In today’s fast-paced, remote-working, gig-based, 24×7 environment, accounting needs to keep pace. Business owners and company bosses need anytime, anywhere access and easy-to-digest insights, and yet, accounting-related tasks need to be less time-consuming for everyone in the mix. After all, productivity is currency.
That’s why the right accounting software is essential to the success of a company. Look at it this way: A company’s success is defined by its financials – and tracking those financials is the main role of accounting. Having a clearer picture of your financials and the tools to manage your accounts more efficiently directly correspond to better financial health.
Companies are increasingly mindful of the relationship between game-changing accounting solutions and business success. That’s why over a million businesses globally – and nine out of ten accountants – choose Dext.
What is Dext Prepare?
Dext Prepare is a digital platform that allows users to prepare, manage and disseminate data and documents linked to receipts, invoices, goods, and services rendered, and so on. It acts as a secure and accurate means of maintaining financial records.
What are the advantages of using Dext Prepare?
Dext Prepare lets you input bills, receipts, and invoices in a variety of convenient ways. You can pick up a bill or receipt from your email, or from an online source, or a document on your device, or you could even simply take a picture of a receipt.
Thereafter, Dext Prepare’s revolutionary tech does all the work for you. The automation extraction engine captures all the data from the document and presents it in a format that can then be extracted or redirected for accounting, or approval or whatever its purpose is.
For example, you will get data such as
- Type of document; whether it’s a receipt, sales invoice, credit note, etc.
- Document Date
- Supplier name
- Tax Amount
- Invoice Number
The extraction engine also saves the original document image.
Once the document has been processed and the data has been extracted, the user can also check and edit the captured data.
As a business grows and evolves and as the company diversifies and expands the scope of client relationships, time and other billable resources devoted to projects should be tracked. It is only natural for workflows to become more complex – in fact, it is an indication of potential and growth.
Dext empowers business owners and client relationship managers by giving them real-time insights to help the company clearly display its productivity, with the goal of being more profitable.
With Dext Prepare, you can more clearly assert your worth, your resource investment, and the commitment that you bring to the table. Moreover, you can make a case professionally and with numbers to back you up.
Data entry is prone to human error and not only because it is monotonous. Company employees, business owners, and bosses have countless pressing matters on their minds. Add to that the fact that data entry is often neither part of their core competencies nor the Key Performance Indicators that beget their bonuses. Can you blame people for treating it casually?
Additionally, Dext Prepare is complemented by its sister product, Dext Precision – the toolkit that backtests data and checks for discrepancies and anomalies. By doing this, it avoids costly mistakes and eliminates the chance of damaging a client relationship due to invoicing errors.
Dext Prepare also eliminates confusion and calculation inaccuracies that can stem from duplicates, by locating them and eliminating them from the system.
Get ready tax info
Dext Prepare comes with a tool called Smart Split that lets you divide by description, nominal code, or percentage. The receipts and invoices concerned must, however, specifically mention tax payable or reclaimable expenses for this to work.
You can also code, categorize and sort your clients based on your tax relationship or the taxes that come into play with a given client relationship.
Tax deductibles like office supplies and stationery, for example, might end up getting missed (due to the fact that these expenses are usually small). Going through the hassle of the data entry to achieve the tax deduction might seem like too much because the expense – at least in isolation – is negligible. However, these expenses add up during a company’s lifespan. Since tax deductibles can be easily captured with Dext Prepare’s various input options, one might expect more of these deductibles to be claimed – and with ease!
Reporting and insights
With Dext Prepare it is easy for the powers that be to obtain expense reports on any expense category. Users can extract data from all receipts of up to 1400 suppliers – toggle and filter as you please. All it takes is a couple of clicks.
Dext Prepare also gives decision-makers insights on company expenditure and company income in various formats. Today’s business owners and company bosses have a variety of specialties and data can be called up in a corresponding variety of formats, to match the user’s preferences.
With all that data churning about in its system, Dext Prepare is able to come up with truly useful insights on the true financial outcome of a client’s business, supplier costs, and revenue trends.
Track payments and paperwork
Dext Prepare lets users send direct requests to clients for pending paperwork and payments.
You can also connect to your client’s business bank account using Dext Prepare – this can help you tally costs and paperwork.
Dext Prepare can help you bring convenience, efficiency, professionalism, and additional security to the way you carry out accounting. Your employees will certainly be grateful for the time saved on data entry. Best of all, you will have real-time access to the newest, most current data on your company to help you make thoroughly informed decisions. Click here for more information on Dext Prepare.