We are always searching for ways to make our practice more efficient and save our clients’ time.
Today we are going to share with you a case study we did on the Hubdoc document collection and management app.
We had looked at it more than a year ago. At that time, it was not suitable for our business. Recently, we heard rave reviews from other bookkeepers and Intuit community and decided to reach out to them and see if it would be beneficial to use it.
Can of worms
How do we deal with customers who can’t give us bank and credit card statements regularly?
Clients who can’t provide us with regular statements get far behind and then it’s hard to catch up with many months of bookkeeping to do at once. This is disruptive for our work flow and clients don’t get regular reporting from us.
The silver lining
Hubdoc aromatically fetches all the statements and utility bills (BC Hydro, Fortis BC, etc.) in real time. Just link your accounts for automatic delivery. It uses Optical Character Recognition (OCR) technology to analyze your documents. It imports all your financial documents and exports them into usable data.
See below for a step-by-step process for linking your bank account to get regular statements automatically:
Hubdoc is a great solution for fetching bank statements. Unfortunately, the OCR technology does not jive with BC’s unnecessarily complex tax system (GST/ PST/ Liquor Tax/ Hotel Tax..) However, in Ontario or Alberta where only GST/ HST is charged this would be a complete package solution.