What is Dext Precision?
Dext Precision is a cloud-based software tool that plugs into Xero (or Quickbooks Online) and runs a whole range of quality control checks on your financial data.
It looks at what’s unreconciled, what’s duplicated, and where there are discrepancies in terms of how transactions have been categorised (say a flight expense that went to “travel” before but is now in the “client trips” account). It’s also useful to see the volume of transactions running through your business and gain key insights into your customer revenue and supplier costs.
It’s a solution designed to assist SMEs in improving their financial data quality and can streamline your monthly processes and provide high-quality reporting insights.
Better Data Quality for SMEs
- Up-to-date books: It reports on unreconciled bank lines which helps you understand when your Xero reports are missing part of the picture.
- Clean, reliable data: It reviews the underlying transactions for duplicates, miscategorisation, or discrepancies in VAT treatment.
For example, if you claimed VAT on bills from this supplier last time, why didn’t you claim it again? Or perhaps there’s the same amount paid to the same supplier in the same month, is that right?
- Removing unnecessary accounts: It points out dormant accounts clogging up the menus and making it harder to pick the right account when doing the recon.
- Getting your assets up to date: It points out when you have draft assets awaiting approval, or when your depreciation hasn’t been run. It also guides on any discrepancies between your fixed asset register and the balance sheet accounts.
Better Insights for SMEs
- Revenue Analysis: This feature allows you to review your revenue, breaking it down into who the key customers are and how much revenue each of them generates.
- Outstanding Invoices: It provides insight into what is owed to you and what you owe other people, and tracks how long it generally takes for people to pay you via the Debtor Days calculation.
- Cost Analysis: These insights are designed to analyse your client’s payments to their suppliers, and account movement over time and automatically detect issues.
- Overpayments: It keeps an eye on your overpayments, and where you have credit with one of your suppliers that wasn’t assigned to a bill.
- Activity Stats: Insights on the monthly sales, bills, credit notes, manual journals, bank transactions and more. It helps you see how your business is scaling.
- Other Reporting Insights: The software generates reports that provide insights into spending patterns, supplier performance, and other financial metrics. This information can be used to make informed business decisions.
Benefits for us as the finance team
- Timesaving and Efficiency: It results in significant time savings by automating repetitive tasks, we can focus on more value-added activities.
- Improved Accuracy: The machine learning capabilities of the software minimise errors in data entry and categorisation.
- Enhanced Decision-Making: The insights provided by Dext Precision’s reports enable us to make data-driven decisions.
- Focus on Value-Added Activities: By automating routine tasks, we can dedicate more time to strategic and advisory roles.
Why Dext Precision is different from other reporting tools.
What makes Dext Precision different is that it works at a transactional level, it pulls in every bank line, every invoice and every journal.
That means it can provide insights and analytics on the underlying data where most reporting platforms and other Xero plugins rely on the balances.
Conclusion
Dext is a package we’ve used for years that continuously demonstrates its value to our teams and customers. It delivers on our automation focus and helps free up our time to do more of the strategic work our customers value. If you want to learn more about it, chat with us at moc.ofcevitaerc@pihsrentrap or ask your account manager.