Hubdoc vs. Shoeboxed

With December 31st rapidly approaching, you may have just started thinking of getting your bookkeeping in order. You've got your bank statements....check! You've got your credit card statements...check! Receipts...screeeeech!

You may be thinking, "Do I really need paper receipts? What's the point of printing receipts? After all, I buy everything online now and pay my bills electronically. If the IRS audits me, I'll just log on to Amazon.com, PayPal and every other vendor that I deal with, or I'll search my emails for my order confirmations." Well think again. As a business owner, it's your responsibility to document and substantiate your business expenses. Plus, who wants to try to remember 50 different passwords for the 50 different vendors that you've dealt with when an IRS Agent is breathing down your neck? Not me!

Thank goodness for the inventive guys and gals at Hubdoc. Hubdoc pulls all your receipts from your 50 (or more) different vendors so quickly and organizes all your receipts into logical folders. You can add Hubdoc to your Xero account and it will attach your bills and receipts to the transaction in Xero. That's $20 a month to maintain your sanity.

Another contender for receipt management is Shoeboxed. If you don't feel like being bothered with filing receipts or you absolutely hate scanning you can just stuff all your receipts in the "Magic Envelope" and mail them to Shoeboxed. They will digitize your paper receipts into usable, searchable data. The data also integrates with Quickbooks Online for $29.95 per month.

What's your method for managing business receipts? Let me know in the comments below.

#Hubdoc #Shoeboxed #ReceiptManagement