More and more, we are finding accounts payable management is integral to effective financial management. DEXT and QuickBook’s Receipt Capture are two prominent solutions for automating this process. For a better understanding of their differences, we decided to take a closer look at how they work.
DEXT: Simplifying Data Entry and Beyond
DEXT, formerly Receipt Bank, provides an all-in-one solution for automating data entry in Accounts Payable. It has a strong system that meticulously extracts data from receipts, bills, and invoices while also capturing payment methods and taxes. What sets DEXT apart is its ability to establish rules for each vendor, ensuring tailored processing.
DEXT seamlessly integrates with QuickBooks Online (QBO) after extraction is complete, allowing for transaction matching. It works really well at finding matches in QBO and adding the support that is needed without making extra entries. The system mirrors the extracted data, attaches documents to transactions, posts payables in QBO, and archives them in DEXT itself.
Receipt Capture: A Simplified Approach
In contrast, QBO’s Receipt Capture serves as a viable option for businesses handling minimal payables. Even though it is functional, its simplicity might not be as advanced as DEXT. Receipt Capture lacks the ability to recognize multicurrency transactions and establish specific rules for GL codes, tax implications, and payment methods.
It is difficult for the system to accurately pull out important data like dates and invoice numbers. As a result, additional verification steps may be required, potentially impeding workflow efficiency.
Key Differences: DEXT vs Receipt Capture
Functionality and Customization. It is felt, DEXT provides a more customized and effective method of managing payables than Receipt Capture, thanks to its customizable rules, vendor-specific configurations, and sophisticated extraction capabilities.
Integration and Transaction Matching. With its smooth integration, DEXT matches transactions with QBO and attaches the required support without duplicating any information, improving accuracy and lowering manual labour.
Efficiency and Accuracy. While Receipt Capture is suitable for most small businesses, its simplicity may cause difficulties in accurately extracting data, necessitating more verification and manual intervention.
Choosing the Right Solution
The decision between DEXT and Receipt Capture is based on your company’s specific needs and size. DEXT is the ideal choice for businesses looking for a comprehensive, customizable, and robust solution for managing accounts payable. Receipt Capture within QBO, on the other hand, may be sufficient for businesses with minimal payables and a preference for simplicity.
To wind down the discussion, while both solutions aim to streamline accounts payable processes, DEXT’s advanced capabilities and customization options position it as the more comprehensive and efficient tool for businesses looking for increased control and accuracy in managing their financial records.