You have lots of receipts and you want a digital solution that allows you to track all of your expenses in one place. You also want the solution to communicate with your accounting software. In this App Spotlight, we discuss why Dext is the expense management solution for you!
What is Dext?
Dext (formerly known as Receipt Bank) is an expense management solution that allows you to easily upload paper and electronic receipts by email or through their mobile app. Using advanced OCR technology, it extracts key information from your bills and receipts and pushes the information directly to your accounting system.
Dext is compatible with both QuickBooks Online (QBO) and Xero by not only creating transactions but also providing the attachment of the original receipt. We have used Dext with our clients for a couple of years and absolutely love it!
Submitting receipts is fast and easy
The Dext Mobile App makes it easy to capture receipts on the go. Simply capture the image of your receipt using your phone’s camera, and the Dext Mobile App immediately goes to work extracting the data and organizing it for you.
No two receipts are formatted exactly the same. With that in mind, the mobile app offers three different camera modes for capturing receipts:
- Single mode – for a single receipt
- Multiple mode – for capturing multiple receipts at once
- Combine mode – for combining multiple photos into a single receipt
Once a receipt is captured, you can add additional details to it such as Category, Project, or a Description. Those details are sent off to the Dext web application for processing by your accountant or bookkeeper.
What if you have a receipt that was sent to you by email? Each user is provided with their own Dext email-in address for upload. Simply forward your receipt to your Dext email address, and it will extract the information from your receipt. Receipts can be within the body of the email or attached.
Use Fetch to automatically upload monthly bills from vendors
Instead of logging into numerous websites to find and download your monthly bills, you can fetch them automatically using Dext. By logging into the Dext web application, you can connect to common suppliers using the login credentials you already have.
Dext will regularly check connections to suppliers and upload any new bills or expenses from these suppliers. For example, if you have an Amazon Business account, you can fetch receipts for all purchases made on your account, complete with credit card details and order descriptions.
Bank Match alerts you when receipts match your bank feed
Some businesses pay expenses with multiple corporate cards. In addition, some receipts may be submitted with incomplete payment data. Both these issues can make it challenging to determine which account was used to pay for an expense.
Dext overcomes this challenge using the Bank Match feature. If your Dext web application is connected to your accounting software, it can recognize which uploaded receipts match up with your bank feeds and autofill the Payment Method for you.
Paperwork Match attaches receipts to existing transactions in your accounting system
In some instances, a person may submit a receipt well after the transaction has been recorded in your accounting system. In the past, you would have to remove the transaction in order to send the expense over from Dext. Not anymore!
Dext provides a Paperwork Match feature that searches and identifies receipts for expenses already entered in your accounting software. Once found, it will give you the option to attach the receipt to the existing transaction rather than creating a new expense.
Dext offers so many features to help small business owners get control of their expense receipts. Is saving your expense receipts really that important? Yes! Be sure to check out our article on why you should save receipts.