Today I'm going to compare two Canadian document management apps - Hubdoc and LedgerDocs features. There are just so many document management options out there now but these two are popular in Canada.
Document management apps help you go paperless and (semi) automate some of the bookkeeping functions allowing you to work virtually and spend more time reviewing your clients' data.
Document management apps allow businesses to securely share files with your bookkeeper or accountant.
2 Factor Identification
Unique email address for uploading
DropBox & Scansnap Integration
Pushes and attaches document to transaction in QBO
Hubdoc sets structure and workflow
Yes-must add #Notes to email to capture client notes
Yes can tag but cannot add notes
Can upload documents from Scansnap; Will download documents to DropBox manually or automatically
No-uses various horizontal tabs making it difficult to find things at times; I often "lost" documents
Yes-Fetches a wide range of bank and vendor statements; connections often break
Preset; scrapes everything from an institution but you can hide accounts you don't want to see
Fetches back as far as is available*
Pushes and attaches document to transaction in QBO
Flexible-you can customize the filing cabinet; also has a Private area for storing sensitive information which is important if employees have access
Yes with no access to Private Folder area
Yes-content of email is placed in Notes area making it easy to copy and paste information when entering data
Yes can add notes and tags to documents
Can upload documents from DropBox or Scansnap
Yes-everything goes to the inbox
Yes-major Canadian bank and credit unions
Standard packages limited to 5 pulls per company per month
You select which accounts to pull and what day of the month you want each statement fetched
Only fetches current statements
* I would like it if you could request the start date of the fetch. Not all clients are behind on their paperwork.
Data Entry Box
QBO Memo Area
Push Customer Invoices to QBO
Push Supplier Bills and Receipts to QBO
Right hand side- have to scroll up and down to see entire contents if publishing to QBO
Hubdoc puts their name with a reference to the invoice number making reading the G/L useless as you always have to drill down to get more details about the entry
Yes-my pet peeve is Hubdoc calls bills invoices
Yes-must manually edit exchange rate in QBO as it pushes through at 1:1
Shows latest uploads and notes; Followup with companies who have not sent documents
Can schedule recurring or one-time document request to avoid late document retrieval
At the bottom-I would prefer it at the top so it is eye level to reduce the tendency to hunch over the key board as the day progresses
Left blank or you add the description in LedgerDocs when processing making it easy to review and read the G/L
Yes-must receive customer payments in QBO or let QBO bank feed find a match
Yes-must manually edit exchange rate in QBO as it pushes through at 1:1; currently it will not push USD bills to QBO but does push USD receipts
** ReceiptBank pushes / publishes an exchange rate to QBO so it is possible to do
Canadian Sales Tax
Yes-I ran into trouble too often so generally just pushed document to QBO and corrected sales tax directly in QBO
Good and relevant to problem encountered
No-predetermined by Hubdoc
Just introduced a search feature in September 2018; don't know how robust it is
Yes but many documents "fail" and must be entered manually
Billed in CAD; $25 per month per company; affordable fixed pricing for unlimited users and transactions
Yes-it handles sales really well; choose inclusive or exclusive tax when entering of data; no problem handling PST
Messages are often too general or not related to actual problem; after awhile you start to have an idea where to look for the problem; typing problem into the chat screen gets support assistance quickly
Yes-LedgerDocs also suggests a file name after you have posted a transaction to QBO
Yes-Oldest to Newest, Newest to Oldest, A to Z, Z to A
Yes very powerful; searches include notes and even finds duplicate document!
No but repopulates last data entry for a customer or supplier to data entry is reduced over time; partial OCR is in the works
Billed in CAD; $10-$14 per month per company depending on plan; bank fetching charges are extra; unlimited users
QuickBooks Online is terrific for service-based businesses. One of QBO's features is it integrates with apps. Selecting the right app for your situation ensures the app actually increase your productivity and don't eat away your bottom line. Document management software such as Hubdoc | LedgerDocs features help improve your efficiency.
I've used both of these apps. The one that is best suited for you will depend on your individual circumstances and the workflow you have designed.
I switched everything to LedgerDocs in September 2018 because I preferred the LedgerDocs workflow over Hubdocs ... but I gave up OCR (which had a high failure rate for many of my clients' documents) and fetching of some bank and credit card statements as well as utility and supplier statements.
ReceiptBank Extraction subscription tier has vendor and PayPal fetching; their Streamline subscription tier will have (maybe already does) include bank fetching.
If you want to work virtually and be paperless, document management software should be part of your bookkeeping workflow. Compare Hubdoc and LedgerDocs features to see which app is better suited to your specific needs.
QuickBooks® is a registered trademark of Intuit Inc. Screen shots © Intuit Inc. All rights reserved.
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Hubdoc is a trademark of Hubdoc Inc. Screen shots © Hubdoc Inc. All rights reserved.
LedgerDocs is a trademark of LedgersOnline Inc. Screen shots © LedgersOnline Inc. All rights reserved.
Plooto is a trademark of Plooto Inc. Screen shots © Plooto Inc. All rights reserved.
LedgerSync is a trademark of LedgerSync, LLC. Screen shots © LedgerSync, LLC. All rights reserved.