Dext is one of TaxAssist's recommended software providers offering a range of modern online accounting and bookkeeping solutions to simplify processes, improve productivity and reduce human error on day-to-day tasks.
It helps clients by automating the collection and conversion of data from paper copies of receipts, invoices and banking information. Information can be quickly uploaded through the mobile app, email or the automatic invoice fetch functionality. The data is then extracted and sent across to the accountant's accounting system.
What Dext solutions are available to TaxAssist practices?
Dext empowers TaxAssist franchisees with a number of innovative solutions. These tools are designed to save our franchisees and their clients considerable time and mental capacity when working through their pre-accounting workflow. Available solutions are as follows:
- Dext Prepare – Automated data extraction that removes manual work from the workflow, allowing franchisees to deliver quality bookkeeping work that’s in line with compliance and ahead of client deadlines.
Features:
- Dext Solo – Ensures sole trader and landlords’ data is up to date quickly and easily, with tools that capture and code transactions for financial data analysis.
- Practice Insights – Advanced dashboard that allows franchisees to drill down into client data, spot trends and benchmark clients and team members.
- Advanced Expenses – Automates the creation, population and completion of Expense Reports to save franchisees and their clients valuable time.
Other:
- Dext Commerce – Effortlessly retrieves client’s digital sales data from digital commerce and eCommerce platforms, online marketplaces, POS systems and more.
What impact does Dext Prepare have on TaxAssist Accountants practices in the UK and Ireland?
In an average month, as a network:
- 300,000 items are processed
- 34,000 bank statement pages are processed
- 561 ALIX (Automatic Line Item Extraction) pages are processed
Processing these items manually would take over 100,000 hours a year – the equivalent of each franchisee employing someone for 12 hours a week (0.3 x FTE) (approx. 65 FTEs across the network).
With that in mind, we are delighted to be able to demonstrate the "Power of TaxAssist" as evidenced by the unique, market-leading deal we have negotiated with Dext.
How does this benefit me?
The TaxAssist Group has successfully negotiated preferred pricing arrangements with Dext and we are now their largest customer globally.
Exceptional discounts on the book price are available depending on the scale of the licences being purchased. There are also deals in place for new franchisees that join the network to help them get started on Dext’s products.
We believe Dext to be a key differentiator for accounting firms in terms of modernisation, internal processes, efficiencies at scale and for the overall client experience we provide.
What support is available?
All TaxAssist franchisees receive a dedicated relationship team that offers support, training and education. This is provided by both Dext and the TaxAssist Support Centre teams.
We also have a ‘User Voice’ platform to ensure franchisees and their teams can share best-practice ideas with other franchisees to benefit all.
How can I benefit from best practice?
The TaxAssist Practice Engine is a collection of shared best practices from the Support Centre, the franchisees and the many experts from across our network. The TaxAssist Practice Engine is at the heart of everything we do.
In addition to best practice learnings, we also connect new franchisees with more established franchisees. This is to ensure new franchisees learn from those that have already rolled out technology, in turn, helping them to avoid pitfalls and access the benefits faster.
What does it mean for clients?
Dext software motivates and engages users in an otherwise time-consuming part of running a business, record keeping! TaxAssist has many testimonials from clients who love using the Dext Prepare app and they recognise that this also gives them time back to focus on running their business or spending time with their family. There are many facets to the software Dext provides – and clients themselves see huge efficiencies when using the products.
Will my team feel it puts their jobs at risk?
Not at all. Team members love it and prefer to work on more meaningful and valuable work and progress their careers rather than focusing on manual entry work. It also reduces the likelihood of difficult conversations with clients whereby the team might be chasing them for missing receipts.
“We currently have 547 clients who are actively using Dext, and frankly, we would be lost without the functionality of the software. It takes care of so much of the data entry work and saves us hours of time. We’re then able to use that time to upsell other services, have more time for tax advice, get to know our clients better and build solid relationships with them. It means they are far more likely to stay with us, since they value our service that much more.” Sophie Montgomery, TaxAssist Queensferry
How important is Dext within a TaxAssist practice?
Dext is a key component of the TaxAssist Practice Engine, driving efficiencies and enhancing the customer experience. Many of our practitioners could not imagine how their practice would run without it.
Is Dext Prepare the best app available?
We believe so and other commentators in this space acknowledge it as the market leader. We’re also excited about the new products they continue to launch such as Dext Commerce which enables our accountants to connect to ecommerce platform data for those clients running E-commerce businesses.
What’s next for Dext?
Dext has been developing its product for years and has often led the way with various integrations to other products such as Xero and QuickBooks Online. It is compliant with Making Tax Digital (MTD) and ready for the next set of taxpayers who are due to move into MTD by 2026.
Much of Dext’s functionality, across all its products, is founded upon the use of artificial intelligence (AI) and machine learning. Today, Dext is always looking to continue its research and investment into this technology, with many exciting new product and feature releases on the way. As Dext evolves and adds even more to its product offering, TaxAssist franchisees will be the first to access and benefit from this innovation.
