Dext: A Beginner's Guide to Simplifying Your Financial Records with AI

Automation for Accounting is not new; in fact, platforms like QuickBooks are already unquestionably essential in the basic accountant's toolkit. However, if you have used QB, you know that it falls short on some really basic everyday tasks that are usually the ones to cause more errors, duplicates, and misunderstandings when data is shared between commerce and finance departments.

Wouldn't it be great to empower QB with a comprehensive AI that can handle all of that super quickly and accurately? Dext is an AI accounting tool that can help you manage your receipts, invoices, and expenses, and even create tailored reports with useful insights. Dext is a cloud-based software that automates the data extraction and categorization of your commerce documents and integrates them into QuickBooks.

Dext is the offspring of Receipt Bank, a company that was founded in the UK in 2010. Receipt Bank changed its name to Dext in January 2021 after acquiring two other companies: Xavier, an AI platform for accountants that provides data quality and insights, and Greenback, a platform that connects e-commerce sales data to accounting software. So, essentially, Dext combines the best of both worlds: data analysis and everyday data extraction and entry. The name Dext is derived from the words "dexterity" and "next," reflecting the company's vision of empowering accountants and bookkeepers with smart tools and insights.

What is Dext used for?

Dext is an AI designed to simplify the accounting process of managing financial records, particularly receipts and invoices. Its primary purpose is to streamline data entry, reduce manual data input, and enhance accuracy in financial transactions.

It uses advanced AI and machine learning algorithms to extract the information from receipts and invoices and recognize that information such as the vendor's name, date of the transaction, and amount, to categorize the expense based on customizable rules.

Dext has three main products: Dext Prepare, Dext Precision, and Dext Commerce.

Dext Prepare

Dext Prepare is the core product that allows you to capture, store, and manage your receipts, invoices, bills, and bank statements. You can use your smartphone camera, email, or web browser to upload your documents to Dext, and the AI will extract the key data and categorize it automatically. You can also review, edit, and approve the data before sending it to your accounting software. Dext Prepare integrates with over 300 cloud accounting platforms, including QuickBooks.

Dext Precision

This is technically an add-on product that helps you monitor and improve the quality and accuracy of your accounting data. It provides you with real-time dashboards, alerts, and reports that show you the health of your books, the performance of your clients, and the best practices to follow. You can also use Dext Precision to automate workflows, set deadlines, assign tasks, and track progress.

Dext Commerce

Dext Commerce is another add-on that helps you manage your e-commerce sales data. It connects your online sales channels (such as Shopify, Amazon, eBay, etc.) to your accounting software, and automatically syncs your sales transactions, fees, taxes, refunds, and inventory. You can also use Dext Commerce to reconcile your bank accounts, create invoices, and generate reports.

Do I need Dext if I have QuickBooks?

As we said before, QuickBooks is a basic tool for every accounting firm nowadays. It’s almost impossible to run away from it, but the tools do not have some features that Dext offers and are very much asked for, such as:

• Automatically recognize information from receipts and invoices from only a photo. 
• Integration with multiple e-commerce sales channels
• Data quality analysis and insights
• Workflow automation, and task management

Therefore, if you want to save time on manual data entry, reduce errors and duplicates, streamline your e-commerce accounting, improve your data accuracy and compliance, and optimize your workflows and productivity, you might benefit from using Dext alongside QuickBooks.

4 best uses for Dext

Capture receipts on the go: If you have a lot of paper receipts that you need to keep for tax purposes or expense claims, you can use the Dext mobile app to snap a photo of them and upload it to your account. The app will automatically extract the date, amount, supplier name, and category of the receipt, and store it in your account. You can also add notes, tags, or custom fields to your receipts to make them easier to find and organize. You can then submit your receipts to your accounting software or export them as PDF or CSV files.

Manage invoices and bills: If you have a lot of invoices and bills that you need to pay or collect, you can use Dext to upload them to your account using your email, web browser, or mobile app. The software will automatically extract the key data categorize it, and match it with your bank transactions. You can also review, edit, and approve the data before sending it to your accounting software. You can also use Dext to create invoices and bills from scratch or use templates and custom fields to customize them.

Sync e-commerce sales data: If you sell products or services online, you can use Dext Commerce to connect your e-commerce sales channels to your accounting software. The software will automatically sync your sales transactions, fees, taxes, refunds, and inventory, and categorize them accordingly. You can also use Dext Commerce to reconcile your bank accounts, create invoices, and generate reports on your sales performance, profitability, and cash flow.

Monitor data quality and insights: If you want to ensure the accuracy and compliance of your accounting data, you can use Dext Precision to analyze and improve the quality of your books. The software will provide you with real-time dashboards, alerts, and reports that show you the health of your books, the performance of your clients, and the best practices to follow. You can also use Dext Precision to automate workflows, set deadlines, assign tasks, and track progress.

Is Dext worth it?

