Did you know on average, small businesses currently spend 120 working days per year on admin and accounting tasks?
Luckily, there is now a more seamless way to automate all your data-entry processes and basic bookkeeping, freeing more time to grow your business.
Dext (formerly Receipt Bank) is the number one leading pre-accounting tool for accountants, bookkeepers, small businesses and the self-employed. The platform automates the collection and processing of your expense documents, from receipts, bills and recurring invoices, managing it securely online using a cloud-based system. Making it easy to manage any tax returns to HMRC.
In this article, we will highlight some of the ways Dext will benefit your business.
Why choose Dext?
Firstly, Dext’s numbers speak for themselves:
- World’s leading bookkeeping automation platform with over 250,000,000 digitally processed financial documents
- 1.3 million people have used the platform to snap, scan and save receipts, invoices, and bank statements.
- Trusted by 450,000 businesses globally
It is the perfect platform to stay on top of your business finances and reduce your workload significantly to focus on growing your business.
Dext gives you a quick and easy solution to track your expenses and save them in the cloud, so costs are never underrepresented. From a ‘one-click’ upload to accessible expense reports, sales invoices, and bank statement extraction, Dext helps you transform your admin tasks all in one easy place.
It also works with all the market-leading software companies, including Xero, Quickbooks, Sage, Freeagent etc, to gain valuable real-time insights to help your business clients be more productive and profitable.
Dext uses OCR (Optical Character Recognition) technology to extract written information (on receipts, invoices, or other financial documents), and present the visible data in an electronic, easy-to-manage format; perfect for publishing on any accounting software.
How Dext works
Keeping track of your receipts and invoices has never been easier with their award-winning mobile app.
- Take a picture of your receipt and bills and send it to a unique email address.
- Then, you can scan the documents automatically, and essential data such as supplier and amount are extracted.
- Lastly, you can look at the data provided and decide your next action plan. You can publish it to cloud software, export the data as a CSV file or share it with your accountant.
Taking just 30 seconds to process one receipt, your work is complete, saving you many hours of work.
Benefits of using Dext
No more paperwork
Dext’s easy submission methods mean you never lose another receipt or invoice as you will no longer have to make trips to drop off your paperwork to us, your accountant!
Seamless integration
It integrates perfectly with leading accounting, payroll and payment software (listed below) on desktop, mobile, iPad and cloud, building a streamlined end-to-end solution to suit any entrepreneur.
Saves time
On average, using Dext can trim around three hours per week off your admin and paperwork!
Unlock business data
Your accountant can now unlock data to gain accurate insights and offer you valuable real-time advice as and when you need it, based on the latest financial data.
Dext Prepare
Dext Prepare is a brilliantly simple way to bring all your paperwork together in a standardised, digital format. If it’s a receipt, an invoice, or a bank statement, upload it, and Dext will extract the data you need and then send it to your accounting software. So, you get the accurate numbers you need without sitting and entering them manually.
You can use Dext Prepare in the same way as you did before in Receipt Bank (same login, etc.), giving you access to more insights, automatic categorisations, expense reports, client bank account syncing, etc.
Capture and upload the following using:
Dext bank invoice fetch
After you’ve added Invoice Fetch to your account, you’ll need to submit your suppliers’ credentials. They will then be added to your ‘linked suppliers’ list, and Dext will take care of the rest, pulling in your bills automatically. Invoice Fetch puts all of your documents in one place, past, present, and future.
Your online suppliers could be:
- Utility providers
- Phone providers
- Internet providers…and more!
Dext’s cloud-based Solution
With its cloud-based solution, this platform not only saves you the effort but also the space to organise large sums of invoices and receipt data all in one place. With this revolutionary technology, it is the perfect time to make your business’s bookkeeping smarter too.
Accounting Software Integration
Dext integrates with all market-leading cloud accounting software providers, including Xero, Quickbooks & Freeagent, meaning Dext Prepare will be right at the heart of your accounting and bookkeeping workflows.
Helping build a unique end-to-end solution between you and your accountant who can provide better advice and insights so you can make crucial decisions that could enhance your business.
Integrating Dext and Xero
As one of the leading accounting software in the world, Xero caters to many small businesses. Dext integration with Xero allows you to send receipts directly into the accounting software, making tracking bills and invoices even easier for Xero users. You will get a much clearer picture of your business finances so you can plan for the future.
Dext is Xero’s best-reviewed app partner that can save hours on bookkeeping tasks by scanning the receipts directly into Xero.
Integrating Dext and QuickBooks
Similarly, QuickBooks is another popular cloud accounting solution for small businesses. But, again, Dext’s integration into QuickBooks makes it the perfect accounting solution for small businesses.
It can handle all your expenses and costs with a few clicks. You can submit purchase invoices and expense claims using the app, and the scanned data is automatically published to QuickBooks Online.
Integrating Dext and Freeagent
Dext can save your company time and money by combining automatic publication and transaction matching. That is precisely what our platform and its interaction with FreeAgent are designed to do.
Dext will connect your accounts. Your financial data is securely sent to FreeAgent, eliminating the need to update your records manually. Instead, you’ll better understand your company’s finances, making future planning more manageable.
In Conclusion
As you can see, Dext has the potential to save you time, simplify numerous workflow processes, minimise errors and improve your business cash flow.
It also works with all major online accounting software companies, meaning you have greater flexibility working with your accountant, connecting in just a few clicks. In addition, you now have a portal where all your financial records are held in one searchable and secure library that you can access anytime.
Their pricing plans start from as little as £25 per month + VAT for up to 5 users and 300 document scans a month. Click here for more details.
Want to get started with Dext or require help in connecting it to your accounting software, please get in touch with Fusion Accountants today, and we can set up your Dext account in just a few minutes!
