How DEXT and A2X Streamline Ecommerce Accounting

Managing accounting for an ecommerce business is no small feat, especially if you’re selling across multiple channels like Amazon, Shopify, and eBay. Keeping track of sales, expenses, and inventory from different platforms can quickly become overwhelming, and errors in data entry or calculations can lead to costly financial mistakes. That’s where tools like DEXT and A2X come in, providing automated solutions to simplify and streamline accounting for multichannel sellers.

What is DEXT?

DEXT (formerly known as Receipt Bank) is an accounting tool designed to automate the capture, extraction, and storage of financial data. It is particularly useful for managing expenses, as it allows businesses to upload receipts, invoices, and other documents, which DEXT then processes and extracts relevant data for your accounting software.

Key Features of DEXT for Ecommerce:

Automated Data Capture: DEXT automatically extracts data from receipts, invoices, and bills, saving time and reducing errors.
Seamless Integration: It integrates with popular accounting software like Xero and QuickBooks, making it easy to transfer financial data.
Real-Time Expense Tracking: With DEXT, you can monitor your expenses in real-time, allowing for better cash flow management.
Multi-Currency Support: Perfect for ecommerce businesses selling internationally, DEXT supports multiple currencies to streamline accounting for cross-border expenses.

DEXT allows ecommerce businesses to stay on top of their expenses without the hassle of manual data entry. By automating the collection and organisation of receipts, invoices, and bills, it gives you more time to focus on growing your business.

What is A2X?

A2X is an accounting tool specifically designed for ecommerce businesses, particularly those that sell on platforms like Amazon, Shopify, and eBay. It automates the process of reconciling sales transactions, making it easier to manage income and expenses across multiple sales channels.

Key Features of A2X for Ecommerce:

Sales Reconciliation: A2X takes the data from your ecommerce platforms and reconciles it with your accounting software, providing accurate sales figures.
Payout Matching: The tool matches ecommerce payouts with bank deposits, ensuring your financial records align with actual cash flow.
VAT and Tax Calculation: For businesses selling internationally, A2X calculates VAT and sales tax, taking the guesswork out of tax compliance.
Detailed Reporting: A2X provides detailed sales and expense reports, allowing you to gain insights into the financial performance of each sales channel.

A2X makes it easy to track and manage revenue from different platforms, providing accurate and transparent financial reporting. For multichannel sellers, it simplifies the often-complex task of consolidating data from different sources.

How DEXT and A2X Work Together to Streamline Ecommerce Accounting

For multichannel sellers, using both DEXT and A2X can be a game-changer. Here’s how these tools work together to provide a comprehensive solution for ecommerce accounting:

Automated Data Collection
DEXT collects and organises expense data, while A2X pulls in sales data from various ecommerce platforms. This combination ensures that all financial data is captured accurately, without the need for manual entry.
Seamless Integration with Accounting Software
Both DEXT and A2X integrate seamlessly with popular accounting platforms like Xero and QuickBooks. DEXT sends expense data, while A2X sends sales data, ensuring that all aspects of your finances are updated automatically.
Accurate Sales and Expense Tracking
By using DEXT for expenses and A2X for sales, you have a full view of both sides of your cash flow. This dual approach makes it easier to track profitability and manage your finances effectively.
Enhanced Reporting for Multichannel Sales
A2X breaks down sales data by platform, providing a clear picture of your revenue streams from Amazon, Shopify, eBay, and others. Combined with DEXT’s expense tracking, you get comprehensive financial reports that help you understand the performance of each channel.
Simplified VAT and Tax Compliance
With A2X calculating sales taxes and VAT, and DEXT handling multi-currency expenses, your tax compliance process is streamlined. Both tools reduce the likelihood of errors, ensuring that your business remains compliant with tax regulations in multiple jurisdictions.
Time Savings and Increased Efficiency
Together, DEXT and A2X eliminate the need for manual data entry and reconciliation, saving valuable time. The automation provided by these tools allows you to focus on scaling your business instead of getting bogged down by accounting tasks.

Benefits of Using DEXT and A2X for Ecommerce Accounting

For ecommerce businesses, the combination of DEXT and A2X offers several key benefits:

Reduced Manual Entry: With data capture and reconciliation automated, you spend less time on manual accounting tasks.
Improved Accuracy: Automation reduces the risk of errors, resulting in more accurate financial records.
Better Cash Flow Management: Real-time tracking of expenses and sales ensures that you have a clear view of your cash flow at all times.
Increased Efficiency: By integrating with your accounting software, both tools streamline processes and enhance productivity.
Tax Compliance Made Simple: A2X’s ability to calculate VAT and sales tax simplifies the often-complicated tax requirements for cross-border sales.
Scalability for Multichannel Growth: As your business expands to more sales channels, DEXT and A2X make it easy to manage and consolidate data from each platform.

Why Finance Box Recommends DEXT and A2X for Multichannel Sellers

At Finance Box, we specialise in ecommerce accounting and understand the unique challenges that multichannel sellers face. Tools like DEXT and A2X are essential for ecommerce businesses that want to optimise their financial processes and maintain accurate records across multiple sales platforms.

We recommend DEXT for its seamless expense tracking and automation capabilities, which take the hassle out of managing receipts and invoices. Meanwhile, A2X is an invaluable tool for consolidating sales data from platforms like Amazon, Shopify, and eBay, providing clarity and consistency in your revenue tracking.

By integrating DEXT and A2X into your accounting system, you can eliminate manual errors, reduce administrative workload, and stay compliant with VAT and tax requirements. Finance Box is here to guide you through the setup and integration of these tools, ensuring that your ecommerce accounting runs smoothly.

Ready to Streamline Your Ecommerce Accounting?

Navigating the complexities of ecommerce accounting doesn’t have to be a headache. With tools like DEXT and A2X, multichannel sellers can enjoy simplified, automated accounting processes that save time and increase accuracy. As specialist ecommerce accountants, Finance Box is here to help you implement these solutions and take your accounting to the next level.

If you’re ready to streamline your ecommerce accounting, contact Finance Box today to learn more about how DEXT and A2X can benefit your business.

How DEXT and A2X Streamline Ecommerce Accounting for Multichannel Sellers