Xero & Hubdoc – Cloud Accounting
July 27, 2020
In recent years, cloud-based accounting has quickly become one of the most useful features of online business management. Cloud-based accounting makes it effortless to optimise and even automate payroll, invoicing, bill payments and many more add-on products that are available through applications like Xero and Hubdoc. The consolidation and optimisation of administrative tasks allows for business owners to spend more time building their business. The start of a new financial year is the perfect time to streamline your processes to get the most out of your business.
Saving money with the cloud
Experienced IT staff cost a lot of money, regularly taking up more than half of the total IT budget [i]. The need for highly trained and qualified staff for server maintenance and management is the cause of this. A cloud-based system relinquishes the need for these expensive staff by getting rid of expensive and complicated hardware and replacing it with comparatively simple software, this creates an opportunity for mid-level IT staff, who have experience in middle management, to manage the environment with very little training, potentially saving thousands in a single year.
A substantial benefit for moving to cloud accounting means that your business will save on hardware such as server equipment and hard drives as well as not having to pay for upgrades and associated installation costs.
Save on office costs by working from home
Creating or moving a company to a cloud based system provides the opportunity for employees to work from home. COVID-19 created a stark realisation in many companies that there may be a future with minimal office-based employees, as many jobs can be done from home. Having employees work from home will mean less running costs for offices.
All cloud accounting software is subscription based, meaning that you only pay for what you need. This fee does not change unless you decide to change your level of subscription, making the monthly fee easy to account and plan for.
Build your business with Xero
Xero specialises in small business accounting software, ranging from basic invoicing and inventory management to bank reconciliations and project tracking. The nature of cloud accounting means that there is no installation for your desktop and you can access Xero anywhere, anytime but with the added benefit of security that features a two-step authentication to log in. The extensive security provided by Xero means that you control who can see your organisation’s data as well as their permissions to edit data.
Xero also comes with 24/7 support where if you choose to, a Xero professional can access your organisation’s data for a short duration to assist you with any queries you may have.
Paperwork made simple with Hubdoc
Hubdoc is data-capture software, designed to analyse your receipts, bills or invoices and extract key information and send a copy to a personalised email. Simply take a photo, scan or upload a document to Hubdoc and you are able to throw out the paper copy. Hubdoc was recently acquired by Xero and is now included in Xero Starter, Standard and Premium plans. If you already use, or wish to move to a cloud-based accounting system, Hubdoc integrates easily with applications like Xero, QuickBooks and Bill.com. If you use QuickBooks or Bill.com there may be an additional subscription fee included.
Hubdoc also allows you to keep everyone on your team in the loop by creating collaborations with bookkeepers, accountants and colleagues. You can also change the permissions of each user to restrict what they can access and edit.
Automatic filing & sorting means that you will never have to spend hours trying to find a document or invoice again. This feature is self-learning, meaning that if you would like to merge or change folder names then Hubdoc will instantly learn your preferences.
One of the great aspects of Hubdoc utilising the cloud is that you can never forget a document again, with automatic backup and a mobile application, all of your documents are at your fingertips no matter where you are.
Streamline your payroll compliance
Since the introduction of Single Touch Payroll (STP) in 2019, legislation has passed in Australia that businesses must report salaries, PAYG withholdings, super and wages to the Australian Taxation Office (ATO).
There are also several other laws that must be followed such as; adopting upgraded Standard Business Reporting-enabled software that provides the ATO and Fair-Work-compliant payslips each pay period, employers must also process pay runs accurately and pay all entitlements on time.
Xero helps to lessen the burden of these new legislation’s by allowing you to file your pay runs in just a few clicks. At Apiary Financial our staff are advisor certified by Xero and are ready to assist you with software setup, training and ongoing payroll compliance requirements.
Advantages of cloud accounting
- Mobile access anywhere, anytime
- Instant saves and backup’s
- Ease of access and collaboration
- Reduces clutter with less paperwork
- Better control with constant overview of business analytics
We can help
If you’d like to know more about Xero or Hubdoc and how cloud accounting could benefit your business, our team is Xero adviser certified and always happy to help. Contact our friendly team today on 07 3217 2477.