With all of the bits and bytes of financial data streaming around the web every day, businesses need help keeping track of it all.
Toronto-based Hubdoc, which serves clients on both sides of the Canada-U.S. border, serves just this purpose. With Hubdoc tools, information gets automatically aggregated from financial sources and put into the company's own accounting software.
“You can log into your bank, your telecom provider, your utility provider,” Hubdoc's Yoseph West told Toronto Business Daily. “You have a set of books that are effectively audit proof.”
By porting in all of this data regarding invoices and receipts and payments, West said, businesses are going to benefit at tax time, whether they're in Canada or in the U.S.. The company serves about 30 per cent of its clients in Canada and 70 per cent in the United States, West said.
West said Hubdoc has benefited from being based in the Toronto community.
“If you look at the last five years, the tech scene is growing -- smart, young, hard-working people are engaging with startups," he said.
The emerging tech scene, mixed with the city's relatively laid-back culture, provides a lot of opportunity to rival other regional hubs like Silicon Valley.
Although Hubdoc is helping businesses to automate their finances, West said it's not an all-or-nothing proposal.
“Our goal is to automate 80 per cent of business documents,” West said. “We’re still kind of in the early days of that vision.”
With that in mind, West said, the company also makes it easy to extract data from paper documents.
When asked about core values, West stressed customer empathy.
“That's something that we hold dear,” West said, adding that the company has invested in significant training to instill the values in everyone who works there.