Illustrating Invoice Automation and Bill Payments with Bill.com and Hubdoc
Simplifying the Invoice and Bill Payment Process
Part 1: How are Invoices and Bills making their way to Hubdoc
3 ways Hubdoc Processes Invoices, Statements and Bills
Hubdoc fetches bills, statements and invoices online
Invoices are emailed by vendors to your own Hubdoc email address
Invoices mailed to your Accounts Payable are scanned in by the staff and routed to Hubdoc electronically (encourage vendors to use email when submitting invoices to cut down manual work)
Part 2: Hubdoc to Bill.com
How are paper invoices, bills and statements converted to usable data?
Using OCR technology, Hubdoc extracts key data from the invoices/bills/statements and exports the data to Bill.com along with the full image of the document as an electronic backup
Part 3: Bill.com: Approvals, Payment and Accounting
Automated routing of invoices to approvers, automated payment,
automated electronic storage
and automated sync with accounting
1. Now that Bill.com received the electronic documents, an automated approval process is triggered via a workflow.
3. An easy, searchable document management system resides in Bill.com to store ALL documentation (goodbye file cabinets and goodbye paper).
2a. A payment at the due date is released to vendor, utility company, etc., etc..
2b. Bill.com export file: A journal entry including cost center and account # is automatically posted to the General Ledger along with an attached image of the original invoice document as backup. No manual entries.
For document storage: Digital documents and data management; rename files by vendor, date and amount
Discuss implementation process an that everyone is busy and difficult to take on new software. We document the process carefully and slowly get people involved and if we need to hire temps initially, it's well worth it in the long run. Also discuss client on boarding with invoices as it will make it a lot easier getting them emailed instead of paper invoices in the mail. Encourage clients since email is faster so payment can be quicker and they wont get lost.
Hubdoc gets your key financial docs in one place - automatically. Say goodbye to chasing documents and data entry and say hello to increased productivity and automation.
Every time a document is uploaded or fetched, Hubdoc seamlessly creates transactions in your accounting with key data inputted and source documents attached.
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