Taking the time to understand the tools that you can implement in addition to QuickBooks Online is the difference between having a manual system and having a system that takes you into the 21st century.
In this series, we want to explain or introduce to you the tools that integrate with QuickBooks Online, which you can invest in and change how you look at your accounting. Perhaps even allow you to enjoy the process while you are at it.
First, let’s look at processing your bills and statements. Prior to cloud accounting, there was a lot of data entry — I mean a lot. Hours. Sometimes days. Why take the time to do it yourself and pull yourself away from your family or time that you could have been taking to schmooze with a potential new client over dinner and drinks.
There are many applications that do this for you, and we are going to take time to talk about only one of them today. And that application is Hubdoc.
Fetch Financial Bills & Statements Effortlessly
One of my pet peeves is waiting for Canada Post to send me a statement. Or, perhaps one of my providers, such as Koodo, isn’t set up for e-billing. Either way, I know that I can log into their portals and view the statement if I wish. But once I do that, I need to download the statement and enter it into my accounting program (which, of course, is QuickBooks Online).
That’s a lot of steps. Why not just enter your account passwords for all providers into Hubdoc and have it “fetch” the statements for you. Once fetched, you can set it up to automatically post the information in QuickBooks Online (or other cloud accounting programs) for you.
WHAT!!!! Did I hear the words “No Data Entry”?
OH yes, I did!
As you can tell, that excites me. Why? Because data entry is boring. It’s time-consuming and is another way to make mistakes with your business’ accounting if your understanding of accounting rules is not as strong as your accounting professional.
Forward Emailed Invoices & Statements
This now leads me to talk about those pesky statements and invoices that I receive in my email from Amazon, my IT guy, or even from Chapters — they’re all important too, right? Again, so instead of printing the invoice, entering the invoice into QuickBooks Online and filing it in a cabinet somewhere, I can forward the email to Hubdoc and either set it up to automatically post the invoice for me, or at the very least have it sent so that I can review prior to posting to my accounting platform.
Sounds easy, right? And let’s even make it more simplistic. Setup a rule so that every time you get an email from that provider, it automatically forwards to your unique email address at Hubdoc — you don’t even have to forward it yourself.
Seriously — it’s as simple as that.
Scan Receipts From Your Mobile Device
Look, you’re on the road, you’re busy, and guess what. You stop for gas. We can’t lose that receipt or we aren’t able to claim it for an expense at the end of the year for taxes.
What about being out and you take a client for lunch to discuss your next project with them. You pay the bill, but the receipt gets shoved into your pocket and gets washed because you forgot to enter it. We have all done it, and what does that mean? We cannot claim that expense because we have no proof that we spent our hard earned dollars on a business expense since the receipt is missing.
This is where Hubdoc comes in. Download the app, snap a picture of the receipt as soon as you put it into your hot little hands, and voila! It now can be processed into your accounting platform, its filed for you in a virtual filing cabinet, and you do not have to worry about losing that receipt. You cannot do better than that.
We love Hubdoc and what it can do. Not only for us at our office, but for you, our client. It’s a virtual filing cabinet, it’s our “Canada Post”, it’s our way of eliminating data entry. We implement tools that help you and in turn, help us build a strong eco-system that focuses on you having time to build your business.
Are you interested in finding out more? We help businesses decide which tools are most beneficial for growth. And let’s be honest, not every app is perfect for every business. When you’re ready to take your business to the next level and focus on what really matters, give us a call. We love to help you find the solution that will work for you.
Until next time,