Digitizing Documents with Dext

Earlier this year, we shared a blog encouraging our Grande Prairie community of businesses to go digital with document storage. We often get asked, “What software works best?” While solutions can depend on the needs of an individual business, one solution we recommend and use is Dext, formerly known as Receipt Bank. 

Dext is a software platform that simplifies and automates the collection, processing, and management of receipts, invoices, and other financial documents. Below we discuss how Dext works, provide current pricing estimates based on user needs, and share why we recommend it to our clients. 

Please note, this is not a paid endorsement. McNabb Lucuk LLP is not affiliated with or compensated by Dext, we just like their software.  

What Does Dext Do?

Dext is a web-based software and mobile application that allows users to scan and upload paper receipts and invoices. It extracts data from these documents for further processing using OCR (Optical Character Recognition) technology. Data extrapolated using PCR includes vendor details, amounts, and dates. 

How Are Transactions Added? 

Using the mobile application, users can simply take a photo of a receipt and upload it. Users can forward electronic receipts and invoices or set them up to send directly to their Dext inbox. Scan or photograph paper documents to email or upload them to Dext. Users can also provide their unique Dext email address to suppliers to send invoices to directly.

What are the Benefits of Dext?

Dext automates a significant part of data entry needed for businesses’ bookkeeping and expense tracking, while also offering transaction categorization. Users can rely on this data to maintain accurate financial records by tracking expenses and transactions.

Being a mobile app and web-based software, Dext can provide access to financial data from anywhere with an internet connection, enabling visibility into financial transactions and reports whenever and wherever the user is. 

What Software Connects to Dext? 

Dext integrates with various accounting software and platforms like QuickBooks, Xero, and others, streamlining the transfer of financial data, reducing manual data input, and saving time for businesses.

What Does Dext Cost? 

Dext typically charges a subscription fee for its services. Depending on the specific plan and features chosen, they offer tiered rates based on the volume of documents and level of service. These plans are billed monthly or annually.

At the time of this blog (November 2023), Dext Prepare pricing in Canada for new customers on an annual contract paid monthly starts at $244.99. Below is their detailed pricing table as found on their website.

Why Do Accountants Recommend Dext?

There are many reasons to recommend Dext to our clients. Some of them include: 

1. Streamlined data entry reduces manual data input, saving accountants time and minimizing the risk of errors.
2. Time saved on data entry and document organization can be used on other services, such as financial analysis, advising, or strategic planning.
3. Dext centrally organizes and categorizes all financial documents. 
4. The automation and digitization of data improves accuracy by reducing the likelihood of human error.
5. Cloud-based storage to provide secure accessibility for both accountants and their clients.
6. Integration with accounting software allows accountants to transfer data easily.

Dext is a tool that simplifies and modernizes the document management and data entry aspects of financial documents. This means improved efficiency, accuracy, and client service from your Accountant and for business users. If you think Dext would be a valuable tool for your business, contact us here at McNabb Lucuk LLP for a recommendation based on your specific needs.

McNabb Lucuk LLP does not receive compensation or other benefits from Dext. We use and recommend the software based on experience.