Tag : cloud accounting software

05/06/2020

Xero with Hubdoc

accounting process, bookkeeping, cloud accounting software, data entry, digital solutions, hubdoc, xero

Xero with Hubdoc

Xero – cloud accounting system has added a cool new feature that replaces manual data entry. With the integration of Hubdoc to Xero, the process of entering bills and receipts is automated. This simplifies bank reconciliation and giving you a better view of how your business is doing.

A user that subscribe to any of the plans can enjoy this additional feature (Capture bills and receipts with Hubdoc) on top of the regular features such as:

Send invoices and quotes
Enter bills
Reconcile bank transactions
Handle multiple currencies (only for Premium)
Show all features
Invite unlimited users
Financial performance reports
Online accounting dashboard
Integration with 800+ apps

How do Hubdoc works?

Hubdoc uses technology that can extract key data from the bills and receipts digitally, such as date, invoice number, supplier/vendor name, currency, pricing, and sale tax rate. There are 3 ways to upload the documents into Hubdoc.

Mobile Applications – Simply snap a photo of the receipts, invoices, or bills with the Hubdoc mobile application. The data will then be stored in the system and ready to be published into Xero.
Emails – An Email address will be created automatically once you sign up with Hubdoc. Documents that are sent to the assigned email address will be extracted into the system.
Scan/upload – Scanned copy of the receipts, invoices, statements or bills which are being uploaded through the account will be processed automatically.

What are the benefits of using Hubdoc?

Physical documents and all the financial records are organised automatically for you. The documents will be digitalised, stored and backed up in the system forever with the ability to view anytime, anywhere.

It replaced manual data entry that often causes inaccuracy due to human error. And with this feature, the accounting process will be seamless. It is a great collaboration tool for bookkeepers, accountants and colleagues. Annual compliance filing can be complete within the dateline when accounting becomes more efficient.

Where to sign up?

No separate subscription is required when you sign up with any Xero plan. Hubdoc is included in Xero Starter, Standard and Premium plan as long as it’s connected to your Xero subscription. When you set up a new Hubdoc organisation on or after the 18th of March 2020, Xero will set up the connection between Hubdoc and Xero for you.

Accounting

01/06/2020

PEPPOL e-Invoicing

cloud accounting software, e-invoicing, E-Invoicing Registration Grant, IMDA grant, PEPPOL, quicksbooks online, xero

Grace

What is PEPPOL e-invoicing?

PEPPOL, which stands for Pan-European Public Procurement On-line, is an international framework that allows companies to exchange electronic data with one another worldwide. This is designed to simplify the purchase to pay process.

PEPPOL e-invoicing allows trading partners to send invoices digitally between the accounting systems of business suppliers and buyers. This is different from sending a PDF invoice via email. Through the PEPPOL e-invoicing, the invoice is sent securely to the customer’s accounting systems and it will automatically pick up the detail in the system. This replaces the need for the business to handle the invoice manually. It also works seamlessly with the different accounting systems, as long as it is with PEPPOL enable functions that allow the systems to “talk” to each other.

What are the benefits for me as a business owner?

First of all, e-invoicing is sent and received directly into the other party’s accounting system. Therefore, the invoice will not be “lost” in the email folder or did not received it.

Secondly, you can expect less admin work because the invoice will automatically appear in the accounting system. You can just simply log in and approve the draft bill without having the need to do data entry. And when you use a cloud accounting system, you can access the system anywhere. This also eliminates human errors while recording the invoice manually. With less admin work, you and your staff will have more time for other productive matters.

Lastly, by using e-invoicing, it makes it easier for your customer to pay you. Options such as online payment can be included to allow customers to pay you directly.

To encourage Singapore business owners to adopt digital solutions, Infocomm Media Development Authority (IMDA) has introduced a new scheme – E-Invoicing Registration Grant. This Grant provides businesses with a one-time payment of S$200 per company.

To qualify for this grant, businesses need to be registered with ACRA by 25 March 2020. Subsequently, registered with PEPPOL service provider by 31 December 2020. The grant payout will be disbursed automatically by PayNow Corporate to the registered UEN. No application for the grant is required.

How do I sign up for E-invoicing?

You will need to sign up for a subscription plan with any cloud accounting system that is PEPPOL ready. There is no additional fee for this feature. Next, connect the account to an E-invoicing partner that integrates with the accounting system. Do follow the instruction directly from your accounting system and it should be simple to set up. Once the integration is done, you are now ready to send and receive e-invoices from your accounting system.

