Xero’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!