From our point of view, it's not only about saving time and money; it's mainly about reducing errors and duplicates, streamlining e-commerce accounting, ensuring data accuracy and compliance, and addressing everything related to optimizing workflows and productivity. So, yes, it’s definitely worth it. 

Dext offers different plans and pricing options depending on your needs and the product you want to integrate. You can choose from the following plans:

*Updated 02-03-23

Starter: This plan costs $25 per month (or $20 per month if billed annually) and includes 50 items per month, 1 user, 1 client account, unlimited storage, bank feeds integration, basic expense reports, and email support.

Business: This plan costs $50 per month (or $40 per month if billed annually) and includes 300 items per month, 1 user, unlimited client accounts, unlimited storage, bank feeds integration, advanced expense reports, and phone and email support.

Premium: This plan costs $125 per month (or $100 per month if billed annually) and includes 1000 items per month, 5 users, unlimited client accounts, unlimited storage, bank feeds integration, advanced expense reports, phone and email support, Dext Precision add-on.

Streamline: This plan costs $249 per month (or $199 per month if billed annually) and includes 3000 items per month, 10 users, unlimited client accounts, unlimited storage, bank feeds integration, advanced expense reports, phone and email support, Dext Precision add-on, Dext Commerce add-on.

You can also try Dext for free for 14 days to see if it suits your needs. You can sign up for a free trial on their website.

Tips and tricks on how to use Dext better

To get the most out of Dext, here are some tips and tricks that you can use:

• Use the mobile app to capture receipts on the go
  The Dext mobile app is a convenient way to upload your receipts to your account. You can use your smartphone camera to snap a photo of your receipt, and the app will automatically extract the data and categorize it. You can also add notes, tags, or custom fields to your receipts to make them easier to find and organize. The app is available for both iOS and Android devices.
  
  
• Use the email-in feature to upload invoices and bills
  The email-in feature is a handy way to upload your invoices and bills to your account. You can simply forward your invoices and bills to your unique Dext email address, and the software will automatically extract the data and categorize it. You can also review, edit, and approve the data before sending it to your accounting software. You can find your Dext email address in your account settings.
  
  
• Use the web browser extension to upload documents from any website 
  The web browser extension is a useful way to upload documents from any website to your account. You can install the extension on your Chrome or Firefox browser, and use it to capture any document that you see on a web page. The extension will automatically extract the data and categorize it. You can also review, edit, and approve the data before sending it to your accounting software. You can download the extension from the Chrome Web Store or the Firefox Add-ons.
  
  
• Use the rules feature to automate data categorization
  The rules feature is a powerful way to automate data categorization in your account. You can create rules that tell Dext how to categorize certain types of documents based on their data attributes. For example, you can create a rule that assigns a specific category, tax rate, or payment method to all documents from a certain supplier or customer. You can also create rules that split or merge documents based on their amounts or dates. You can manage your rules in your account settings.
  
  
• Use the smart scan feature to upload multiple documents at once
  The smart scan feature is a time-saving way to upload multiple documents at once to your account. You can use the Dext mobile app or the web browser extension to scan multiple receipts, invoices, or bills in one go, and the software will automatically extract the data and categorize it. You can also review, edit, and approve the data before sending it to your accounting software. The smart scan feature is available for both iOS and Android devices and for Chrome and Firefox browsers.
  
  
• Use the auto-publish feature to send data to your accounting software
  The auto-publish feature is a convenient way to send data to your accounting software without manual intervention. You can enable the auto-publish feature in your account settings, and choose which types of documents you want to auto-publish. You can also set up rules and filters to customize how you want to auto-publish your data. For example, you can auto-publish only documents that match certain criteria, such as category, supplier, or amount. You can also auto-publish only documents that have been approved by you or your team.
  
  
• Use the insights feature to get actionable recommendations
  The insights feature is a helpful way to get actionable recommendations on how to improve your accounting and bookkeeping processes. You can use the Dext Precision dashboard to access the insights feature, and see suggestions on how to fix errors, optimize categories, reduce duplicates, increase compliance, and more. You can also use the insights feature to compare your performance with industry benchmarks and identify areas of improvement or opportunity.
  
  
• Use the support feature to get help from experts
  The support feature is a reliable way to get help when you have questions or issues with Dext. You can use the chat function in your account to contact the Dext support team, who are available 24/7. You can also use the phone or email support options if you prefer. You can also access the Dext knowledge base, where you can find articles, videos, webinars, and FAQs on how to use Dext effectively.

Overcoming the Financial Record-Keeping

Dext is a powerful AI accounting tool that simplifies your financial record-keeping. It seamlessly integrates with popular platforms like QuickBooks, providing smart tools and insights to help your business grow.

In a nutshell, Dext saves you time and money while reducing errors and duplicates. It streamlines e-commerce accounting, ensures data accuracy, and enhances productivity. Embracing Dext means embracing the future of accounting, offering efficiency, and top-notch services to your clients. So, if you want to excel in the world of finance, consider making Dext an essential part of your toolkit. It's a game-changer for your firm, plain and simple.