How to Automate Payables Using Hubdoc, Bill.com and QuickBooks
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Learn best practices for end-to-end payables automation: Leslie Jorgensen, founder of Supporting Strategies, and Jamie McDonald of Hubdoc discuss best practices for payables automation in the cloud accounting era. You'll learn to: - Create end-to-end automation for payables - Apply workflow best practices using best in-class apps - Reduce the cost of processing payables & increase profitability
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How to Automate Payables Using Hubdoc, Bill.com and QuickBooks
- 1. Automating Payables Using Hubdoc, Bill.com & QuickBooks
- 2. Leslie Jorgensen Founder & CEO, Supporting Strategies
- 3. Jamie McDonald Co-Founder & Co-CEO, Hubdoc
- 4. Our Vision Never chase bills & statements again No more data entry Audit proof your business
- 5. Traditional back-office Rearview mirror approach to cash-flow Year-end rush around tax time Shoe-box of financial docs Once-a-year interaction with advisors Limited visibility into accounting cost
- 6. Modern equivalent Real-time financials throughout the year Digital documents & data management Forward-thinking approach to tax Ongoing trusted advisor relationship Fixed accounting cost
- 7. Automated Accounts Payable Processing an example of Collaboration that’s possible with cloud-based Accounting Systems: INTAKE & PROCESSING APPROVAL & PAYMENT ACCOUNTING
- 8. Old way: manual bill processing
- 9. Old way: manual bill processing – the reality
- 10. • Cost = variable – Storage/filing, postage, server, bike messenger • Efficiency = inefficient – Time consuming – data entry – Liability – no audit trails, no access control • Morale = low – Role is mostly administrative, time consuming to deal with clients’ messy financials Reality of the manual process
- 11. New way: leveraging software to reduce the time spent processing clients’ payables by up to 60%
- 12. The New Process • Cost = fixed – No guesswork, no legwork • Efficiency = high – Time savings, no duplicate data entry – Audit trails, role-based access • Morale = high – Take on role of advisor: teach clients how to manage their business
- 13. Workflow Demo
- 14. The Playbook for Automating Payables
- 15. Planning • Map out workflow and identify where you’re spending the most time and resources • Leverage benchmarking studies and surveys to see how you compare and identify gaps (talk to your peers!) • Reduce or eliminate paper-based processes - invoices, bills, checks • Better manage fraud • Time savings: eliminate data entry, faxing, copying, and routing of invoices • Remote access to all data
- 16. Creating End-to-End Payables Automation • Use technology to solve pain points • Reduce errors from manual processing • Approvals can be dealt with instantly, efficiently, with automatic routing and processing • Greater oversight of the process for your firm • Evaluate tools • Learn what to look for and what questions to ask • Determine operating metrics that support your priorities • Process Costs, automation improvements, error rates, fraud & duplicate payments, financial controls
- 17. Be an Advisor • Focus on value-added services for clients • Interpreting their financials helps them grow faster or reduce costs • Give clients real-time visibility into their business • Increases staff retention and frees them up • Provide higher quality service and generate more revenue
- 18. Vip Account for You One free Hubdoc account for Accountants & Bookkeepers Simply sign up at HTTPS://APP.HUBDOC.COM/SIGNUP Once you love Hubdoc, begin adding your clients Supercharge your practice! Jamie McDonald
- 19. Let’s talk! @Hubdoc Calendly.com/Hubdoc 1-800-577-2842
- 20. Thank You + Q & A Leslie Jorgensen Jamie McDonald
Editor's Notes
- QBD + Excel. Always been a remote resource. Both from a client and team perspective. Would leverage whatever tools we could (impressed by screensharing). Cloud enabled much better client experience. No brainer for outsourcing accounting department. No barriers in the process. Send bills in snail mail. Use File Server. Post to QuickBooks. Rows of bills in Excel. Lots of mail. Hourly would make it hard to sell the tools to make life better. Clients would feel nickel and dimed. Moves this whole process online with Bill.com + QBO. Hubdoc gets all the source documents. Bundling software. Computers do what people use to do. Can’t really use hourly billing to monetize this.
- Be a Strategic Business Advisor - Changed position from Admin to Advisor - increased retention of staff - more engaged/ challenged team and less administration Value = Provide REAL Time financial information to your clients. Provide thorough documentation inside the accounting platform without hassle for either you or your client. Standardize your processes across all clients. Scale your business by offering value your customers want. Free up staff to: Provide more quality service Generate more revenue Their own role is more empowering, not just administrative, retain your staff longer Get clients on board by showing value of the solution