Kick Off 2023 with the Perfect Assistant
You have probably recognised a couple of areas that you could make better in the new year, but one area which seems common across the board is in relation to the time spent manually typing in client data. Our advice? Automatic data extraction.
·3 min read
The curtain is about to close on 2022 – a year which has seen the end of Covid-19 lockdowns, a cabbage surviving longer than a British Prime Minister, and a World Cup in December. It’s been a hectic year for all of us, but has provided a lot of learning opportunities, which we can take with us as we enter 2023.
When we reflect on processes that have worked well and those that have not, there are always areas we can improve upon. You have probably recognised a couple of areas that you could make better in the new year, but one area which seems common across the board is in relation to the time spent manually typing in client data. A frustrating task for anyone. At the best of times, preparing for tax deadlines can be hectic, what adds to the stress of it all are missing receipts, client miscommunication, and incorrect figures in your bookkeeping software. Planning and communication can help, but as we enter 2023, automation may be necessary to eliminate this problem.
At Bright, the biggest tip we can give to help address this is to use a data extraction tool alongside your accounting software. This can automate data entry and much more. Dext Prepare, a market-leading platform, allows you or your clients to scan and submit their receipts at the point of sale through an easy-to-use smartphone app. The uploaded documents are stored digitally on Dext Prepare before being sent to your accounting software.
Dext Prepare has been described as the perfect assistant and here are three examples of how it can help your practice.
How can Dext Prepare supercharge my practice in 2023
Simple data extraction
Dext Prepare allows your clients to scan and submit their receipts at the point of sale, automatically uploading to the system. Once uploaded, the app will extract all relevant information such as, amounts, VAT code, title of expense with 99% accuracy and automatically transfer the data to your cloud accounting software, meaning there is no need for manual entry.
Did you know it takes 2 minutes on average to process a document manually? With Dext Prepare it takes under 30 seconds!
Secure data storage
With Dext Prepare, you can say goodbye to storing boxes upon boxes of receipts. The platform will save all your receipts digitally, meaning you can easily access all documentation whenever you need. All data is stored for 7 years using encryption and Dext is fully GDPR compliant. Simply put, you (or more likely your clients) never need to lose a receipt again.
You can also rely on Dext to protect your clients’ data. Dext uses secure networks operating to the highest global security standards, to reduce the risk of data breaches or security threats. Dext also adopts the strongest possible controls to encrypt your data and doesn’t even store your bank details on the platform.
Integration with your accounting software
Could one of your New Year resolutions be to create a complete end-to-end accounting solution? By integrating Dext Prepare with your online accounting software you can create an end-to-end solution, from receiving paperwork to delivering final year financial statements. By using the ‘Auto Publish’ feature, you can publish documents from specific suppliers, customers, or payment methods to your integrated accounting software as soon as they’ve been submitted.
You can increase productivity with these three key features:
Set up split rules to create multiple line items for a single invoice or receipt.
Adopt supplier rules to establish routine behaviours that take effect whenever documents from suppliers or customers are uploaded to Dext Prepare.
View practice insights which allows you to drilldown into top level data, enabling you to spot opportunities for your practice.
There are so many reasons why accountants choose Dext Prepare. If you would like to learn more about how our data extraction tool can improve productivity in your practice in 2023, and discover how it works alongside your accounting software, you can view our guide.
Fancy a look at Dext Prepare? You can book a free one-to-one demo now or sign up for our upcoming webinar.
This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.
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