Hubdoc + Xero

As the Covid-19 crisis drags on, one can focus on some housekeeping – business housekeeping that is, to relieve some of the stress.

If you paperwork is scattered from here to to the end of the world (pun intended),  now is a great time to sort through the clutter.

Tools like Hubdoc and Xero help in making things seamless.

Where should you start?

2020 is a great place to start but if you are still behind on your 2019 taxes, nothing like sorting out the past.
We should keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

The path forward

Here is the basic organization structure that we can build on using tools like Hubdoc.

Income

Most checks and/or other receipts can be imported from bank statements.  Hubdoc can automatically retrieve those once the bank accounts are connected.

Expenses

While it’s easier to throw invoices and receipts in a shoe box, thing again! They be easily lost and hard to replace; specially if it’s paper. Ideally scanning all of them to Hubdoc will ensure that nothing gets lost.

How Hubdoc can help

Hubdoc can help manage and organize all your records and receipts in electronic format – freeing you from drowning in endless paperwork.

• You can snap and send paperwork.
• Link your bank and credit card accounts for automatic delivery.
• Forward invoices to a custom email address.
• Convert all this to usable data
• Avoid manual data entry
• Sync with Xero accounting package.
• Grant your CPA access to your Hubdoc account to seamlessly share relevant data.