From XU Magazine, 
Issue 26

Receipt Bank and Xavier become Dext

Our company is now Dext. A platform comprising two powerful products - Prepare (formerly Receipt Bank) and Precision (formerly Xavier) Dext launches with the promise to make accountants and bookkeepers more productive, profitable and powerful.
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Our company is now Dext. A platform comprising two powerful products - Prepare (formerly Receipt Bank) and Precision (formerly Xavier) Dext launches with the promise to make accountants more productive, profitable and powerful.

How did we get here? A decade ago, Receipt Bank began as a data entry tool used by one of our co-founders Michael Wood who struggled with getting financial documents to his frustrated accountant on time. Wood eventually bought the company who developed the very same data entry tool and Receipt Bank was born.

Since then, Receipt Bank grew into more than an admin tool, it became a data extraction market leader, adding data cleaning powerhouse Xavier to the mix in 2020. We began narrowing in on the importance of assured data for accountants and business owners. It was a natural progression to Dext, and we are continuing to grow and learn.

What we know presently is that for accountants, inefficient workflows mean missed opportunities to make revenue for the firm and make an impact on your clients. For small businesses, there is no real time picture of business finances now and into the future.

Adrian Blair, Dext CEO, details the steps taken to address these pain points that we heard loud and clear.

“The next step for us as a platform was to not only save time but to develop tools that make accounting firms more productive, that means automating time-consuming processes like extracting data, categorising, sorting and organising documents.

We have also recognised the critical role data accuracy plays in financial insights and advice - the more accurate your data, the better the insight you are able to provide your clients with.

Dext aims to turn data into actionable financial insights and do that in a way that allows your business, and the businesses of your clients, to be even more productive and profitable.

As Dext, we will keep innovating with the industry and together, as pioneers, work with accountants and bookkeepers to design products with them, for them. 

Why we’re Dext

Our philosophy is simple. We believe that behind every successful business is a brilliant accountant. Our job is to help brilliant accountants make successful businesses. 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 in detail

Dext is a powerful accounting platform, with a range of features easily adapted to any accounting needs. We’ve also changed the name of our two current products to more accurately describe what they do. 

Dext Prepare (formerly Receipt Bank) helps you prepare client accounts, make bookkeeping profitable, and free up your best people. 

Dext Precision (formerly Xavier) gives you trust in your data by spotting errors before they become a problem.

Dext Prepare ensures that transactions are processed efficiently and regularly. Using the app and features like Auto-Publish, Supplier Rules and Fetch mean the days of manually typing in the data are long gone. The whole process can be fully automated resulting in hours and hours of time saved. This will create capacity to either take on more clients (without the need for additional resources) or to expand the current advisory services offering. 

Operating within a “real time world” is increasingly important and so processing the data efficiently allows you to have visibility of the numbers quicker. This will mean that the right business decisions can be made at the right time.

Dext Precision is a game changer for accountants. The insights across your client base ensures that you can be confident the data is accurate before starting any work. This will prevent time being wasted when undertaking compliance work but is also key to driving advisory services.

By using the “flows” it ensures the team are following an approved approach that maximises productivity, efficiency and profitability. The focus dashboards are tailored to meet your needs which means you will always have your finger on the pulse and so you can truly be a pro-active trusted advisor.

Dext Precision does the hard work for you which means you get better insight and spend more time advising your clients and help them achieve their goals. Better yet, Precision is expanding its capability into QuickBooks Online, so both Xero and QuickBooks users will have access. The perfect solution for accountants and bookkeepers is to use Prepare and Precision together. That will ensure maximum efficiency and productivity.

What’s new

You still have access to everything you need to prepare your client accounts; automatic supplier and customer rules, bank matching, connections to more than 1,400 suppliers, and now sales invoice uploads direct to your accounting software.

You’ll soon see more tools that deliver actionable insights, with the same award-winning assurance, to ensure quality and confidence in your clients’ data.

We’re not just delivering more precise data for accounts receivable; we’re also developing our product suite to get data from the receivable and e-commerce side by developing our product.

Dual product users will get a new, single view dashboard bringing useful insights from both Precision and Prepare together in one place 

You’ll also be able to work with more clients through the Dext Connect App. A simple app that integrates the speed and accuracy of Receipt Bank with the security of Sage 50 and Quickbooks Desktop software, seamlessly.

This is only the beginning of Dext’s offerings for 2021. We’ll be delivering new productivity products that give you greater control of your firm, helping you to use your people efficiently and help you deliver more work to more client.

Our focus remains on building efficiencies inside your firm and out into your client ecosystem. The possibilities for Dext are endless and without our community of partners and clients we wouldn’t have the wherewithal to continuously improve our product. So thank you, and welcome to Dext.

Why leave it there?

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