Keeping track of invoices and receipts can be one of the most time-consuming tasks facing business owners, but one that is unavoidable when you consider the need to comply with Making Tax Digital (MTD).
Recent studies by Dext have revealed that the UK’s small and medium sized businesses (SMBs) are losing an average of £742 per month due to poor tracking of rechargeable expenses.
Furthermore, inadequate expense management systems leave SMBs without access to real-time and accurate financial information.
This deficiency affects businesses’ ability to meet payment deadlines, challenging cash flow for both them and their suppliers.
Dext Prepare is a software for streamlining and automating data entry and processing in conjunction with cloud accounting systems, including Xero, QuickBooks, Sage and KashFlow.
Dext offers numerous submission methods for capturing and uploading your documents, including:
Mobile App
The mobile App enables you to take a photo and upload documents in seconds – especially useful for recording expenses on the go such as fuel receipts and tickets for transportation.
The Dext Prepare mobile app can be downloaded for free from Google Play or the App Store.
Once in the app, select the “Add Doc” button to start collecting your receipts and invoices.
There are three different camera modes; single, multiple or combine. Single allows you to take a picture and submit a single document, multiple will upload each picture as a separate document, and combine enables you to take multiple pictures to capture one document that spans a range of pages.
Digital documents can be sent via email into Dext Prepare, using a unique Dext email address for your business. This can be customised within Dext Prepare or using the mobile app.
Any receipts, invoices or documents in the body of the email or attached will be detected and extracted into Dext Prepare, ready to be processed.
Web
Documents can be uploaded directly onto Dext Prepare on a laptop or computer via the web browser login. Select the “Add Documents” button to bring up the upload section.
From here, digital copies of receipts and invoices can be uploaded, either by Drag & Drop or selecting a file saved locally on the PC.
Invoice Fetch
Connect your online platforms to Dext to automate collection of invoices (account linking is available for a range of popular suppliers, such as Amazon Business).
Once connected, invoices will automatically be pushed through onto Dext Prepare when raised, meaning you will never miss a purchase invoice again.
Under the “Connections” tab in Dext Prepare, select “Invoice Fetch”. The resulting pop up window will allow you to browse suppliers to set up your connection.
Using Dext Prepare will save you precious time when inputting your documents onto your cloud accounting software – giving you more time to run your business whilst also providing accurate, real-time financial information to keep you properly informed about your businesses’ performance.
We are able to offer support and further training to make sure you are getting the most out of Dext Prepare and your businesses’ cloud accounting software.
If you would like to know more about Dext Prepare and how to set it up for your business, please feel free to get in touch.
