These software platforms save time through automation of data entry and serve as a central repository for your accounting records. Key features for document retention software should incorporate optical character reader (OCR) software and should be able to export data to accounting software mentioned above and into the correct accounts.

Hubdoc

Hubdoc offers multiple ways of uploading receipts and bills to be integrated into a business account. The subscription platform utilises various methods of capturing data including taking a snapshot with using a mobile app, forwarding emails and the ability to drag-and-drop scanned documents. Further, the software automatically pulls bills and statements from online supplier or service provider platforms – that way there is no need to log into different online accounts to retrieve statements for integrated organizations. HubDoc then forwards the periodically retrieved data into your accounting software, saving hours of data capture.

Receipt Bank

Like HubDoc, Receipt Bank captures bill and receipt data and integrates it into QuickBooks Online and Xero, but also Bill.com, Sage, Zapier, Gusto and other platforms. It also allows the use of supplier rules which allow a business to automatically categorize receipts. For example, gas and electricity bills are classified under Utilities while receipts from Google, Apple or Microsoft are grouped under IT costs. Receipt Bank is renowned for their excellent customer service.

Conclusion

Document retention systems provide organization to your firm’s files so they are easier to find and use when you need them. Since these systems organize your client files, the most immediate benefit is that you can more quickly and easily find client files when your clients request them. Document retention systems can also provide clients with convenient features like e-signatures and portals. These systems can make your firm more efficient, your clients will appreciate that their work is completed faster. When choosing a document retention system for your business you can successfully meet all your current file management needs. However, making sure to consider what your future needs may be as your business grows. Always choose a system that can scale with your business.

Curt Mastio
Post by Curt Mastio
May 28, 2024 11:57:06 AM
Curt Mastio started Founder’s CPA in 2017 and currently serves as the Managing Partner of the firm. After obtaining both his Bachelor’s and Master’s degrees in accounting from the University of Illinois in Urbana-Champaign Curt started his career in Big Four public accounting. Shortly thereafter Curt served as the Chief Financial Officer of Storage Squad began his stint as an Adjunct Instructor at Northwestern University’s Farley Center for Entrepreneurship and has been teaching Accounting & Finance to undergraduate students for 6+ years. In his current role Curt oversees strategy, operations, and business development at Founder’s CPA. Further, Curt has experience working directly with 200+ startups and small businesses providing accounting, tax, and outsourced CFO services. His industry expertise lies in the SaaS, Blockchain, Marketplace, and Fintech industries. He has served as a key advisor working directly with startups that range from pre-revenue to companies generating over $30 million dollars a year in revenue. Lastly, he serves a key role working directly with the firm’s clients that have collectively raised over $200 million in venture capital funding to date. Curt is also an active advisor, mentor, and investor in the startup ecosystem. He has facilitated numerous workshops, webinars, and presentations to incubators and other startup-centric organizations. He is also an active mentor for Techstars in both Chicago and Iowa. Outside of his daily professional duties Curt is actively involved with Beat the Streets Chicago and was a founding member of its Young Professionals Board. His efforts in both leadership and community involvement were recognized when he was awarded the Illinois CPA Society’s Outstanding Young Professional Leadership Award in 2020. He was also a panelist at their annual conference in 2022 where he spoke about his experiences starting and operating a public accounting firm. He maintains an active Certified Public Accountant designation that he obtained in 2014. Outside of work, Curt can be found spending time with his friends & family including his dog Rufus. His hobbies include golf, boating, cooking, reading, and attending sporting events & concerts.