What is Dext and how does it work?

In this article, we will delve into the benefits of using Dext and explore how it works. We will also discuss its integration with popular accounting software and highlight the key features that make it a valuable asset for small businesses.

Date
8 December 2023
Reading time
Around 9 min

Running a small business involves numerous administrative and accounting tasks, which can take up a significant amount of your time. Imagine if you could automate these processes and free up valuable hours to focus on growing your business.

That's where Dext (formerly known as Receipt Bank) comes in. As the number one leading pre-accounting tool, Dext offers a seamless way to automate data entry and basic bookkeeping, making your life easier and your business more efficient.

Why Choose Dext?

Dext's reputation as the world's leading bookkeeping automation platform speaks for itself. With over 250,000,000 digitally processed financial documents and trusted by 450,000 businesses globally, Dext has established itself as a reliable and efficient solution for businesses of all sizes.

By choosing Dext, you can stay on top of your business finances and reduce your workload significantly, allowing you to focus on what truly matters – growing your business.

So, what sets Dext apart? Here are some compelling reasons to choose Dext for your business:

  1. Seamless Expense Management: Dext provides a quick and easy solution for tracking your expenses and storing them securely in the cloud. From a simple "one-click" upload to accessible expense reports and sales invoice extraction, Dext streamlines your administrative tasks, saving you time and effort.

  2. Integration with Leading Software: Dext works seamlessly with market-leading software companies such as Xero, QuickBooks, Sage, and FreeAgent. This integration allows you to gain valuable real-time insights and enhances your productivity and profitability.

  3. OCR Technology: Dext utilises Optical Character Recognition (OCR) technology to extract information from receipts, invoices, and other financial documents. This technology converts the visible data into an electronic format, making it easy to manage and publish on any accounting software.

How Dext Works

Dext's award-winning mobile app simplifies the process of tracking receipts and invoices. Here's a step-by-step guide on how Dext works:

  1. Capture: Use the mobile app to take a picture of your receipt or bill. Alternatively, you can send the document to a unique email address provided by Dext.

  2. Automatic Scanning: Dext automatically scans the document and extracts essential data such as supplier and amount. This eliminates the need for manual data entry, saving you time and reducing the risk of errors.

  3. Action Plan: Review the extracted data and decide your next course of action. You can publish it to your cloud software, export it as a CSV file, or share it with your accountant.

With just 30 seconds needed to process one receipt, Dext significantly reduces the time you spend on administrative tasks, giving you more time to focus on growing your business.

Benefits of Using Dext

Using Dext offers a range of benefits for your business. Here are some advantages you can expect:

1. No More Paperwork

Dext's easy submission methods eliminate the need for physical paperwork. You no longer have to make trips to drop off your paperwork to your accountant, ensuring that you never lose another receipt or invoice.

2. Seamless Integration

Dext seamlessly integrates with leading accounting, payroll, and payment software. Whether you're using desktop, mobile, iPad, or cloud platforms, Dext provides a streamlined end-to-end solution that suits any entrepreneur.

3. Time Savings

By automating your administrative tasks, Dext can save you an average of three hours per week. This time can be better spent on core business activities, boosting your overall productivity.

4. Unlock Business Data

With Dext, your accountant can unlock valuable data insights and offer you real-time advice based on the latest financial information. By having accurate and up-to-date data at your fingertips, you can make informed decisions that drive the growth of your business.

Dext Prepare: Simplifying Your Bookkeeping

Dext Prepare is a powerful feature that brings all your paperwork together in a standardised, digital format. Whether it's a receipt, an invoice, or a bank statement, you can upload it to Dext Prepare, and the platform will extract the necessary data and send it directly to your accounting software. This eliminates the need for manual data entry, ensuring that you have accurate and up-to-date numbers without the hassle.

You can use Dext Prepare in the same way as you did with Receipt Bank, ensuring a smooth transition. It offers additional features such as automatic categorisations, expense reports, client bank account syncing, and more.

Capture and Upload Documents

Dext provides multiple ways to capture and upload your documents:

  • Click and submit receipts using the mobile app.

  • Submit receipts or invoices via email.

  • Add new documents manually.

Dext Bank Invoice Fetch: Streamlining Online Supplier Invoices

Dext Bank Invoice Fetch simplifies the process of managing invoices from online suppliers. By adding your suppliers' credentials to your Dext account, the platform automatically pulls in your bills, storing them in one convenient location. This feature is particularly useful for managing utility providers, phone providers, internet providers, and more.

Dext's Cloud-Based Solution

Dext's cloud-based solution offers numerous advantages for your business. By storing your invoices and receipt data in the cloud, you not only save physical space but also gain the ability to organise and access your financial records from anywhere. This revolutionary technology makes your bookkeeping smarter and more efficient.

Accounting Software Integration

Dext integrates seamlessly with market-leading cloud accounting software providers, including Xero, QuickBooks, and FreeAgent. This integration ensures that Dext Prepare becomes an integral part of your accounting and bookkeeping workflows. By connecting Dext with your accounting software, you enable your accountant to provide better advice and insights, helping you make crucial decisions that enhance your business.

Integrating Dext and Xero

As one of the leading accounting software globally, Xero is widely used by small businesses. Dext's integration with Xero allows you to send receipts directly into the accounting software, simplifying the tracking of bills and invoices. This integration provides a clearer picture of your business finances, empowering you to plan for the future.

Integrating Dext and QuickBooks

QuickBooks is another popular cloud accounting solution for small businesses. Dext's integration with QuickBooks makes it an ideal accounting solution for these businesses. By using Dext, you can easily handle expenses and costs, submitting purchase invoices and expense claims directly through the app. The scanned data is automatically published to QuickBooks Online, saving you time and reducing manual data entry.

Integrating Dext and FreeAgent

Dext's integration with FreeAgent aims to save your company time and money. By combining automatic publication and transaction matching, Dext and FreeAgent simplify your financial processes. Dext connects your accounts securely, eliminating the need for manual record updates. With a better understanding of your company's finances, future planning becomes more manageable.

In Conclusion

Dext offers a comprehensive solution for streamlining your business finances. With its advanced automation capabilities and seamless integration with popular accounting software, Dext saves you time, minimises errors, and improves your business's cash flow. By choosing Dext, you gain access to a secure and searchable library for all your financial records, providing you with the flexibility and convenience you need.

Pricing plans for Dext start from as little as £25 per month + VAT for up to 5 users and 300 document scans a month. If you're ready to take control of your business finances and maximise your efficiency, consider getting started with Dext.

At Finance Box, we recognise the power of cutting-edge tools like Dext in revolutionising the way we handle financial data. Our commitment to staying at the forefront of technology enables us to seamlessly integrate Dext into our services, providing our clients with the utmost convenience and efficiency.

As your trusted financial partners, we harness Dext's capabilities to streamline your financial processes, reduce manual labor, and ensure accuracy in every transaction.

Together, we'll navigate the future of finance with confidence, making your financial management experience not just efficient, but truly exceptional.

Discover the Finance Box advantage today and experience a new era of financial excellence.

Contact us today, and our team of experts can set up your Dext account in just a few minutes!

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