RA Business Advisors

Hubdoc

App Stacks – The Next Step For Business Optimisation

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The future of business is digital.  This might sound like something you would hear from someone in the 90’s, but digital is taking on a whole new meaning. The world of apps long relegated to games and memes on iTunes has moved into the world of business. The positive effects on your business from having an ideal app stack are boundless. Research from Xero shows small businesses using apps grow net profit 30% faster.  

Hang on, what is an app stack? 

App stack is the name given to the family of apps you have working for your business. In the digital ecosystem it’s important to eliminate clutter. You need to make sure your app stack is set up to work efficiently for your business. When you have the ideal stack you are going to see administrative work eliminated, time saved and a foundation for success built.  

What are the ideal apps for small businesses? 

Xero – Xero is our bread and butter here at RA Business Advisors, but it’s for good reason. Xero is where everything starts when it comes to running your small business. All the apps that follow in your stack will most likely already work perfectly with Xero considering the Xero app marketplace already has over 700 apps integrated.  

Google Docs – Well-known by everyone but still an integral part of any small business, Google Docs is the go-to word processing software for those looking to save money.  

ReceiptBank – ReceiptBank allows you to scan receipts directly into Xero, simply take a photo with your phone and ReceiptBank will scan for important information and produce a handy version in Xero instantly. 

Hubdoc – ReceiptBank is the go-to app for your receipts but what about banks and online vendor receipts you have to fetch? That is where Hubdoc comes in, automatically fetching statements, bills and receipts from more than 700 banks and online vendors. 

WorkflowMAX – WorkflowMAX is exactly what the name suggests, a solution for maximising your workflow. Through WorkflowMAX you can push sales invoices to Xero, get payment confirmation, send invoices and view profitability all through one place.  

Deputy – Deputy is the ultimate employee management tool, simplifying rosters, timesheets and every aspect of payroll and time billing – all integrated with Xero. All in 1 click! 

If you want to take the next step and get a tailored app stack for your business which will work towards your goals, get in contact with us today on 07 3367 0852.

Xero Up Their Game With Acquisition of Hubdoc

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Xero acquires HubdocXero’s vision for the workplace is focused on providing code-free accounting, and the platform has taken huge steps towards this with the acquisition of Hubdoc. Hubdoc is an automated data capture solution for real-time financial data that verifies and organises data from over 700 financial institutions.

With this acquisition, Xero adds streamlined data collection and classification to its arsenal, complimenting Xero’s “financial web” strategy. Integration between the two services is currently surface-level, but deeper integration is promised for the future. This acquisition follows the recent partnership between Xero and Gusto to deliver full-service payroll. Xero and Hubdoc are currently dedicated to further enhancing the AI and machine learning features of Xero.

For businesses this development is very exciting, as cloud-based accounting solutions continue to change the face of accounting, Xero has been a frontrunner. With this acquisition, the Xero platform continues to increase in ease and accessibility, enabling businesses to offload bookkeeping completely as all documents are available in one central location.

Collaboration is one of the biggest benefits of using Xero; the ecosystem of the platform allows users to pick and choose from endless tools to suit their needs. Whether you are doing your own accounting, or an accountant delivering value to your clients, the Xero marketplace has tools for everyone. At RA Business Advisors we are passionate about small businesses utilising Xero; if you would like to learn more about how Xero and Hubdoc could benefit your business, get in contact with us today!