Automation With Quickbooks, Part 4: Hubdoc

June 29, 2017

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Whether you are the owner, the in-house accountant or the outsourced accounting department, obtaining the documentation you need to process transactions and reconcile accounts can be time consuming and frustrating. As an outsourced accounting department, my team and I are especially pleased with Hubdoc, a third party application in the QuickBooks ecosystem.  Here are some of the reasons we like Hubdoc:

  • The ability to be proactive, not reactive.
  • Saves time in receiving, entering and storing accurate data.
  • The ability to search for previously stored documents.
  • Serves both our desktop and online QuickBooks clients.
  • Easy access to multiple clients through a dashboard.

Here are some highlights of Hubdoc's functionality:

Hubdoc Fetches and Collects Documents

Ongoing statements and vendor bills can be retrieved automatically every month.  Examples: bank and credit card statements, PayPal statements or telephone and utility bills.

Receipts and documents not available for automatic retrieval can also be sent to Hubdoc in three ways:

  • Via a mobile app by snapping a picture
  • Forwarding an email 
  • Scanning and sending via email

Hubdoc extracts data from documents

Once in Hubdoc, you have access to data to perform various accounting tasks such as coding and inputting transactions automatically into QBO or manually into QBD.  You can use bank and credit card statements to reconcile accounts.  You can also use a bank’s enhanced feed to view check images.

Hubdoc delivers documents and extracted data to various places

Transactions to QBO can auto sync, you can forward information to Bill.com for bill payments, to Drop Box, Smart Vault, Google Drive, Box or Xero, for example.

Hubdoc stores documents

During an initial download of automated documents, Hubdoc will set up a folder system with separate multiple subfolders for different accounts within one bank.  You can add or edit file folders as needed and later search for your filed documents.  As indicated above, you can forward information to other storage options including sending to QBO transactions as attachments.   

Setup up for using Hubdoc can be performed exclusively by the owners of the accounts or they can delegate to you as the outsourced accountant.  In addition to Hubdoc’s bank level encryption practices, the owners of the accounts can choose to retain control over their unique Log Ins and Passwords ( this depends on the bank's connection. Some banks additionally require personal verification questions answered and two-factor authentication which each end user will need when using Hubdoc).  Collaborators can be added and removed at any time by the administrator of the Hubdoc account.  

Once setup is complete, the owners and my team members can access the client’s Hubdoc account whenever they would like. My team especially appreciates the notification received when new documents have arrived.  As QB Proadvisors, my team also likes having a Hubdoc dashboard so they can see all of their clients at a glance.

As with any of the third party vendors or products we add to our toolbox, it's important that the support provided is accessible, friendly, and helpful.  Hubdoc delivers on this front and they are constantly looking for feedback to improve their product and to add more and more banks and vendors to their library.  The bang for your buck is considerable and their pricing is a great deal for the time saved.

In summary, my team sees Hubdoc as a valuable tool.  Team members Melodi and Patricia contributed to this article as they know the daily ins and outs of successfully using it with their clients.  We hope you will explore Hubdoc as well as the other automated tools I’ve discussed in previous articles.  

For more information on Hubdoc, visit this page

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Topics: quickbooks

Margie Monroe

Margie Monroe, CPA, LLC

Margie has been a CPA since 1980 and has always enjoyed assisting people. Whether it was her early years in both public and private accounting or her twenty plus years working with nonprofit organizations. For the last ten years, she has assisted businesses and individuals with their accounting needs using QuickBooks Pro, Premier, Enterprise, POS and Online through Margie Monroe, CPA, LLC. She can be reached at margie@margiemonroecpa.com.
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