Hubdoc and LedgerDocs are two cloud-based document management platforms that are designed to help bookkeepers and accountants manage their clients’ financial documents. However, there are some key differences in how they approach the document management workflow. In this blog post we will explore if LedgerDocs is a comparable alternative for Hubdoc and how the features compare to help you decide what is the best fit for your bookkeeping and accounting business.
What is Hubdoc?
Hubdoc is a cloud-based document management platform designed to automate the process of collecting, organizing, and extracting information from financial documents such as receipts, bills, invoices, and bank statements. The main goal of the platform is to reduce manual data entry, save time, and increase the efficiency of the document handling processes for small to medium-sized businesses. Let’s take a closer look at its features:
Key Features of Hubdoc:
- Document Scanning and Upload: Users are able to capture images of receipts and invoices through the Hubdoc mobile app. Forward documents into Hubdoc through email or to upload directly from your desktop.
- Data Extraction: Using OCR technology, Hubdoc extracts information from your documents: such as the invoice numbers, vendor names, dates, and amounts from and converts them into usable data.
- Accounting Software Integration: Hubdoc has direct integrations into Xero and QuickBooks Online, allowing you to push the extracted data from your documents directly into them.
- Document Sharing: Hubdoc has simple document sharing features that allow you to securely share documents with other members of your team or your clients all from one centralized location.
What is LedgerDocs?
LedgerDocs is a cloud-based document management platform created by accountants and bookkeepers specifically to help manage their client documents better and more efficiently and automate the tedious and time consuming tasks that come along with document management. Unlike other generic document management solutions, LedgerDocs’ solution makes it easier to collect, organize, and store documents, while also offering powerful automation features to reduce data entry. Here’s a closer look at its features:
Key Features of LedgerDocs:
- Digitize Documents and Automate Data Entry into popular accounting sofrware: Using advanced OCR technology and AI, LedgerDocs extracts key data from invoices, receipts, and bank statements and directly pushes it into accounting platforms like QuickBooks Online, FreshBooks, and Xero (coming soon).
- Document Collaboration: Leave notes, tags, and reminders directly on documents, helping to make communication between teams and clients more simple. Trigger notifications to clients for easy follow up and responses.
- Bank Statement Fetching: LedgerDocs automatically fetches bank and credit card statements from over 10,000 financial institutions, allowing you to convert bank statements into CSV files for easy reconciliation.
- Export Transactions or Fetch Historical Data: Ability to access current and historical transactions in the event statements for your financial institution are not available for direct download.
- Generate Custom PDFs from Bank Transactions: Create your own custom statements from fetched bank data.
- Convert PDFs to CSVs: Turns bank statement PDFs into clean CSV files for easy import into any accounting platform, or your own analysis in Excel.
- Rapid Bookkeeping Tool: LedgerDocs’ Rapid Bookkeeping Tool uses AI, machine learning, and OCR to help accountants and bookkeepers reduce manual data entry by automatically matching receipts to transactions, categorizing expenses, and importing bank data, making catch-up and ongoing bookkeeping more efficient.
- Automated Document Requests and Reminders: LedgerDocs sends automatic reminders to clients to submit necessary documents, reducing the manual effort of chasing them down.
- Email Uploads: Clients can upload documents directly by emailing them to unique, client-specific email addresses. This eliminates the need for manual uploads and keeps you organized with all your clients.
- Customer and Supplier Rules: Documents from the same suppliers or customers often require repeated categorization. Supplier and Customer Rules help automate this process by applying consistent classifications, reducing manual repetition.
- Merge and Convert PDFs:< Offers flexible PDF tools that let you merge, split, convert, and reorder documents, making it easy to organize financial files, extract data, and prepare information for clients or accounting software without manual effort or an additional costly app.
- White-Glove Onboarding: Get personalized setup and training support from a dediced support team member to ensure a smooth and quick onboarding process for you and your team.
Feature Comparison
|
Feature |
Hubdoc |
LedgerDocs |
|
Document Collection |
✅ Yes – Mobile app, email forwarding, desktop upload |
✅ Yes- Mobile app, email uploads, desktop upload, scanner integrations |
|
Data Extraction (OCR) |
✅ Yes – Automatically extracts key data |
✅ Yes – Automatically extracts key data and categorizes documents |
|
Bank Statement Fetching |
❌ No |
✅ Yes – Automatic fetching from 10,000 financial institutions in North America |
|
Automated Document Requests |
❌ No |
✅ Yes – scheduled document reminders and requests. |
|
Customer and Supplier Rules |
❌ No |
✅ Yes |
|
Document Collaboration |
✅ Yes – Basic document sharing feature |
✅ Yes – notes, tagging, and @ mentions |
|
Mobile Access |
✅ Yes – access all documents on desktop or mobile |
✅ Yes – to capture receipts and invoices for uploads |
|
Accounting Software Integrations |
✅ Yes – Xero, QuickBooks Online |
✅Yes – QuickBooks Online, FreshBooks, Xero (coming soon) |
|
Security & Compliance |
✅ Yes – Bank-grade security |
✅ Yes – Bank-grade security, customizable user access |
|
PDF Tools |
❌ No |
✅ Yes – Merge, split, convert PDFs, convert PDFs to CSV |
|
Scanner Integration |
❌ No |
✅ Yes – Canon, ScanSnap |
|
Folder Templates |
❌ No |
✅Yes – Customizable templates for client onboarding |
|
White-Glove Onboarding |
❌ No |
✅ Yes – Personalized setup and training |
|
AI-Powered Bookkeeping Tools |
❌ No |
✅ Yes – AI and machine learning powered tools to help with bookkeeping and data entry |
Which One Should You Choose?
Both Hubdoc and LedgerDocs have built-in features that are helpful for bookkeeping and accounting workflows. But which platform should you choose?
- Choose Hubdoc if: You are looking for a very simple and straightforward tool to collect and extract data from documents.
- Choose LedgerDocs if: You need a full suite of powerful features for your practice, especially for repetitive tasks like bank fetching, document organization. Document requests and transaction categorization.
Final Thoughts
The best platform for your business depends on your business’s size, the complexity of your workflow, and the tools that you need to improve your practice. LedgerDocs shines when it comes to automation and advanced document management features, while Hubdoc offers a simple solution for smaller firms or freelancers who are looking to fill more basic needs.
Want to see LedgerDocs in action? Schedule a demo to explore how our platform can help improve your document management and bookkeeping workflows.
The post Hubdoc vs. LedgerDocs: As Bookkeepers and Accountants, How Do You Decide? appeared first on LedgerDocs.
