Dext’s software solutions streamline workflows by automating repetitive tasks, freeing up hours of the day for accountants to prioritise premium services, such as advisory, and new client acquisition.
Prepare, which was also offered under Dext’s former moniker Receipt Bank, starts with receipt capture and provides tools to let clients deliver documents via a mobile app and host them in the cloud. (Prepare integrates with Xero, QuickBooks, MYOB and Reckon One.)
“It’s all about reducing time on the paper chase to create a seamless workflow when preparing accounts, so that it flows to the general ledger,” says Dext digital account manager Melissa Reid.
“It’s all about reducing time on the paper chase to create a seamless workflow when preparing accounts, so that it flows to the general ledger.”
“In general, technology is important to any business and helps with reducing errors,” she says. “By automating the mundane and repetitive tasks of accounting and bookkeeping, we allow our partners to focus on more complex transactions and the sort of problem solving where you need a human to do the critical thinking.”
AI to spot data anomalies and duplicates
Last year, Dext purchased Xavier Analytics and in doing so acquired Precision. Reid says Precision is all about data quality. The software integrates with Xero and QuickBooks, and uses artificial intelligence (AI) and machine learning (ML) to spot anomalies and duplicates within data sets. This helps eliminate costly tasks such as looking for errors or taking action retrospectively.
Precision also analyses the data to create powerful pivot table-style analytical reports. You can use its performance analytics and advisory insights to deepen your relationships with clients. (Increasing the number of billable hours you devote to advisory services may increase your revenue, too.)
In addition, the AI capability allows integration and synchronisation with the Australian Business Registry (ABR). Once Precision is integrated with Xero and QuickBooks, the accountant or bookkeeper can see if their client is registered for GST, whether their ABN is valid and more.
Software that’s a game-changer
For Line Paras, Dext’s software has been a game-changer. Paras calls herself “the numbers lady for Melbourne’s creatives” and in 2013 established Counting Clouds, a bookkeeping business based in Melbourne’s Fitzroy. She now employs a team of specialists to support her clients so those shopkeepers, designers, craftspeople and musicians can do what they do best.
Paras says Dext’s solutions meet Counting Clouds’ exacting standards and the software now plays an essential part in her client service offerings.
She estimates using Precision and Prepare “saves her team about 200 hours per month, which is effectively one full-time staff member.”
“Using Precision and Prepare saves my team about 200 hours per month, which is effectively one full-time staff member.”