The cloud-based accounting software platform Xero has announced the next phase of its integration with Hubdoc. On 5th November 2020, the tech company – which is headquartered in New Zealand – said that it would be embedding Hubdoc’s technology in order to enhance the machine learning capabilities of the Xero platform.
What Will The Update Bring To Xero?
The updated phase will be rolled out in mid-November, according to Xero. The new capabilities will enable Xero users (which include a range of Xero manufacturing brands and ecommerce sites) to process their company expenses more quickly, as they will gain access to advanced automation technology as part of Xero Expenses.
This feature enables small and medium businesses (SMEs) to track and manage their expenses claims. By embedding Hubdoc’s machine learning, Xero will be able to shorten the amount of time it will take these businesses to submit and process their receipts.
The update will also see the launch of duplicate detection – a highly requested feature from Hubdoc which automatically identifies accounts payable documents that have the same supplier, date, and amount. The feature will then alert users to any duplicates before the records are submitted into Xero.
This will greatly reduce the risk of businesses making accounting errors when managing their expenses.
Saving ‘Valuable Time’ For Small Businesses
Asked about the latest machine learning upgrades, Chief Product Officer (CPO) at Xero, Anna Curzon said that every minute saved on collecting, transcribing or reconciling documents is valuable time small businesses and their advisors can spend on actually running or growing their business.
According to Curzon, Xero is always looking for ways to help give small business customers more time back each day, which is why they’re excited about leveraging such advanced technology to improve the accuracy of their data.
What Is Hubdoc?
Xero acquired Hubdoc on 31st July 2018 for $70 million. Hubdoc is a data capture tool that automates the collection of documents such as bank statements, receipts, and bills, making it easier for businesses to go paperless and manage their finances in the cloud.
In a statement from the company, the President of Xero America, Keri Gohman described how bringing Hubdoc into the Xero family would enable them to take the next step in delivering a platform that seamlessly connects small businesses with their financial data and their accountants and bookkeepers.
What’s Next for Xero and Hubdoc?
The machine learning advances are the latest in a string of updates which have made the Hubdoc technology more accessible for Xero users. Now that the company has made it easier for businesses to automate their expenses, what’s next for the platform?
The next phase of the Xero / Hubdoc integration will focus on making the technology even more embedded. As well as its Xero Expenses feature, the company will work to integrate Hubdoc further with its broader small business platform.
With demand for cloud-based services continuing to grow, Xero’s acquisition of Hubdoc means the platform is well-placed to make paperless accounting a reality.