DEXT – Formerly Known As Receipt Bank – Everything You Need To Know

As an invoice processing and management system, DEXT is hard to beat. It has the potential to increase efficiency, improve accuracy, and encourage productivity, but is it right for your company? Read on to find out.

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What is DEXT?
DEXT is a leading cloud-based accounting software platform. Its goal is to consolidate and automate accounting processes, thereby freeing up time. Companies that invest in DEXT do so because it is a more efficient and cost-effective way of managing large volumes of invoices than manual methods, and also because the digital archive offers high levels of accuracy and transparency.

Automatic data processing
The manual processing of data is time-consuming and prone to errors. Automatic data processing removes the human element from the equation, resulting in a rapid and accurate solution. When using automatic data processing methods, companies report a range of benefits, from saving on book-keeping costs freeing staff time, improved reporting, and more up to date records.

Storing invoices against the correct supplier
Accurate and timely invoicing is central to managing business cash flows and profitability and making payment runs. Automatically storing invoices against the correct supplier can help to avoid wasted time, avoid duplicated payments, and make sure invoices are by default posted into the correct accounts for profit and loss reporting.

Attaching paperwork to Xero
Processing invoices through DEXT not only saves time but enhances compliance and understanding of figures.

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.

Automatically get the right tax code
DEXT can also be used to automate VAT tax codes. This makes sure that you do not miss valuable VAT claims and that there is a further double-check within the accounting systems.

Is DEXT right for my company?
The main goal of DEXT is to unlock the time that companies spend processing invoices. As a general rule, if a company is dealing with fifty or more cost invoices per month, or if there are historic issues regarding accuracy, delays, or transparency, we would highly recommend DEXT as a way of improving efficiency whilst reducing costs.

To learn more about whether DEXT is right for your organisation, please get in touch with one of our small business accountancy teams.

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