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Multi-Currency Processing

Hubdoc's Multi-Currency Bank Statement Limitations

Hubdoc processes receipts and invoices well, but struggles with multi-currency bank statements. Accountants report currency confusion, QuickBooks integration issues, and manual corrections for foreign transactions.

Try for one week Compare Hubdoc vs Zera Books

99.6%

Accuracy

150+

Currencies

$79/mo

Unlimited

TL;DR

Quick comparison overview

Hubdoc Limitations

Currency confusion, QuickBooks integration errors, manual corrections needed

Zera Books Solution

Dynamic AI processes any currency with 99.6% accuracy - no template training

Pricing Difference

Hubdoc: $20-90/user/month. Zera Books: $79/month unlimited conversions

Best For

Accountants managing clients with international transactions or foreign banks

What Hubdoc Does with Multi-Currency Bank Statements

Hubdoc (owned by Xero) is primarily designed for receipt and invoice processing. Bank statements are a secondary feature, and multi-currency handling reveals significant limitations.

Multi-Currency Limitations

×"Does not understand currency well" - user reviews cite travel expenses as particularly problematic
×QuickBooks integration errors with foreign currencies despite built-in multi-currency support
×Foreign exchange transfers to accounting software described as "messy"
×Requires manual corrections for multi-currency transactions

What Hubdoc Does Well

✓Receipt and invoice processing (primary focus)
✓Direct Xero integration with exchange rate syncing for receipts
✓Auto-fetch from supported financial institutions
✓Document storage and organization

The Core Problem

Hubdoc was built for receipt and invoice extraction, not bank statement processing. Multi-currency bank statements require sophisticated AI that understands transaction flows, currency symbols, exchange rates, and proper formatting - capabilities Hubdoc simply wasn't designed for. Accountants report spending significant time correcting currency errors that should have been caught automatically.

Why Accurate Multi-Currency Processing Matters

For accountants managing international clients or businesses with foreign transactions, multi-currency accuracy isn't optional - it's essential for compliance and financial reporting.

International Clients

Businesses operating across borders need bank statements with USD, EUR, GBP, CAD transactions processed correctly without manual intervention.

Foreign Revenue Streams

E-commerce, SaaS, and export businesses receive payments in multiple currencies that must be accurately recorded.

Compliance Requirements

Tax authorities and auditors require accurate currency conversions and proper documentation of foreign transactions.

Exchange Rate Tracking

Historical exchange rates must be captured at transaction dates for proper financial reporting and tax calculations.

Time Zone Differences

International transactions span time zones with different date formats and processing times that must be reconciled correctly.

Bank Format Variety

Foreign banks use different statement layouts, languages, and currency notation that standard tools struggle to parse.

The Manual Correction Problem

When multi-currency processing fails, accountants spend 20-30 minutes per statement manually correcting currency codes, verifying exchange rates, and reconciling transaction amounts. For firms managing 10+ international clients, this adds up to full workdays lost every month to manual currency corrections.

Zera Books eliminates this entirely with AI trained specifically on international bank statements across 150+ currencies.

Hubdoc vs Zera Books: Multi-Currency Comparison

Side-by-side comparison of multi-currency bank statement processing capabilities.

Feature	Hubdoc	Zera Books
Currency Recognition	Limited - user reports "does not understand currency well"	150+ currencies dynamically recognized
QuickBooks Integration	Errors with foreign currencies despite built-in support	Direct QBO export with currency codes
Xero Integration	Exchange rates sync for receipts, bank statements require manual work	Pre-formatted Xero CSV with currency fields
Foreign Bank Formats	Limited support for non-English statements	Processes statements in 40+ languages
Manual Corrections Needed	Frequent - users report currency confusion requiring manual fixes	Minimal - 99.6% accuracy rate
Primary Focus	Receipt and invoice processing (bank statements secondary)	Bank statement + financial document specialist
Pricing Model	$20-90/user/month (scales with team size)	$79/month unlimited conversions (flat rate)
Processing Speed	Varies by document type	15-30 seconds per statement
AI Categorization	Not available for bank statements	Auto-categorizes transactions for QB/Xero
Multi-Account Detection	Manual account tagging required	Automatic detection and separation

How Zera Books Handles Multi-Currency Bank Statements

Zera AI was trained on millions of international bank statements across 150+ currencies. It dynamically recognizes currency codes, symbols, and transaction patterns without templates.

