Everyone in the accounting services industry has a horror story about not being able to obtain source documents. Maybe a client routinely makes bank deposits without recording where they came from. Or they stuff all invoices and receipts into a folder and wait until the end of the month to sort through them.
This results in frustration and wasted time not only for the accountant, who has to chase the documents, but also for the client, who has to work with the accountant to retrace their steps.
Get on the Same Page with Hubdoc
Fortunately for business owners and providers of remote accounting services like Supporting Strategies, there's a solution to the challenge of managing source documents. It's called Hubdoc.
Here's how it works: Basically, all the business owner has to do is set up a Hubdoc account (for a nominal fee) and enable the accountant to "autofetch" all relevant source docs. Your bank and credit card statements, vendor invoices and all other online docs flow into a central repository automatically. Once you've finished the one-time setup, you literally don't have to do anything else. You don't have to send the documents to your accountant — and just as important, your accountant doesn't have to ask for them.
Hubdoc recognizes that (unfortunately) not all documents are available online. Its mobile app allows you to photograph receipts while you are on the go; these automatically funnel into your account for processing by your accountant. Plus, you can also drag and drop or email scanned documents into your Hubdoc account.
The system offers bank-level security encryption and restricted access. In addition, the files are "read-only," so neither the accountant, the business owner nor anyone else (including Hubdoc) can alter them.
Optical Character Recognition
Another neat feature is Hubdoc's Optical Character Recognition (OCR) capability. The OCR technology will extract relevant information for your Hubdoc and bill payment records — date, amount, vendor name, etc.
Hubdoc can then be integrated with QuickBooks or Bill.com — or whichever automated payment service you prefer — so all bills get entered automatically. This eliminates a lot of computer keystrokes from the process, not to mention human error.
All documents are archived in searchable files. So if you need to check an invoice from Acme Vendor Service, for example, you can search the keyword "Acme" and find it immediately.
End That Stressful Paper Chase
Source documents are the financial foundation of any business. They're the only way for you to prove that your numbers are what you say they are — for tax filings, audits and many other purposes. Hubdoc provides a means for you to record and file all of your source docs in one place, and to share them with your accountant in a seamless, secure environment.