Xero subscription cost increase for Hubdoc integration
From Wednesday 18th March 2020, Xero subscriptions will increase by $2 per month and will include access to Hubdoc.
Hubdoc is an OCR software (Optical Character Recognition). However, Thnk Advisory still recommends using Receipt Bank as best practice.
OCR’s are becoming as common place as the internet itself and there are plenty of them on the market. In essence, they take documents, usually a PDF, and extract the information.
The OCR’s that we use, process invoices and receipts by scanning and extracting information a data entry clerk would use to process payables, namely:
- Supplier Name
- Date of the invoice / receipt
- Invoice number
- Value of the invoice / receipt
- Correct GST extracted and separate lines automatically created for GST inclusive and GST free lines
- They can “fetch” invoices from your suppliers (telco, energy suppliers and the list are growing).
In addition to the above, the OCR can be programmed to use the same ledger account for standard purchases like stationery, fuel and energy supplies saving time and money. For processing mixed supplies, transactions can be split into different ledger accounts.
Our favourite feature though, is using OCRs to go paperless!!! Going paperless is about both saving trees and reducing headaches. Further, electronic document management makes it easy to find records when they’re needed.
OCR’s integrate with your accounting software and have a suite of phone apps to allow you to snap receipts on the fly. A copy of the invoice / receipt will be maintained within your Xero file.
The features that make Receipt Bank stand out from its competitors are:
- Receipt Bank will recognise and reject duplicates, reducing potential supplier overpayment.
- Receipt Bank recognises paid invoices and matches it to the correct bank account. A great feature if you have a more than one bank account.
- Smart split feature – this can be programmed to extract information at a set amount / percentage and allocate to the correct ledger accounts.
Please contact our team on 8333 7300 should you have any queries in regards to the above. If you are not currently using Receipt Bank, please reach out and we can discuss options of providing you with access to a free trial to ultimately reduce administration time and improve record management.