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Hubdoc v ReceiptBank & AutoEntry

Hubdoc v ReceiptBank & AutoEntry

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Hello,

I understand that Hubdoc is to be available free of charge from March to Xero users and at some point is to become integrated within the Xero product itself rather than as a separate app which sounds good.

Can anyone with experience of using Hubdoc give a comparison in terms of client user experience and data extraction accuracy with ReceiptBank and AutoEntry?

Could be a good saving assuming Xero prices do not change soon!

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By Manchester_man
11th Feb 2020 20:45

I too am very interested in answers to this. I vaguely remember trying Hubdoc a couple of years ago and at the time it seemed to be more of a 'hub' than an OCR data extraction function. I recall it being no match for Autoentry/Receipt bank, but no doubt it will have evolved. I'm certainly interested to find out more.

Edit:. Having looked at their Website, it seems to pull invoices from online supplier accounts but I can't see anywhere where it says it extracts data? No doubt others will know more.

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By CWservices6064
11th Feb 2020 21:30

Hi,

Same here. I looked at it a couple of years ago and found it clunky and no match for AutoEntry/ReceiptBank.

I've been using the free version for my Xero practice which seems pretty good but i'm a little concerned about client's reaction changing software..................again!

.............but if it saves some of these ever increasing software costs it works for me.

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By ospevack
12th Feb 2020 10:40

I started with ReceiptBank a long time ago - but Auto Entry then entered the market, with discounts available.. so I moved to that.. used that for a number of years (the bank statement recognition is a time saver).. moved over to Hubdoc a month or so ago - its not quite as polished as the other products, but it works. and As I know that clients will prefer not to pay twice, I need to know the software.

I quite like that I can link my scanner directly to it (a ScanSnap iX500) so it scans straight to hubdoc. It will also 'auto fetch' a few accounts - like receipt bank (AutoEntry's version is buggy) - this is obviously the future over OCR. It'll download my Vodafone bills automatically each month. I also find that the recognition seems to happen faster than AE. Functionality is the same... upload by website, or email, document splitting etc.

Certainly for no extra cost (included in the Xero subscription really, nothing is really free), the offering isn't to be sniffed at. As ever, I expect that Xero will polish it, then either make it a paid for add-on or increase fees once they have a following. Or perhaps it will go the way of Workflow Max.. and get left behind. If you're an accountant on Xero, you should be able to get an accountants copy to get up to speed.

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By johnt27
12th Feb 2020 12:34

Xero increased their subscription costs in the UK early last year to compensate for the Hubdoc inclusion. This was rolled out worldwide later in 2019 with the implicit recognition that this was done on this basis. Better for Xero to increase millions of Xero subscriber revenue by £2 (on average) than let Hubdoc continue to languish.

In terms of comparisons of the 3 here's by thoughts:
ReceiptBank/AutoEntry - high accuracy rates in the 90%'s for purchase invoice extraction whereas Hubdoc was down at 60% but improving.

AE has better line item extraction than RB/Hubdoc.

Sales invoice and bank statement processing now pretty much on a level between the two as well.

Fetch is Hubdoc's killer feature - it's what they started with and is better than RB's which is better that from AE.

RB pricing is feature based whereas AE is volume based. My expectation is that low volume processors will switch from AE for a cost saving or start using Hubdoc where RB has previously been pushed but isn't cost effective.

RB still has some other accountant friendly features like bank match which is a huge cost/time saver.

We're a RB practice and will continue to push this out to clients but expect Hubdoc to gain some traction (as mentioned above) with our low volume clients. We'll continue to use RB internally for bookkeeping due to other features not present elsewhere too.

As for AE the volume pricing never fitted our model and I stopped using them some time ago when RB brought in bank statement extraction (which was where AE started). Now they are part of the Sage umbrella it'll be interesting to see what happens going forward.

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counting
By Counting numbers
12th Feb 2020 13:44

AutoEntry is excellent but they have been acquired by Sage which is less than ideal.

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