DEXT - Formerly Known as Receipt Bank

DEXT is AI bookkeeping software, previously known as Receipt Bank. It automatically captures and categorises receipts, invoices and expenses. It saves time on manual entry, increasing efficiency, accuracy and productivity. 

What is DEXT?

DEXT is a leading AI bookkeeping software. It automatically processes receipts, invoices and expenses. It captures the information from your documents, categorises it and sends it directly to your accounting software.

You upload documents directly through the app, email or upload. DEXT reads the key information and helps keep your records accurate and up to date.

It connects with accounting software like XERO, QuickBooks and FreeAgent. This means less manual entry or lost documents. You spend less time on admin and more time on your business.

How does DEXT automate data processing?

DEXT reads the information on your receipts and invoices and automatically records key details such as the supplier, date, amounts and VAT. It then categorises the transaction and sends the information to your accounting software.

For regular suppliers, you can set rules so DEXT uses the same categories and VAT treatment each time. It also flags potential duplicate documents or unusual expenses before they reach your accounts.

This removes much of the manual data entry involved in bookkeeping. You spend less time processing paperwork, while your records stay more accurate and up to date.

How does DEXT store invoices against the correct supplier?

DDEXT reads the supplier details on each invoice and uses them to match the invoice to the correct supplier in your accounting software. For regular suppliers, you can also set rules so DEXT knows how to process their invoices.

This reduces manual data entry and helps prevent invoices being posted to the wrong supplier account or paid twice. It also helps ensure costs go to the correct category in your accounts.

How does DEXT attach paperwork to Xero?

DEXT sends invoices and other supporting documents to Xero, so you can view the original paperwork alongside the relevant accounting entry.

This makes it easier to check your figures, review costs and prepare your year-end accounts. Your accountant also has access to the supporting paperwork, which reduces the time needed to find and check documents.

Invoices are taken through Xero which means that the source invoice is visible when drilling down on any profit and loss cost code, supplier account or VAT return. This has several advantages;

• Costs and business plans can be easily reviewed to understand where cost savings can be made
• Year-end accounts become easier to produce as accounts and paperwork can easily be reviewed, saving money on accountancy fees
• HMRC do not require manual paperwork to be kept separately from electronic records and, Xero and DEXT are HMRC compliant as document management systems for supplier invoices and expenses. So time and space are saved in utilising these paperless online systems.
  
  

How does DEXT apply the correct VAT tax code?

DEXT uses the information on each invoice and your previous coding rules to suggest the appropriate VAT code. It applies the VAT treatment you have set for regular suppliers, helping reduce manual data entry and the risk of using the wrong code.

You should still check the VAT treatment, particularly for unusual purchases or suppliers. DEXT provides an extra check, helping you avoid missed VAT claims and keep your records accurate.

Is DEXT right for my company?

DEXT is most useful if you process a high volume of invoices or spend a lot of time entering and checking financial documents manually.

As a guide, we recommend considering DEXT if you process 50 or more cost invoices a month, or if you have problems with accuracy, delays or keeping paperwork organised.

By automating routine bookkeeping tasks, DEXT helps you save time, reduce errors and keep your records up to date.

To find out whether DEXT is right for your business, speak to one of our small business accountancy teams.