18th June 2021
Look, reflect and review
June is a great time to look, reflect and review what can be improved in the coming financial year. For those of you already using Xero, are you on the right plan or are you paying for additional functionality that you don’t need? For those of you not using Xero yet, is it time to start? Xero has new, more affordable plans available.
For anyone that is are not currently using Xero, but would like to start, or will need to take up a subscription to comply with the new “closely held payees” single touch payroll reporting requirements, we are able to provide a discount code until 30 June 2021 which will save 50% of the subscription fee for 6 months. Get in touch if you’d like to use the discount.
Hubdoc
For those already using Xero, are you using Hubdoc? Have you even heard of it? HubDoc is a document management and scanning tool (similar to ReceiptBank/Dext). As HubDoc is owned by Xero, it is included as part of Xero subscription levels from Starter onward at no additional charge.
Once HubDoc is connected to Xero, receipts and invoices can be added via drag and drop (upload), forwarding emailed invoices to a unique address, taking a photo with a smartphone, and submitting from an app. Additionally, some suppliers (such as Xero, Optus, Telstra, etc) will offer the option to connect directly via secure authorisation credentials and bills will automatically appear in HubDoc. It also acts as an organised document management system, sorting invoices by supplier/upload/bill date.
Once the information is in HubDoc, it will “scan” the information from the receipt/invoice and prefill the information, including account allocation, for Xero. The document can then be sent to Xero either as a “spend money” transaction or a draft bill to pay (with a copy of the original invoice/receipt attached to the transaction). This will then match with items in the Bank Reconciliation in Xero. As HubDoc is used more, it will remember the allocations and become much more efficient. This is particularly useful for clients interested in using Xero more efficiently and/or going paperless.
Should you have any questions regarding getting started on Xero, upgrading or downgrading your current Xero subscription, or would like to know more about Hubdoc, please contact our office on 02 9716 5120.
