Managing your business’s money can feel like a headache, right?
It’s a common struggle for many.
This old way of doing things isn’t just annoying; it can lead to mistakes.
Docyt and Hubdoc are two popular options designed to make accounting easier.
Let’s break down Docyt vs Hubdoc features, pros, and cons to help you decide.
Overview
To help you make the best choice, we’ve thoroughly tested both Docyt and Hubdoc.
Putting their features, ease of use, and overall benefits to the test.
This hands-on experience has allowed us to draw direct comparisons and highlight what truly sets each apart.
Tired of manual bookkeeping? Docyt AI automates data entry and reconciliation, saving users an average of 40 hours.
Pricing: It has a free trial. The premium plan starts at $299/month.
Key Features:
- Automated Reconciliation
- Streamlined Workflows
- User-Friendly Interface
Save time with Hubdoc! Users typically save 4 hours a week on data entry. Plus, Hubdoc auto-organizes 99% of docs.
Pricing: It has a free trial. The premium plan starts at $12/month.
Key Features:
- Automated Document Fetching
- Data Extraction
- Direct Accounting Integration
What is Docyt?
So, what is Docyt all about?
Think of it as your smart accounting assistant.
It uses artificial intelligence to handle many of those boring financial tasks.
Also, explore our favorite Docyt alternatives…
Key Benefits
- AI-Powered Automation: Docyt uses artificial intelligence. It automatically extracts data from financial documents. This includes details from over 100,000 vendors.
- Real-time Bookkeeping: Keeps your books updated in real-time. This provides an accurate financial picture at any moment.
- Document Management: Centralizes all financial documents. You can easily search and access them.
- Bill Pay Automation: Automates the bill payment process. Schedule and pay bills easily.
- Expense Reimbursement: Streamlines employee expense claims. Submit and approve expenses quickly.
- Seamless Integrations: Integrates with popular accounting software. This includes QuickBooks and Xero.
- Fraud Detection: Its AI can help flag unusual transactions. This adds a layer of security. There’s no specific warranty for the software, but continuous updates are provided.
Pricing
- Impact: $299/month.
- Advanced: $499/month.
- Advanced Plus: $799/month.
- Enterprise: $999/month.
Pros
Cons
What is Hubdoc?
So, what is Hubdoc? It’s like a smart filing cabinet for all your financial papers.
It helps you collect receipts, bills, and statements without the usual hassle.
You just snap a photo, email it, or upload it.
Also, explore our favorite Hubdoc alternatives…
Key Benefits
Hubdoc’s main strength is its focus on document automation.
- 99% accuracy: Hubdoc uses OCR to ensure data is captured correctly.
- Audit-proof storage: It stores documents securely, so you never lose a file again.
- Saves 10 hours monthly: Users report significant time savings by eliminating manual entry.
- Automated supplier fetching.
- Mobile photo capture.
- Seamless Xero integration.
Pricing
- Hubdoc price: $12/month.
Pros
Cons
Feature Comparison
Choosing the right accounting software is crucial.
This feature comparison will help you understand how Docyt and Hubdoc compare.
We’ll examine their core accounting features to see which solution best suits your needs.
1. Automation & AI Capabilities
Both platforms aim to reduce time-consuming manual bookkeeping tasks. They use smart technology to streamline accounting workflows.
- Docyt: Docyt uses advanced AI to automate a wide range of back-office and bookkeeping tasks. It’s designed for comprehensive accounting. The AI learns your business patterns. This helps with everything from categorization to reconciliation. It aims to replace manual automated data entry entirely.
- Hubdoc: Hubdoc also uses automation. It specializes in automated data extraction. Its AI focuses on getting information from documents. This helps reduce manual entry. It’s more about document processing automation.
2. Document Capture & Data Extraction
Getting your financial documents into the system is a key function. Both offer ways to do this.
- Docyt: Docyt simplifies receipt capture and invoice processing. You can snap photos or upload documents. It then extracts key data. This helps in managing expense reports and corporate card transactions.
- Hubdoc: Hubdoc is well-known for its receipt capture abilities. You can email, scan, or take photos. It specializes in automated data extraction from bills, receipts, and bank statements, which makes data capture automation very efficient.
3. Integrations
Connecting with your existing tools is vital for a smooth workflow.
- Docyt: Docyt integrates with various systems, including popular accounting software like QuickBooks. It also connects with POS (Point of Sale) systems, which helps manage revenue from different business locations.
