Those who are familiar with the way we work will know we highly recommend ReceiptBank for every business. Well, ReceiptBank has now rebranded as Dext Prepare, so we want to catch up with any new changes to the software, and talk about how it works for those who have yet to enjoy its benefits!
ReceiptBank very quickly won our clients over because it took care of all the stuff they hated about bookkeeping
Rather than having to keep track of months and months worth of receipts and invoices and collect them up for their Accountant (hoping and praying they hadn’t lost one down the sofa or to the dog’s stomach), they could upload a receipt on the go within seconds of receiving it.
A lot of time saved on admin, and a lot more assurance that tax and VAT would be done correctly.
Dext Prepare still does all the things we love about ReceiptBank
Although the name has changed, the software is still the same.
Dext Prepare allows you to input your purchase information at the click of a button. Using the camera on your phone or email, you can take a picture of a receipt or invoice and upload it straight into Xero. If you’re not using Xero yet, it can still act as a digital store for all your receipts so you can stop using a shoebox, file, old coat pocket.
So when you’re on the go and you need to stop for fuel, for example, you can simply take a snap of the Receipt on your phone using the app. The app will then securely extract the following information from your receipt or invoice:
- Original document image
- Type of document; whether it’s a receipt, sales invoice, credit note, etc.
- Document Date
- Tax Amount
- Invoice Number
- Payment Method (for Business Plus and Business Premium plans)
And this data is kept on file for a minimum of 10 years, so you can feel completely confident throwing away that receipt and driving off into the sunset.
Beyond that one fuel receipt, the rules in Dext Prepare are able to train the software for future receipts. This means if you buy from the same supplier regularly, you can save the details and set default dates in the software to reduce the need for repetitive admin – saving you even more time.
The benefits: Less manual data entry and better insights into your spending
Two reasons to shout hallelujah. If there’s one thing we know business owners really don’t enjoy, it’s having to spend time manually entering data for accounting purposes.
Bookkeeping is so important for making sure you have an accurate picture of how your business is performing, so you can make successful decisions. But it doesn’t have to be so time-consuming.
The whole reason apps like Dext Prepare exist is to make it easier to get quick insights into your business. Having a digital store of your purchase information is helpful when it comes to submitting tax returns and claiming VAT, but that’s not the only benefit. It also means you can see how much your business is spending at any point in time on Xero. This can help you to get a better picture of:
- The flow of cash coming in and out of your business
- Where you might need to make cuts in spending or change suppliers
- Where you might need to invest or spend more
This is your real-time data made so simple and accessible.
An app by any other name would smell as sweet
For you, it really doesn’t matter that ReceiptBank has become Dext Prepare. We believe you’ll be doing yourself a huge favour adopting the software for all the reasons we talked through in this blog. So why the rebrand? Here’s what Dext had to say:
“Now more than ever businesses need expert advice to help survive and thrive – and we believe accountants and bookkeepers are those experts. Our job is to help them excel in what they do. We wanted a name that reflected that mission. Hence Dext. It’s that simple. Dext is a fusion of two words: the dexterity that accountants and bookkeepers bring to their clients’ challenges and the next generation attitude that so many have” Dext https://dext.com/za/blog/welcome-to-dext”
That next generation attitude sums up beautifully why using Dext Prepare is a no brainer. If someone created a software to take away the pain of a task, getting it done faster and easier at a relatively low cost to you – why wouldn’t you use it? Think online banking. Amazon prime. It makes sense, doesn’t it?