Receipt Bank (now Dext)

Overview

Dext (formerly Receipt Bank) is an AI-powered bookkeeping software designed to automate the capture, extraction, and categorization of financial documents for small businesses and accounting professionals. It aims to reduce manual data entry and streamline bookkeeping workflows by integrating with popular accounting software.

Key Features

• Receipt & Invoice Capture — Users can submit receipts, invoices, and statements via a mobile app, email, or direct upload.
• AI Data Extraction — The software extracts key data from financial documents with a claimed 99.9% accuracy.
• Automatic Categorization — Dext automatically categorizes captured financial data.
• Accounting Software Integration — It syncs extracted and categorized data directly to accounting platforms like Xero, QuickBooks, and Sage.
• Business Expense Management — The platform allows for tracking and approving employee expenses, including mileage, with real-time visibility.
• Vault Document Storage — Provides a digital storage solution for financial documents, creating an audit trail.
• AI Assist Bookkeeping Agent — Offers an AI agent to assist with bookkeeping tasks.

Who It's For

Dext is designed for small to medium-sized businesses (SMBs) seeking to automate their bookkeeping processes and reduce manual administrative tasks. It also caters to accounting firms and bookkeepers who manage multiple clients, offering tools to streamline client data management and improve efficiency. Specific sectors mentioned include construction, professional services, hospitality & wellness, multi-entity businesses, and retail.

Notable Strengths

Dext's primary strength lies in its AI-driven data extraction, which claims 99.9% accuracy, significantly reducing manual data entry errors and time. Its extensive integration capabilities, connecting with over 30 accounting software platforms and 11,500 banks, allow it to fit into diverse existing financial ecosystems. The platform has received industry recognition, including being named the 2023 'Best Accounting Cloud-Based Software Company' and the 2024 Xero Small Business App of the Year in both the UK and US.