The robots are taking over!! Well, maybe not just yet, but there are some great tools out there that can give you a helping hand and automate some of your routine accounting processes.
DEXT PREPARE is one such solution. It captures and extracts core accounting data from your accounting documents and supplier invoices and posts this data directly into your accounting software.
WHAT IS DEXT PREPARE?
DEXT PREPARE (formally Receipt Bank) is an automated accounting platform that helps businesses and accountants save time, improve accuracy, and reduce human errors. It is a cloud-based service that allows businesses to scan, capture, and submit their receipts, invoices, and bills for processing in one place.
With DEXT PREPARE, businesses can securely store and manage their financial documents, create and share itemised expense reports, and automate the bookkeeping process. The platform also offers features such as unlimited storage, automated bookkeeping, multi-level approval processing, customizable reports, and integrations with various third-party applications.
DEXT PREPARE is suitable for businesses of all sizes, from freelance consultants to large companies.
HOW IT WORKS
You simply connect a DEXT app to your bookkeeping software and you are ready to start publishing.
Whether you scan in invoices, have your suppliers email them direct to DEXT or snap pictures of the documents using the DEXT Android or iOS mobile app, DEXT PREPARE extracts and captures the data with an accuracy of 99%+. From here you can then publish to your software, without having to manually enter, or deal with, physical paperwork.
WHAT ARE THE BENEFITS?
Not only are you saving the physical space you were using to store all those paper files and documents, there is also a huge potential to save time. Our clients are telling us that they’re saving at least two minutes per invoice and have more time to focus on running and growing their business.
“Wow! We love Dext Prepare and don’t know how we ever survived without it. We are saving a day a week in time!” Robinson Contract Services Limited
In summary, DEXT PREPARE can save your business time in several ways:
• Automated Data Entry: The platform uses Optical Character Recognition (OCR) technology to automatically extract relevant information from receipts, invoices, and other financial documents, such as supplier name, amounts, and dates. This eliminates the need for manual data entry, saving your business time and reducing the risk of errors.
• Organised and Categorised Data: Once the relevant information is extracted, the platform organises and categorises the data, making it easy for you to track expenses, create invoices, and generate financial reports.
• Integration with accounting software: It can integrate with accounting software such as Sage, Xero, QuickBooks, and many more. This means that the data extracted from the financial documents can be automatically exported to these platforms, eliminating the need for manual data entry, and ensuring that the data is always up-to-date and accurate.
• Automated Bookkeeping: DEXT PREPARE offers a set of features that allow you to automate different bookkeeping tasks, such as expense management, invoicing and payment tracking, using rules that you define. This can help to reduce the time spent on bookkeeping and focus more on growing your business.
• Automatic receipt categorisation: Using machine learning algorithms, the software can automatically classify the receipts and invoices into categories, this can save your business time by eliminating the need to manually categorise the receipts. Again, this can be further enhanced by using rules.
We love DEXT PREPARE here at Sowerby and use it with all our in-house and outsourced bookkeeping clients. Get in touch on 01482 888 820 or email hello@sowerby-llp.co.uk if you’d like to see how DEXT PREPARE can work for your business.