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Dext Prepare

  • AI powered accounting tool
  • https://dext.com/en
  • Dext Prepare, formerly known as Receipt Bank, is a cloud-based software designed to automate the extraction of financial data from receipts, invoices, and other documents, streamlining the bookkeeping and accounting processes for businesses.

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About This App

Dext Prepare, formerly known as Receipt Bank, is a cloud-based software designed to automate the extraction of financial data from receipts, invoices, and other documents, streamlining the bookkeeping and accounting processes for businesses. It was founded in 2010 by Michael Wood and Alexis Prenn. The software helps accountants, bookkeepers, and businesses reduce manual data entry, improve accuracy, and manage expenses efficiently. Dext Prepare became part of the broader Dext platform after a rebranding in 2021, which offers a suite of tools for financial management.

 

Features

  • Automated Data Extraction
    Dext Prepare uses Optical Character Recognition (OCR) to automatically extract key information (e.g., vendor, date, amount) from receipts, invoices, and bills, reducing manual data entry.
  • Expense Management
    The software enables users to upload expenses, track them in real-time, and categorize them for easy accounting.
  • Multi-Channel Document Submission
    Documents can be submitted to Dext Prepare via email, mobile app, drag-and-drop upload, or through direct integration with cloud storage services like Dropbox.
  • Real-Time Reporting
    Dext Prepare offers real-time insights into cash flow and expenses, allowing businesses to stay up-to-date on their financial health.
  • Integration with Accounting Software
    It integrates seamlessly with popular accounting tools like Xero, QuickBooks, Sage, and others, automating the flow of data between systems.
  • Supplier Rules and Categorization
    Users can set up rules to automatically categorize transactions from specific suppliers, streamlining bookkeeping processes.
  • Multi-Currency Support
    The software supports multiple currencies, which is ideal for businesses that operate globally or deal with international clients and suppliers.
  • Mobile App
    Dext Prepare’s mobile app allows users to capture and upload documents on the go, providing flexibility in managing expenses.

Pros

  • Time-Saving Automation
    By automating the data extraction and document submission process, Dext Prepare significantly reduces the time spent on manual data entry.
  • Accurate Data Extraction
    The OCR technology used by Dext Prepare accurately captures and extracts data from a wide variety of financial documents.
  • Seamless Integration
    It integrates smoothly with major accounting software, enabling a more efficient bookkeeping process.
  • Multi-Channel Document Capture
    The ability to upload documents via mobile, email, or cloud storage makes document submission convenient for users.
  • Custom Rules for Categorization
    The software allows for automation in categorizing expenses, improving efficiency and accuracy in bookkeeping.
  • Global Support
    Multi-currency support and wide language coverage make Dext Prepare suitable for businesses operating across different countries.

Cons

  • Price
    Dext Prepare’s subscription cost can be relatively high for small businesses with limited budgets or fewer document management needs.
  • OCR Limitations
    While generally accurate, OCR technology is not perfect, and some documents may require manual verification and adjustment.
  • Learning Curve
    For users new to accounting software or automation tools, there may be a learning curve in getting the most out of the platform’s features.
  • Limited Advanced Features
    For more complex accounting needs, Dext Prepare might lack some advanced functionalities that larger businesses require.

Who is Dext Prepare Best For?

  • Accountants and Bookkeepers
    Dext Prepare is ideal for accountants and bookkeepers who need to manage large volumes of financial documents for multiple clients, automating repetitive data entry tasks and improving accuracy.
  • Small to Medium-Sized Businesses (SMBs)
    Businesses looking to streamline their expense management, reduce paperwork, and integrate with their existing accounting software will benefit from Dext Prepare’s automation and ease of use.
  • Businesses with Frequent Transactions
    Companies with a high volume of transactions, such as those in retail or e-commerce, will find Dext Prepare useful in managing and categorizing expenses more efficiently.

Who Might Dext Prepare Not Be Suitable For?

  • Very Small Businesses
    For sole proprietors or businesses with minimal financial documentation, Dext Prepare’s features may be more than necessary, and the subscription cost may not be justified.
  • Businesses Needing Advanced Accounting
    Companies with complex accounting requirements, such as large corporations with specialized financial processes, may find Dext Prepare lacking in more advanced functionalities.
  • Firms with Few Transactions
    Businesses that process only a few documents or expenses per month may not need the extensive automation provided by Dext Prepare, making simpler solutions more cost-effective.
Cost (from)
free practice subscription? ✗
trial? ✓
partner program: ✓
Support Channels
Mobile Platforms
Accounting Platforms

Xero, QuickBooks

Integrations

Bill.com, Google Drive, SmartVault, Dropbox, ShareFile, Box

Geographies Served

North America, United Kingdom, Australia, New Zealand

INDUSTRIES

Business/Productivity

CATEGORY

AI powered accounting tool

Disclaimer

The information provided about various software products on this website is sourced from third-party websites and publicly available resources. We strive to ensure that all data is accurate and up-to-date; however, we cannot guarantee its accuracy, completeness, or timeliness. Software companies frequently update their products and services, and such changes may not always be reflected immediately in our listings. Please verify all information with the software provider before making purchasing decisions. For deeper explanations, please read StackPlan’s Software Review Methodology.

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