- Hubdoc: Hubdoc integrates seamlessly with Xero and QuickBooks Online. It’s particularly strong for Xero users. It also connects with other platforms like Bill.com and Box. This helps in syncing documents.
4. Expense Management
Keeping track of your spending is a core accounting feature.
- Docyt: Docyt offers comprehensive accounting expense management. It includes digital receipt capture, automates expense categorization, and helps with expense reports and corporate card management.
- Hubdoc: Hubdoc streamlines expense management by automating document collection. It helps categorize expenses. This makes it easier to keep track of spending. It’s more focused on the document side of costs.
5. Financial Reporting & Insights
Understanding your business’s money requires clear reports.
- Docyt: Docyt provides real-time financial reporting. You gain instant visibility into your money. It generates detailed financial statements, including P&L and balance sheets. You can get roll-up financial statements for multiple business locations. Reports are also customizable. This helps you understand your profitability.
- Hubdoc: Hubdoc focuses on document organization for reporting. It helps ensure all source documents are available. This supports accurate financial statements. Its direct reporting features are more basic compared to Docyt.
6. Multi-Entity Support
For businesses with more than one location or company, this feature is very important.
- Docyt: Docyt is designed for businesses with multiple entities. It handles inter-entity transactions smoothly. It provides roll-up financial statements across all your business locations. This gives you a consolidated view.
- Hubdoc: Hubdoc can support multiple client accounts. This is useful for accountants managing several businesses. However, its core focus is on document management per entity, rather than consolidated financial reporting across them.
7. User Experience & Ease of Use
How easy is the software to learn and use every day?
- Docyt: Docyt aims for an efficient and user-friendly experience. Its interface is designed to be intuitive. However, with its advanced AI features, there can be a slight learning curve for some users.
- Hubdoc: Hubdoc is known for its simplicity and clear layout. It’s generally considered very user-friendly, especially for basic document management. It makes automated data entry very straightforward.
What to Look for When Choosing Accounting Software?
- Core Automation: Does it truly handle tedious tasks, eliminating manual data entry, or just document collection?
- AI Depth: Look for genuine AI bookkeeping that docyt learns your business intricacies, not just simple rules.
- Visibility & Reporting: Can you gain instant financial status visibility and real-time insights? Ensure it generates consolidated roll-up reports for all business locations effortlessly.
- Feature Set: Does it cover everything from bill pay to revenue reconciliation and automated bank reconciliation?
- Multi-Entity: Does it handle departmental accounting and generate individual financial statements?
- Financial Control: Does it aid in ensuring constant financial control over your cash flow and bank accounts?
- Strategy Focus: Does the AI automation software free up your team for strategic decision-making instead of time-consuming tasks?
- Accountant Collaboration: Is there easy accountant access for your accountant or bookkeeper to review and complete the month-end close?
- Security & Access: Does it offer security and cloud access for your records anywhere you have an internet connection?
- Integration: Can it connect with your other business apps like POS, payroll, and budgeting tools?
- Scalability: Does the starter plan support unlimited bookkeeping duties and bank transactions as your small business accounting grows?
Final Verdict
Our detailed breakdown shows that while Hubdoc is great for document collection, our choice is Docyt’s AI-powered platform.
It is the best accounting software for a small business owner wanting to truly automate tasks.
Docyt is a game-changer because its AI bookkeeper handles time-consuming tasks like revenue accounting errors and automates the back office.
This gives you real-time data and real-time financial reports on your profit.
Hubdoc is fine for receipts, but Docyt’s platform offers far more key features.
It helps your accounting firms team save time, ensuring better financial operations overall.
Docyt’s deep automation makes your life easier by allowing you to focus on run your business, not paperwork, which is vital for a growing company.
More of Docyt
When looking for the right accounting software, it’s helpful to see how different platforms stack up.
Here is a brief comparison of Docyt vs many of its alternatives.
- Docyt vs Puzzle IO: While both help with finances, Docyt focuses on AI-powered bookkeeping for businesses, while Puzzle IO simplifies invoicing and expenses for freelancers.
- Docyt vs Dext: Docyt offers a complete AI bookkeeping platform, whereas Dext specializes in automated data capture from documents.
- Docyt vs Xero: Docyt is known for its deep AI automation. Xero provides a comprehensive and user-friendly accounting system for general business needs.
- Docyt vs Synder: Docyt is an AI bookkeeping tool for back-office automation. Synder focuses on syncing e-commerce sales data with your accounting software.
