Dext Prepare - Cloud Invoice Processing Software
Due to the current pandemic, a lot of businesses have been forced to transition over to the Cloud. Not only this, employees and business owners have been working from home, leading to an increase in expense claims. Because of this increase, Cloud invoice processing software - Dext Prepare is growing in popularity and I am going to tell you why.
Dext prepare (formally known as Receipt Bank) is a cloud platform used to manage receipts, invoices, and other documents that businesses depend on to keep accurate. It syncs with various Cloud Accounting software such as Xero, Sage, QuickBooks, and FreeAgent. Once an invoice or receipt is uploaded, Dext will capture all the information such as the supplier’s name, date, tax rate, and amount. If synced with your Cloud Accounting software, it will also attempt to pick up the account nominal code. There are a load of reasons as to why Dext should be a staple in your business app stack, but here are just a few of them to help you make the choice:
1. Better efficiency for you and your team
The great thing is, once Dext has been told what account code to allocate the invoice or receipt to, it will remember for next time which massively improves efficiency for you and your team. Supplier rules can be set up for those reoccurring suppliers so once that invoice is uploaded, the information will be picked up as instructed and even sent straight across to your accountancy software without publishing if told so.
2. No manual data entry for your purchase invoices
I would always recommend connecting Dext to your Cloud Accounting Software. The reason is that it takes out the manual data entry of entering the purchase invoices manually. The invoice can be uploaded via email, mobile application or online and within a matter of minutes, the invoice will be ready for publishing to your accounting software. As well as purchases, there is also a sales invoice function.
3. Automatically collect your bills and invoices from supplier websites
Within the last couple of years, Dext has released a function called “Fetch”. Invoice Fetch allows you to connect with your main suppliers and these invoices will automatically be pulled through to Dext when and if they become available. The connection is completely safe and there is a two-factor authentication requirement in place which means only the user setting up the connection will have access. Dext Invoice Fetch is linked with some big suppliers such as Adobe, Amazon, Booking.com, Deliveroo and much more. There are 100s of suppliers and the list can be found here.
4. Ensure there is an accurate expense system in place
Now, as mentioned in my opening sentence, expense claims have become more common due to working from home. This is due to staff purchasing home office equipment on their cards and having this expensed back to them, or simply travelling for a meeting with a client or a work colleague to their local coffee shop and expensing back the travel and lunch costs. Dext will ensure there is an accurate expense system in place for your business. Employees can be invited, and their user rights can be amended so that they are only to see their own expense uploads. Again, these receipts can be uploaded straight from the mobile app, even whilst they are on the go, so the paper copy can be disposed of. Based on this uploaded information, the expense claim can then be built and submitted and sent for approval, all via Dext.
5. Track and manage your invoices & payments from one place
The most recent release is Dext Pay. It allows you to track and manage all your invoices and payments from one place. You are given the function to sort the invoices in the Dext inbox by unpaid and paid. If unpaid, you can then make payment for the invoice via Dext from your online banking which means no switching between accounts. The secure process is with Dext’s partner, Plaid. Dext is the only app on the market right now which offers this function.
If you do have any questions after reading this or would like some further information on the functions of Dext, please do not hesitate to contact me on Emma.Cohen@Raffingers.co.uk!