To send an invoice to the other party, you will replace the email address to the recipient’s PEPPOL ID. And you will also need to register on the PEPPOL network to receive the e-invoices from your suppliers or vendors.

Overall the setting up process is relatively straightforward. However, we are happy to assist you if you need help in setting up an accounting system with XERO or Quickbooks Online.

Accounting

18/05/2020

Xero Vs QuickBooks Online (QBO)

accounting software, cloud accounting software, QBO, quicksbooks online, xero

Grace

Xero Vs QuickBooks Online (QBO)

If you are wondering which the best cloud accounting software for SMEs and its advisors, then you’re most likely looking at either Xero or QuickBooks Online (QBO). The ability to perform accounting online is so much convenient compare to desktop ones. Together with some of its cool features, it brings you an amazing experience. You don’t need to buy software for a single computer, with cloud accounting software like this you can easily access your accounting data anywhere and anytime you want. So which one of these cloud accounting software is a better option? Let’s find out.

Invoicing

One of the pivotal things you need from the cloud accounting software is proper invoicing. Both apps can help you send recurring invoices and send payment reminders to your client with a click of a button. Nonetheless, QBO allows users to create and send unlimited customize professional invoices. In comparison, the starter plan from Xero only allows 5 invoices and quotes to be sent. This seems to be impractical as it limits the number of invoices. Therefore, to enjoy the full feature of the Xero accounting software, you will need to subscribe to the standard or premium plan.

Reports

Both software has pretty good reports available, such as profit and loss, balance sheet and financial performance reports, etc. Besides, Xero offers financial reports (financial statements) exclusively for its advisor. In a separate practice account, different from the regular users, the accounting firms can utilize this feature to generate the financial report effectively. As the financial figure is already available in the system, it allows the reports to map accordingly.

Pricing

The business model for both is Software as a service (SaaS) and the user can easily subscribe to the plan or terminate it when it is no longer required. To give the user a chance to try out, both software has a 30 days trial plan before making any commitments.

One thing to note about QBO is that their price points are very attractive. With the current promotion price, the simple start plan is S$10.70 per month (Usual: S$21.40), Essentials at S$16.05 per month (Usual: S$32.10), and Plus for $21.40 per month (Usual: S$42.80). They also have options to pay yearly with an extra 10% discount on their fee.

Xero’s pricing is slightly steep as compare to QBO. As you can see, their Starter plan is priced at $20 USD (S$28), Standard at $30 USD (S$42), and Premium at $40 USD (S$56).

Integration

When you choose a good cloud accounting software, integration is extremely important. Both solutions have their own marketplace and they can integrate with email marketing tools, CRM systems, time trackers, reporting tools, e-commerce solutions, so on and so forth. Overall, they are constantly increasing the partnership with third-party apps to provide a holistic experience on their system. Besides, bank accounts can also seamlessly be integrated into both software.

Good news for Xero user, as of March 2020 onwards, all business edition users can enjoy free Hubdoc features. Hubdoc allows users to capture bills and receipts and automatically record the transaction in Xero. You no longer required to keep the whole bulk of receipts and replace the time for data entry.

User experience and interface

Xero does a very good job of creating a seamless, simple, and easy to use interface. It also does not limits the number of users on the same platform. You can invite as many users within the same organization to work together. QBO, on the other hand, limits the user from 1 to 5 users depending on the plan.

Both the software can support different industries, be it F&B, retail, or healthcare. Its third-party apps integration also helps to provide specialized tools for specific needs.

Support

Even though both the software are easy to use and navigate, however, there are times whereby you are stuck somewhere and needed help. Xero has offices in the USA, Canada, UK, Australia, New Zealand, and Singapore. Besides local support, Xero also has extensive learning articles on the website for self-learning. Generally, most of the answers can be found in Xero Central.

QBO may not have the local touch in terms of support, however, you can call into their hotline to get your issue sorted out quickly. Similarly to Xero, QBO does have learning articles on its website too.

Conclusion

Both software is pretty impressive in the accounting functions. Xero is great for growing start-ups and small to mid-size businesses since it has comprehensive tools to scale the business. Whereas, QBO is a better fit for retail stores and freelancers since you get the best value for money. If you are looking to scale your business, then Xero is the best option for cloud accounting software. Even though the cloud accounting software provides convenience for users, you do want to have the professional to maintain the data for you. Engaging a corporate service provider to be the advisor can improve productivity to get things done. Cloud accounting service is an option for business owners to scale their business.

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