Xero + HubDoc: Working Together to Simplify Accounting
Xero has made their next step in bringing automation to the cloud profession by acquiring the document management app Hubdoc. Their shared vision that has been promoted throughout their respective blogs, interviews, social media, and Xerocon gatherings have always been pointed towards code-free accounting. Having the ability to login and have transactions automatically coded would give business owners and accountants the ability to provide more of a higher level of work as artificial intelligence takes over the tedious and time consuming work.
For years Hubdoc has been a prominent app in accountants’ “stack” to help automate data capture form bills, statements, and receipts. The app provides one resource that can fetch important financial documents for banks, credit cards, and various vendors without sharing credentials. The data from these bills can then be imported and matched to transactions within Xero bank feeds to help keep the books up to date.
It was also announced that for the time being, the Hubdoc team will operate independently until Xero can determine the best way to integrate both products. This is a big step for cloud accounting and ultimately the use of artificial intelligence in the accounting profession. Although the use of technology such as Hubdoc and Xero can help reduce the need for human data input, it does not replace the need for human interaction. This technology provides more opportunity for business owners to leverage their relationship with their accountants and business advisors and ultimately is the future of accounting.
Author: Chris Cicalese, CPA
Alloy Silverstein Cloud Services
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