Dynamic Currency Recognition

Identifies USD, EUR, GBP, CAD, AUD, JPY, and 140+ other currencies automatically
Recognizes currency symbols ($, €, £, ¥) and three-letter codes (USD, EUR, GBP)
Handles mixed-currency statements (checking in USD, savings in CAD)
Processes statements from foreign banks in their native language

Proper Export Formatting

QuickBooks QBO files include proper currency codes for foreign transactions
Xero CSV exports maintain currency field integrity for multi-currency accounts
Excel files clearly indicate currency for each transaction row
Preserves original currency amounts without forced conversions

Real Example: Multi-Currency Processing

Scenario: Canadian bookkeeper receives a PDF statement from a client's US bank account (USD) that includes wire transfers from European suppliers (EUR amounts shown in description).

Hubdoc result: Extracts transactions but mislabels some EUR references as USD, requires manual review and correction of currency codes before QuickBooks import.

Zera Books result: Automatically identifies statement is in USD, preserves EUR references in transaction descriptions, exports to QBO with correct USD currency codes. QuickBooks import succeeds without manual edits. Total time: 45 seconds.

Who Needs Reliable Multi-Currency Processing?

These accounting professionals and businesses require accurate multi-currency bank statement conversion daily.

International Accounting Firms

Serve clients with foreign subsidiaries, international suppliers, or cross-border revenue streams.

Common issue: Clients with US parent company and Canadian operations require both USD and CAD statements processed monthly.

E-commerce Businesses

Receive payments through Shopify, Amazon, or Stripe in multiple currencies from global customers.

Common issue: Shopify Payments settles in merchant's local currency but shows foreign currency amounts in payouts.

Import/Export Companies

Pay suppliers in foreign currencies and receive payments from international buyers in multiple currencies.

Common issue: Bank statements show wire transfers with both USD invoice amounts and foreign currency equivalents.

SaaS Companies

Charge customers globally through Stripe or PayPal with settlements in USD, EUR, GBP, or other currencies.

Common issue: Revenue recognition requires matching payment processor statements to invoices across currencies.

Remote-First Companies

Pay employees and contractors in their local currencies through Deel, Wise, or international payroll platforms.

Common issue: Payroll statements show both USD budget and foreign currency actual payments.

Travel & Hospitality

Process transactions from international guests and handle foreign currency exchange for business operations.

Common issue: Credit card statements include both local currency and foreign transaction amounts with exchange rates.

From Manual Entry to Automated Processing

How Manning Elliott handles multi-format statements

"My clients send me all kinds of messy PDFs from different banks. This tool handles them all and saves me probably 10 hours a week that I used to spend on manual entry."

The Challenge

Manning Elliott serves 20+ small business clients with different banks and statement formats. Manual processing took 2-3 hours per client monthly - including international clients with multi-currency transactions.

The Solution

Zera Books handles every format automatically - including foreign bank statements with USD and CAD accounts. Upload, review, import. Done in minutes instead of hours.

Results

Saves 8-10 hours per week on bank statement processing
Reduced errors from manual transcription (no more typos in amounts)
Can take on more clients without hiring additional staff

Ashish Josan - Manager, CPA at Manning Elliott

When Hubdoc Makes Sense (And When It Doesn't)

Be honest about edge cases where Hubdoc works - and where most accounting firms need more.

Hubdoc Works If You:

Primarily process receipts and invoices (not bank statements)
Use Xero exclusively (tight integration)
Only work with domestic, single-currency accounts
Don't mind manual currency corrections when they occur
Need document storage and auto-fetch features

Choose Zera Books If You:

Process bank statements regularly (daily, weekly, monthly)
Have clients with multi-currency transactions or foreign accounts
Use QuickBooks Online or QuickBooks Desktop
Need AI transaction categorization (not just extraction)
Want unlimited processing without per-user fees

The Reality for Most Accounting Firms

Most accounting firms process both receipts AND bank statements. Hubdoc excels at receipts but struggles with multi-currency bank statements - forcing you to use multiple tools or accept manual corrections.

Zera Books processes bank statements, financial statements, invoices, and checks - all with the same AI accuracy. If your workflow includes regular bank statement processing for international clients, Zera Books eliminates the multi-currency headaches Hubdoc creates.

Stop Fighting with Multi-Currency Bank Statements

Zera Books processes international bank statements with 99.6% accuracy. No templates, no currency errors, no manual corrections. Try it for one week and see the difference.

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