There's accounting, yes, but before that there is also pre-accounting: the gathering of information and documents that the professional will be accounting for in the first place. And as any accountant who's had to chase down a client for receipts knows, sometimes it can be even harder than the accounting itself.
Dext aims to help accountants by automating this pre-accounting work. Receipts, invoices and other important documents can be captured and stored automatically versus having to manually enter the data. The accountant can then work with this data in one place.
The company, founded in 2010, began its life as Receipt Farm, then quickly renamed itself Receipt Bank, to reflect its focus on the automated collection and extraction of data from receipts and expense reports. In 2016 it raised a Series A funding round and doubled its headcount, then secured a second round of funding one year later and tripled the headcount to over 300 global employees. After raising more funding and acquiring data specialists Xavier, Receipt Bank officially rebranded as Dext in 2021. Shortly after that, it also acquired Greenback, which was rebranded as Dext Commerce.
Paul Lodder, the company's vice president of accounting product strategy, talked about the company's recent activities as well as its plans for the future.
How would you best describe what your company does?
Lodder: Dext's cloud-based software application allows business owners, accountants and bookkeepers to electronically capture and store receipts, invoices and other supporting documents that a firm or business depends on to ensure they keep accurate and secure financial records.
Dext removes the hassle of manual entry and is designed to save accounting or bookkeeping practices time and increase efficiency. But there are individual benefits and capabilities of the different platforms. Dext provides accounting solutions and online bookkeeping to help accountants to be more productive and save time on day-to-day tasks.
What is in your product line, and what is your flagship product?
Lodder: Dext has three main products: Dext Prepare for automated data extraction, Dext Precision for accountancy practice data insights and Dext Commerce to manage e-commerce sales data. Our tools help deliver consistent, quality bookkeeping work and accounting services that are in line with compliance.
Prepare is our main flagship product, designed to make bookkeeping profitable through automation and supporting clients with their work. It's all about item submission, data extraction, workflows, software integrations and many more capabilities and requirements from SMEs.
What product of yours do you think should be better known among accountants?
Lodder: While Dext Prepare and Precision are well-known and widely used, I believe that Dext Commerce is one of our hidden gems. This powerful product automates many of the key challenges faced by e-commerce sellers and POS system customers. By leveraging the power of Dext Commerce, accountants, bookkeepers and business owners can save significant time as well as reduce errors that sometimes occur with e-commerce accounting, alongside having the peace of mind that all transactions have been correctly accounted for.
What was the last big initiative or project your company completed?
Lodder: At Dext we have recently completed several significant initiatives, including Dext Prepare for ITSA, which helps self-employed individuals and landlords maintain digital records and stay up to date with business insights that can assist with decision-making. ...
Multi Account Management, one of our largest (and most requested features), allows accountants, bookkeepers and business owners to effortlessly switch between their businesses through one simple login.
What is the most exciting new thing you're working on?
Lodder: At Dext, we're always pushing the boundaries and leading the way with AI, machine learning and automation. We have several exciting updates in the pipeline. One of our current projects is focused on creating sales invoices, quotes and supporting e-invoicing for our French customers.
In other regions, we have a range of initiatives underway, including a particularly exciting project for Dext Precision, where we are developing a new dashboard that will provide accountants and bookkeepers with valuable insights that will help them make informed decisions. We are committed to delivering cutting-edge solutions that meet the evolving needs of our customers.
What makes your company different? Unique, even?
Lodder: Dext is distinguished by our outstanding team, who are always looking to push the boundaries and innovate. The team works tirelessly to ensure that our solutions always remain at the cutting edge of technology and continue to drive forward new features that provide exceptional value to our customers.
Our unparalleled speed and accuracy in data extraction — combined with over 35 integrations and the best app on the market — make us stand out in the industry. However, it's the combination of our technology and human expertise that truly sets us apart. Our team of qualified accounting experts and superb support team continually provide insights to both our internal teams and our customers.
Our internal experts complement the capabilities of our products, ensuring that we deliver a holistic solution that meets the evolving needs of our customers. Together, our team of experts and skilled product team enable us to deliver exceptional value to our customers and remain at the forefront of the industry.
What is the biggest tech challenge facing accountants today?
Lodder: Today, accountants and bookkeepers are facing a plethora of challenges that are making their jobs increasingly difficult. One of the most significant challenges is the mounting demands placed on them, which is resulting in a lack of time and long working days. This has been compounded by the challenges of retention and recruitment of talent in the sector, along with a global economy that is going through a period of uncertainty.
However, automation tools like Dext can help alleviate some of these challenges by increasing productivity and streamlining day-to-day tasks. By automating data entry and reducing manual input, accountants and bookkeepers can save valuable time and focus on higher-value tasks like providing additional advice and support to their clients. With real-time access to financial data, accountants and bookkeepers can make informed decisions and provide strategic insights to their clients.
Dext at a Glance:
HQ location: London
Employees worldwide: 430
Countries/regions served: U.K., Asia-Pacific, France, Bulgaria, U.S., Canada
E-commerce transactions captured: 900+ million
Receipts and invoices scanned: 1.44 billion
