Why Thriday is the Best Alternative to Hubdoc

February 20, 2024
minutes to read
Ben Winford
Table of Contents

In today's fast-paced business world, efficient accounting and bookkeeping are essential, especially for small businesses. The advent of receipt scanning software has revolutionised small business admin, making tasks such as GST reporting and receipt management much more manageable. Two leading players in this field are Hubdoc and Thriday. This blog post will explore Hubdoc's features, pricing model, and whether it's worth the investment. Following that, we'll compare it with Thriday and explain why Thriday is the superior choice for your small business accounting requirements.

What is Hubdoc?

Hubdoc is a document scanning and data extraction tool designed to simplify the data entry process for accountants and bookkeepers. It lets users capture, extract, and store financial documents like receipts, invoices, and bills. 

How Does Hubdoc Work?

Hubdoc operates on a simple premise: it automates the process of collecting and organising financial documents. Users can upload their receipts, invoices, and bills to Hubdoc using the mobile app to snap a picture or email documents. Once uploaded, Hubdoc's OCR (Optical Character Recognition) technology gets to work, extracting vital data such as vendor names, amounts, and dates. 

Hubdoc was acquired by the accounting platform Xero and is integrated with their product. In addition, Hubdoc has an integration with QuickBooks. It syncs the extracted data, generating expense transactions and automatically reconciling accounts. This automation saves time and minimises the risk of human error in data entry.

What is Hubdoc Used For?

Hubdoc serves several key purposes for businesses: 

  • Receipt Scanning: Hubdoc excels at capturing and organising receipts, simplifying expense tracking. 
  • Invoice Management: It streamlines the storage and retrieval of invoices, helping businesses stay on top of payables and receivables. 
  • GST Reporting: For small businesses dealing with GST, Hubdoc ensures that all relevant receipts and invoices are accurately recorded, simplifying tax compliance. 

Do You Have to Pay for Hubdoc? 

Hubdoc offers a free 30-day trial period, after which a paid subscription of $15 a month is required for ongoing use (accurate as of 6 Oct 2023). However, please note that pricing models can change over time. It is advisable to check the most up-to-date pricing information on the Hubdoc website or contact their support team for current details. Please note this price does not include the cost of accounting software like Xero or Quickbooks. This is an additional charge.

Is Hubdoc Worth It?

The value of Hubdoc depends on your specific needs and priorities. If you value time savings, accuracy in your financial data, and efficient document management, Hubdoc can certainly be worth the cost. Many businesses find that the productivity gains and reduced errors more than justify the subscription fee.

The Comparison: Thriday vs. Hubdoc

Now that we've covered the basics of Hubdoc, let's explore why Thriday stands out as the best alternative for receipt scanning software. Thriday offers everything Hubdoc does; however, it provides so much more. Thriday is a next-generation accounting software that uses AI to automate banking, accounting and tax. With Thriday, you get access to a bank account* and Visa Debit card*, and as income and expenses flow through your accounts, all your bookkeeping is automatically handled. These crucial details make Thriday a superior choice for small businesses.

Thriday's all-in-one platform is a game changer for small businesses

Why Thriday Excels

Thriday has several benefits over Hubdoc:

  1. Affordability: Thriday covers banking, accounting and tax for only $29.95. This makes it an accessible choice for small businesses on a budget. In a survey of small businesses conducted in 2021, 73% of respondents cited cost as a significant factor in their software selection. When compared to Hubdoc, Thriday offers so much more.
  2. Total Package: Thriday is a true all-in-one platform, meaning small business owners only need one tool to cover their needs. According to a survey of small business owners, the average number of financial admin tools a small business needs is four. With Thriday, they only need one. 
  3. User-Friendly Interface: Thriday's user interface is intuitive and easy to navigate, making it simple for non-accounting professionals to use effectively. In a survey by Capterra, user-friendliness was listed as the top feature small businesses look for in accounting software. 
  4. Advanced Automation: Thriday's automation capabilities are top-notch. It extracts data from receipts and invoices and categorises expenses, saving you even more time. According to a study by Deloitte, automation can reduce manual data entry by up to 50%.
  5. Smart Payments: Thriday's Bill Manager feature scans invoices, nominates a scheduled payment date, and allows you to make the payment from your bank account*. It's super fast and makes paying your bills on time easy. 
  6. Customer Support: Thriday is known for its exceptional customer support. In a survey conducted by Software Advice, 87% of respondents considered customer support a critical factor in their accounting software selection.

How Do I Enable Hubdoc in Xero? 

To use Hubdoc in Xero, you'll first need to create an account. Xero's subscription prices vary, but in most cases, you are looking at spending at least $50 a month. Once your Xero account is ready, follow these steps:

  1. Log in to your Xero account. 
  2. Navigate to the "Settings" menu and select "General Settings." 
  3. Under "Connected Apps," click on "Hubdoc." 
  4. Click the "Connect to Xero" button and follow the prompts to authorise the integration. 

Why Can't I Connect Hubdoc to Xero? 

If you're experiencing issues connecting Hubdoc to Xero, there could be several reasons behind the problem. Here are some standard troubleshooting steps: 

  1. Check your Xero Permissions: Ensure you have the necessary access permissions in your Xero account to integrate with Hubdoc. 
  2. Verify Your Hubdoc Account: Make sure that your Hubdoc account is in good standing and that there are no issues with your subscription. 
  3. Clear Browser Cache and Cookies: Before attempting the integration again, clear your browser's cache and cookies to eliminate potential conflicts. 

If problems persist, it's advisable to contact Hubdoc's customer support for personalised assistance.

Key Takeaways

While Hubdoc offers valuable features for automating your receipt scanning processes, Thriday is the superior alternative for small businesses. Its affordable, user-friendly, all-in-one platform makes it ideal for those looking to streamline their accounting and bookkeeping tasks. To experience the benefits of Thriday firsthand, sign up today and take your small business accounting to the next level. Your time is valuable, and Thriday is here to help you make the most of it. Join Thriday for free today and witness your small business's accounting and bookkeeping transformation. With Thriday by your side, you can focus on growing your business while we take care of the numbers.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

Why waste time on financial admin when Thriday can do it for you?

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