In this article, I want to lay out the core features, benefits and comparisons between three big names in the data entry automation space – HubDoc, Receipt Bank and AutoEntry.
The first data entry automation app we want to talk about is HubDoc. Hubdoc is a Canadian based software company established by Jamie McDonald in 2011. It makes record keeping so much easier by keeping track of all your financial documents. Since being acquired by Xero in 2018, Hubdoc has only gotten better. With the integration, Xero and Hubdoc is able to provide streamlined data capture, real-time financial data and organized and verified data.
You can read the full history about HubDoc here. The first time I heard about HubDoc years ago, I remember being so excited about the auto-fetch feature. I will talk about this more below.
Next, let me introduce you to Receipt Bank – one of the most mature solutions in this space with a global market reach. It likely doesn’t need an introduction, but just in case, let’s start there.
Introducing Receipt Bank
Receipt Bank is a company founded in 2010 by Michael Wood. The company rose from the ashes of Receipt Farm as a solution first to the needs of its founder. With all the flexibility offered by Receipt Bank and its mobile application, users can upload and store their financial documents in seconds. Integrating with Quickbooks, Xero and MYOB, Receipt Bank is no doubt helping businesses work smarter, grow faster, and grow further.
This article will outline the standout features from Receipt Bank. If you would like to know more about Receipt Bank any time, check it out here.
Finally, last year at QBConnect 2018, I had the chance to meet the team at AutoEntry.
The number one feature that drew me to AutoEntry was the fact they have the ability to pull through inventory items and line detail (just like Invitbox used to do) and pull this information into Xero or QuickBooks Online. This was music to my ears because I know that clients that haven’t started using an inventory system yet to raise purchase orders would seriously benefit from this functionality. For those of you that have to order products online and just have a receipt or invoice to show for it – no Purchase Order is raised – then AutoEntry can save you some serious time.
Let me give you a little background on the company behind AutoEntry. Founded by Irish software developer Brendan Woods in 2016, AutoEntry might be a fairly new competitor, but it has proven to be a worthy one. Utilizing Artificial Intelligence (AI) and Optical Character Recognition (OCR) – like the others – the software operates with speed and precision across a secure platform. With more than 150 businesses being added to the platform daily, AutoEntry has become one of the fastest growing solutions in the automated data entry field.
Now if you read anything I write, you know I will never call out one solution over another and say it’s the only way. I don’t believe there is a one-size fit all EVER. What I can do is help you discover the standout features about each of these solutions to help you make an informed decision which one is right for you. One solution will meet your needs. At WhichAddOn, we help you work out which one.
It’s very important to note too that these standout features aren’t unique to these solutions. For example, the standout HubDoc feature is an auto collection of invoices, bills and statements. Receipt Bank can do this too. Receipt Bank call is Invoice Fetch. The auto-publish feature which I love about Receipt Bank – pushing data automatically to Xero or QuickBooks Online – can also be done by HubDoc and AutoEntry. Line by line detail, which I love about AutoEntry,
Let’s learn about some of the standout features of each of these systems.
Standout Feature of HubDoc
Here is the tag line for HubDoc – “automatically import all your financial documents & export them into data you can use”. That’s a big statement. Let me explain what it means.
With Hubdoc, you can automatically fetch documents from providers that have “live connections” with HubDoc. Of course, as all data automation software, like Receipt Bank, Expensify, AutoEntry, Datamolino – the list goes on – you can email your receipts and bills direct into HubDoc. The auto-fetch feature is also called auto-collection.
Here is a quick video on this powerful feature of HubDoc – How to Add Automatic Connections.
Now as with all integrations, you are likely wanting to know if the providers you use exists to enable you to auto-collect your bills and statements like HubDoc promises. Of course, this list grows every day – but here is the latest list of providers that connect to HubDoc around the world. List of Automated Connections with HubDoc here
Next, let’s look at what I believe to be the standout feature of Receipt Bank.
Standout Feature of Receipt Bank
Receipt Bank has been around so long it has so many great features, you can’t just pick one. The program has paved the way for all of the other players to come along who try to do it better. Every twist in doing things a new way, a fresher way, is exciting to see – as it continues to push every player to be better, including Receipt Bank.
Every app I am talking about in this article can do auto-export to QuickBooks Online or Xero. Let me show how it works in Receipt Bank so you understand the concept. When I say, it can be as easy as taking a photo of a receipt or sending a PDF of a bill into Receipt Bank, and it turns up in your accounting system as you entered it yourself – I’m not joking. It can be that easy.
If you want to auto-publish bills and receipts straight into Xero or QuickBooks Online from a submitted document, you need to add the supplier into Receipt Bank with the correct coding (e.g Supplier Telstra requires the contents of the bill to be coded to your Telephone and Internet account). This is called Supplier Rules. Check it out in action here.
It’s pretty amazing, right? When you get your head around how easy it can be. It’s a no-brainer. I believe Receipt Bank was one of the first to have this auto-publish feature. HubDOC calls it Autosync, and AutoEntry calls it Auto Publish.
If you aren’t auto-publishing every receipt, bill and invoice in your business that’s not related to inventory into your accounting system – without entering any data yourself… Why not?
Standout Feature of AutoEntry
I touched on it above, the one thing that stood out as a key feature of AutoEntry from day one was line by line item extraction. We were even able to use AutoEntry for a client that didn’t have a product database yet – they just had piles of bills of products that had been purchased – and we were able to extract the product data into a CSV export straight from the bills.
AutoEntry is able to look for particular information within your document and code to different accounts line by line. For example, let’s say if you two products – CHAIR and WOOD. You want the CHAIR product to be coded to “Purchases – Finished Goods” and the WOOD to be posted to “Purchases – Raw Materials”, you could do this using AutoEntry’s powerful Line Item Rules.
This is video does a great job of explaining how this works and how to use it.
What do all these apps have in common?
Every one of these apps can help you speed up the data entry in your business, save you time and money – especially if you are paying staff to do data entry, or you are losing expenses because of lost receipts and the like.
Some of the great things that each of these systems does, be it in a slightly different way are listed below:
- They all connect to Xero and QuickBooks Online
- They all use OCR technology to pull data from various document types
- They all have a great app on iPhone and Android to help you quickly upload your documents
- They will all save you time
So which one should I use?
As with choosing any cloud solution, the right software for your business is completely dependent on your business requirements. As we shared above, there are standout features for each one and features are very similar across the three. As products mature in the cloud space, it’s inevitable when they are all solving the same problems all businesses face in their niche.
If you would like to find out more about any of these solutions and help to determine which one is right for you, please don’t hesitate to reach out to us on the Live Chat at WhichAddOn.com and book in a free Discovery call with one of our Solution Engineers.