- Docyt vs Easy Month End: Docyt is a full AI accounting solution. Easy Month End is a niche tool designed specifically to streamline and simplify the month-end closing process.
- Docyt vs RefreshMe: Docyt is a business accounting tool, whereas RefreshMe is a personal finance and budgeting app.
- Docyt vs Sage: Docyt uses a modern, AI-first approach. Sage is a long-standing company that offers a wide range of traditional and cloud-based accounting solutions.
- Docyt vs Zoho Books: Docyt focuses on AI accounting automation. Zoho Books is an all-in-one solution that offers a full suite of features at a competitive price.
- Docyt vs Wave: Docyt provides powerful AI automation for growing businesses. Wave is a free accounting platform best suited for freelancers and micro-businesses.
- Docyt vs Quicken: Docyt is built for business accounting. Quicken is primarily a tool for personal finance management and budgeting.
- Docyt vs Hubdoc: Docyt is a complete AI bookkeeping system. Hubdoc is a data capture tool that automatically collects and processes financial documents.
- Docyt vs Expensify: Docyt handles a full range of bookkeeping tasks. Expensify is a specialist in managing and reporting on employee expenses.
- Docyt vs QuickBooks: Docyt is an AI automation platform that enhances QuickBooks. QuickBooks is a comprehensive accounting software for all business sizes.
- Docyt vs AutoEntry: Docyt is a full-service AI bookkeeping solution. AutoEntry focuses specifically on document data extraction and automation.
- Docyt vs FreshBooks: Docyt uses advanced AI for automation. FreshBooks is a user-friendly solution popular with freelancers for its invoicing and time-tracking features.
- Docyt vs NetSuite: Docyt is an accounting automation tool. NetSuite is a full enterprise resource planning (ERP) system for large corporations.
More of Hubdoc
- Hubdoc vs Puzzle: This software focuses on AI-powered financial planning for startups. Its counterpart is for personal finance.
- Hubdoc vs Dext: This is a business tool for capturing receipts and invoices. The other tool tracks personal expenses.
- Hubdoc vs Xero: This is popular online accounting software for small businesses. Its competitor is for personal use.
- Hubdoc vs Synder: This tool syncs e-commerce data with accounting software. Its alternative focuses on personal finance.
- Hubdoc vs Easy Month End: This is a business tool to streamline month-end tasks. Its competitor is for managing personal finances.
- Hubdoc vs Docyt: This uses AI for business bookkeeping and automation. The other uses AI as a personal finance assistant.
- Hubdoc vs Sage: This is a comprehensive business accounting suite. Its competitor is an easier-to-use tool for personal finance.
- Hubdoc vs Zoho Books: This is an online accounting tool for small businesses. Its competitor is for personal use.
- Hubdoc vs Wave: This provides free accounting software for small businesses. Its counterpart is designed for individuals.
- Hubdoc vs Expensify: This is a business expense management tool. The other is for personal expense tracking and budgeting.
- Hubdoc vs QuickBooks: This is well-known accounting software for businesses. Its alternative is built for personal finance.
- Hubdoc vs AutoEntry: This is designed to automate data entry for business accounting. Its alternative is a personal finance tool.
- Hubdoc vs FreshBooks: This is accounting software for freelancers and small businesses. Its alternative is for personal finance.
- Hubdoc vs NetSuite: This is a powerful business management suite for large companies. Its competitor is a simple personal finance app.
Frequently Asked Questions
Is Docyt or Hubdoc better for very small businesses?
For very small businesses, Hubdoc might seem simpler initially, especially if bundled with free accounting software like Xero. However, Docyt offers more comprehensive automation for future growth.
How do Docyt and Hubdoc compare to other software like Dext or Wave?
Dext specializes in automated data capture like Hubdoc. Wave provides free accounting but is less robust. Docyt offers broader AI-driven bookkeeping than both, going beyond just data extraction.
Can Docyt replace a full ERP system?
No, Docyt is not a full ERP system. It streamlines back-office and bookkeeping but doesn’t handle all functions an ERP would, like inventory or CRM. It automates specific accounting workflows.
Does Docyt integrate with other accounting software like Sage?
Yes, Docyt integrates with popular accounting software. While Sage offers its own solutions, Docyt can connect to improve existing workflows rather than replacing your core system.
Which is better for managing expenses: Docyt or Hubdoc?
Hubdoc excels at receipt capture and getting documents into your accounting software. Docyt also does this but adds more AI for categorization and expense reports and corporate card management, offering deeper automation.
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