains Hubdoc head of marketing Yoseph West. “All they really wanted was a clear set of financials, just to know whether they were making money or losing money.”
This struggle presented an opportunity; the entrepreneurs solved the problem by innovating and automating the process.
Since neither of the two Jamies had accounting backgrounds, they leveraged theknowledge of friends and influencers, and the result was Hubdoc.
“Our solution enables real-time financials and moves businesses towards being paperless,” West explains. “We fetch your business documents automatically. Pick from over 700 vendors and Hubdoc gets the necessary bills or statements andinstantaneously extracts key data.”
Aside from the fetching feature, Hubdoc receives documents via email and them
iOS- and Android-compatible mobile apps. Hubdoc extracts the key information from the receipt or invoice and readies it for a bookkeeper or accountant to publish as a transaction in QuickBooks Online.
“For a business owner, this replaces various steps and helps build an audit-proof set of books.” West points out.
Bringing paper documents into the mix
Due to the popularity of Fujitsu’s ScanSnap scanners with bookkeepers and accountants, Hubdoc’s customers initiated the integration with Fujitsu’s ScanSnap Cloud as well as Intuit’s QuickBooks Online.
“They were so excited to have this integrated solution,” West reveals. “The reason that the ScanSnap iX100 and iX500 are excellent products is that they make it easy to scan documents straight in, and since they’re connected to ScanSnap Cloud, they scan directly to Hubdoc, which extracts the document data and pushes it to a solution like QuickBooks Online.”
“They were so excited to have this integrated solution,” West reveals. “The reason that the ScanSnap iX100 and iX500 are excellent products is that they make it easy to scan documents straight in, and since they’re connected to ScanSnap Cloud, they scan directly to Hubdoc, which extracts the document data and pushes it to a solution like QuickBooks Online.”
ScanSnap iX500
“Every time a document is fetched or uploaded, Hubdoc extracts the key data and seamlessly creates entries in QuickBooks Online with source documents attached,”
West adds. “We’re always looking for new ways to simplify the most complex aspects of running a successful business,” says Chris Fudge, accountant business leader for Intuit Canada.
” Working with like-minded partners, like Hubdoc and Fujitsu, who recognize that bookkeepers and accountants are operating in a new economy, is the most efficient way to solve complex business problems. Together we’re harnessing technology as a tool to create a more seamless customer experience for clients.”
The result is a step towards a paperless accounting solution that leverages the power of ScanSnap Cloud while providing business owners with real-time financials and speeding up the output to QuickBooks Online.
