Helping you prosper
Running a business comes with enough complexity and your financial admin shouldn’t add to it. So far this year, Dext has introduced a set of updates designed to give business owners more control, reduce admin time, and simplify compliance.
This guide focuses specifically on what’s new and how you can use it day-to-day.
How AI can be your next best tool using AI Assist
You can use Dext AI Assist to automate repetitive tasks with accuracy, transparency and control whilst saving time manually editing data for your costs and sales. This feature suggests values for fields such as categories, tax and descriptions, by applying context from previous document content and past decisions. All whilst letting you keep the control as you can accept or dismiss the automated actions.
You can ensure that you are staying compliant with your bookkeeping using Core guidance. This is a library of pre-configured guidance built by Dext, designed around standard business activities shaped by HMRC requirements in the UK. With Core guidance, AI Assist will flag items that need your attention and offer prompts to support compliance, such as flagging where a document refers to client entertaining and suggesting the correct VAT rate, identifying a pro-forma invoice rather than a VAT invoice, or flagging where an invoice relates to a car lease and suggests the appropriate recovery of input VAT to 50% of the total VAT.
How this helps you
This will help you spend less time manually entering and checking all details with these prompts and suggestions. You would be surprised at how much AI can be used as a tool in your everyday!
Simplify supplier payments in one platform with Dext Payments
From supplier invoices to employee expenses, you can now make it easier to manage your payment process in one place and reconcile to stay fully connected. Dext Payments is now live, allowing payments to be made directly through the platform. This means you can now pay one off or batch supplier invoices, pay employee expenses that are generated in Dext and reconcile to Xero with bank feeds and invoice status updates.
Dext also recently released the ability to upload a CSV file to create payment runs for employees. Simply upload the CSV file and Dext will validate the employee details, flag any issues and prepare the payment for approval.
How this helps you
It will simplify processes by adding supplier invoices and making payments in one platform!
Security checks with shields – reduce fraud payments and build confidence in automation
You can verify supplier details using data from your uploaded invoices and apply to payroll payments to verify employee payment details, as Dext Payments runs a series of background security checks. Have mismatched or suspicious supplier details flagged to you before any payments are made, giving you the confidence to reduce uncertainty in the payment approval process.
How this helps you
This gives you peace of mind knowing payments made have an added level of verification and security!
Schedule payments to plan ahead for your cash flow needs
Get more flexibility and make it easier to plan ahead by scheduling payment runs for future dates in Dext Payments. Payment runs can be scheduled up to 90 days in advance, helping to manage cash flow more effectively whilst easily adjusting the payment timing.
How this helps you
You will have better visibility of upcoming payments and avoid any unnecessary payment pressures on your cash flow!
Tidy your inbox (and your mind) with coloured flags
You can use flags to organise items in your sales and cost inboxes, making it easier to sort and prioritise work. This simple addition can make all the difference to keep inboxes organised and help triage items faster for you and your team.
How this helps you
This will help you keep track of sales and costs items by flagging in order of priority and help manage the to-do list!
Bulk edit contact details to reduce admin burden
You can improve contact management by exporting a comprehensive list of your customers and suppliers from the lists in Dext to extract key contact fields such as email, addresses and default codes. This small action can provide all the contact fields quickly, and update in bulk via importing the CSV back into Dext.
How this helps you
You can have your customer and supplier contact details readily available in a CSV report and easily adjust in bulk, saving you time on tedious admin tasks in just a few clicks!
Overview of the latest Dext updates
From the mobile app to email integrations, Dext has a wide range of functions to improve and support daily operations. Improving visibility of your financial information, having greater control over submissions and reducing risk from mistyped manually entered data are all key factors in your day-to-day which can be time consuming if not managed right – Dext is one of any tools which can help you.
The next step
If you have any questions about Dext or other cloud products, please reach out to our cloud accounting experts or usual cloud contact at UHY.
