Answer
Receipt Bank is now Dext Prepare, a change that reflects the company’s expanded suite of tools designed to streamline financial data extraction and preparation. This rebranding signifies Dext’s commitment to providing a more comprehensive platform for accountants and bookkeepers, including those at KWB, to efficiently manage client finances. The core functionality of easily digitizing receipts and invoices remains, but it’s now part of a broader ecosystem aimed at simplifying the entire accounting workflow.
Overview
This guide explores the transition of Receipt Bank to Dext, detailing the platform’s current capabilities and how it supports efficient accounting practices. It outlines the key features that make Dext Prepare a valuable tool for financial professionals and businesses.
The article also includes a labeled real-world hypothetical featuring a small business owner, Maria, who uses Dext Prepare to streamline her financial record-keeping.
- Dext Prepare: Discover the core functionalities of Dext Prepare and its evolution from Receipt Bank.
- FAQ: Find answers to common questions about Dext’s services and how they integrate with existing accounting workflows.
KWB Explains: What is Dext Prepare (Formerly Receipt Bank)?
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank (now Dext).
Receipt Bank (now Dext) is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Some of the benefits of using Receipt Bank (Dext) are:
- More timely information.
- Instant receipt scanning with the mobile app. All receipts are usually captured within days or hours. Depends on you.
- More accurate capturing of information.
- Ability to easily designate receipts to specific classes or projects and also easily add notes to a receipt.
- Integrates with QBO
You can submit invoices and receipts to your Receipt Bank (Dext) account in multiple ways including mobile apps, email, computer upload, DropBox and more.
Mobile app: (As easy as 1-2-3)
Using either the iOS or Android app
1) Open the app
3) Tap to submit the photo of your receipt for processing.
Receipt Bank (Dext) will extract all key information including the item type (invoice, receipt or credit note), date, supplier, invoice number, total, sales tax and payment method. You can also add information including client, description, currency and project to your receipts before submitting them.
Email:
If you don’t have an Android or iPhone, items can be submitted by email. Every user is automatically provided with a unique, personalized @receiptbank.me email address (@dext.me). Invoices or receipts sent to an @receiptbank.me email address (@dext.me) upload to your Receipt Bank (Dext) account as separate items. Regular invoices from suppliers or providers that are received via email can be emailed directly to your @receiptbank.me email address (@dext.me).
For information on other submission methods, click here.
Once all the key information from your receipt has been extracted, your receipt will be transferred to the ‘Ready for Export’ section of your ‘Inbox‘ in your Receipt Bank (Dext) account. From here, all the data can be downloaded as a CSV file, or published to Quickbooks Online (QBO).
When you submit a receipt for a supplier for the first time, Receipt Bank (Dext) will make a best guess and assign the receipt a default category it thinks is most appropriate, for example office expenses. You can change the default category and it will remember this for all future receipts from this supplier.
As a client of KWB, Receipt Bank (Dext) is included free of charge as part of the package of services that you receive from us.
If you would like more information on Receipt Bank (Dext) or have any questions, please feel free to contact us at 780-466-6204 or email us by clicking here.
Thanks to Shannon Warawa of KWB Chartered Accountants for providing this content.
FAQ
To help you better understand the transition from receipt bank now Dext and its benefits for your business, we’ve compiled answers to some common questions below.
| Question | Answer |
|---|---|
| How does Dext Prepare streamline document management for Edmonton businesses? | Dext Prepare simplifies document management for Edmonton businesses by digitally capturing and categorizing financial documents. It automatically extracts crucial data from receipts and invoices, reducing manual data entry errors. This automation streamlines bookkeeping and expense management, saving valuable time for businesses in Edmonton. |
| How does Dext Prepare integrate with common accounting software used by businesses in Edmonton, Alberta? | Dext Prepare integrates smoothly with common accounting software platforms used by businesses in Edmonton, Alberta, ensuring automatic data synchronization. This connectivity keeps financial records consistently updated across different systems, streamlining digital accounting processes for local businesses. |
| How does Dext maintain data accuracy when extracting financial information for Edmonton businesses? | Dext maintains data accuracy for Edmonton businesses through advanced optical character recognition (OCR) and machine learning, which continuously refines its data extraction. For complex or unclear documents, human verification is employed to ensure high data integrity, minimizing errors and providing reliable financial information. |
| Which financial documents can Edmonton businesses efficiently manage with Dext Prepare? | Edmonton businesses can efficiently manage a variety of financial documents with Dext Prepare, including purchase invoices, sales invoices, expense receipts, bank statements, and credit notes. This platform simplifies document submission via smartphone photos, email, or direct upload, streamlining financial record-keeping for local companies. |