The shifting business world may challenge businesses in several ways. In the business world, for every business, providing exceptional client services and maintaining effective security and compliance is the key to success. The combo of Hubdoc and QuickBooks can meet all these requirements. Hubdoc integration with QuickBooks is a widely used automation process in modern accounting. By combining these two, companies will be able to have a more efficient system for recording their financial activity. In this guide, we will provide you with the steps to integrate them and will provide information on what happens when Hubdoc integrates with QuickBooks.
Overview of QuickBooks and Hubdoc
Hubdoc and QuickBooks Online are two software programs that allow business owners to automate data entry, store documents, and track financials accurately. The integration of QuickBooks and Hubdoc has numerous key features, such as the ability to fetch documents, extract data, track expenses, and manage users for better control of operations
What is QuickBooks?
QuickBooks is considered one of the best accounting software that is designed for all types of businesses. Most of the businesses use QuickBooks to use its features to manage their finances. It provides features that track income and expenses, create invoices, and provide businesses with accurate financial reports. QuickBooks also includes some advanced features that will automate invoices and send them to customers. QuickBooks is not only for businesses, but it can also be handy for self-employed and freelancers.
What is Hubdoc?
Hubdoc is one of the popular documentation management tools that has eliminated the manual process. It is a subscription-based application that allows businesses to upload bills or receipts by using the Hubdoc mobile app or computer via email or scanner. Users can also integrate Hubdoc with their accounting software to streamline their business operations more efficiently. Hubdoc also saves businesses precious time and helps them stay organized.
Benefits of Doing Hubdoc QuickBooks Online Integration
Using Hubdoc with QuickBooks can benefit your business by simplifying your bookkeeping and making it easier for you to manage your documents.
- Automated Document Uploads: Hubdoc supports automatic uploads of bills, receipts, and invoices directly from Hubdoc into QuickBooks, thus eliminating manual data entry from the data transfer and saving you time.
- Accurate data: OCR captures the most relevant information in the form of date, amount, and supplier, allowing for reduced error rates.
- Easy reconciliation: Transactions will reconcile to your bank feeds with one click, which allows you to complete your bookkeeping faster.
- Organized and secure: All documentation is stored securely in a database located in cloud storage, and the hours saved can be accessed by each user at any time.
- Mobile convenience: Take pictures of receipts while out and about, using your mobile application to avoid losing receipts.
- Hubdoc stores records securely in the cloud and provides you with 24/7 access.
How to Do Hubdoc Integration With QuickBooks?
To connect Hubdoc and QuickBooks, you need to complete five simple steps.
Attach Hubdoc to QuickBooks
- First, you have to do a Hubdoc login by putting in your credentials.
- Select Integrate from the menu in Settings.
- Select QB Online, and sign in using your Intuit account.
- Once this is done, you are now connected to both systems.
Add your accounts and vendors
- Hubdoc will duplicate your “Chart of Accounts” and “Vendor List” into their system.
- This allows Hubdoc to identify where to categorize any receipts or bills in with your QuickBooks records.
Set up supplier guidelines
- Identify the way Hubdoc will classify invoices from your regular vendors or suppliers.
- For instance, you may want to specify an account, location, or category that would apply to an invoice from a supplier who tends to invoice frequently.
- This allows Hubdoc to categorize future bills using the same criteria you established automatically.
Select auto-publish settings
- Set up documents to go directly into QuickBooks or get published there after your verification step.
- Start by checking a handful of pieces of paperwork manually.
Validation of uploaded documents
- Upload several invoices and receipts to the application.
- Confirm the accuracy of the data and category assignment.
- Confirm that the documents went to QuickBooks successfully.
Processing Bank Statement
- Steps to turn PDF bank statements into a .csv format.
- Select your bank’s “QuickBooks” format to obtain a CSV file.
- Upload the bank statement’s CSV file into QB online through bank import.
Limitations in Using Hubdoc with QuickBooks
The use of Hubdoc for document management is beneficial; however, performance limitations on the connection between Hubdoc and QuickBooks may affect accounting.
Only functional for QuickBooks Online
If you’re using QuickBooks Desktop, then you cannot integrate Hubdoc into your desktop version via the Hubdoc app, and users upload files.
Amount differences
The dollar amount in Hubdoc may not be the same as in QuickBooks, requiring manual checking and corrections.
Incorrectly tagging bank accounts.
Hubdoc cannot auto-match transactions to their bank accounts via card numbers, meaning there may be some transactions that need to be corrected in the wrong account.
OCR has issues with some bank statement formats.
Hubdoc’s OCR has the ability to have difficulty reading certain fonts and layouts of documents, which may mean that you need to edit the data before sending it to QuickBooks.
Multiple currency issues
Hubdoc is not always capable of handling multiple currencies, which can create incorrect amounts and exchange rates in QuickBooks.
Multiple vendors entries
Hubdoc can duplicate vendor entries when it sends information to QuickBooks, resulting in a very cluttered vendor list and making vendor reports difficult to read.
Conclusion
In summary, we want to say that modern business may have challenges in every step, but when you have the two best software, then you can gain more productivity for your business. The integration of QuickBooks and Hubdoc provides numerous benefits, but users should also know that there are limitations to using this integration. We hope this guide on Hubdoc Integration with QuickBooks will meet all your requirements and help you with the integration.