Keeping track of all your paperwork is a hassle, especially if you run a business where you and your employees are having to travel frequently. Receipts can easily get lost and never be seen again. However, even though it is a hassle it needs to be done otherwise you will find yourself overpaying tax and running into problems with Canada Revenue Agency hindering the progress of your business.
One of our favourite programs we use to speed up the bookkeeping workflow of Foundation Accounting and our clients is Dext Prepare. Dext transforms the tedious task of organizing paperwork and manual data entry into a quick easy process. The top three benefits of using a receipt capture program like Dext include:
The receipt capture part of Dext allows you to input all your paperwork into one central hub. This paperwork can be sent in via email, phone camera, scanning, or emailed directly in from your supplier. Once an expense or invoice is in Dext, the program will extract all the relevant details including
If you connect Dext to your bookkeeping program you can setup rules and it will begin categorizing the documents as well!
Pro-tip: Setup a payables email address (ie firstname.lastname@example.org). Have you suppliers email invoices, statements and other relevant documents into this email address and then setup the email address to forward directly into Dext. By setting up this workflow you will ensure your paperwork is ready for bookkeeping right away and no documents are missing. Many business owners also find it useful to be able to scroll through this email to keep a pulse on the business and ensure they are getting charged the right amounts.
Dext has a number of different options depending on your use case:
Pro-tip: We pay the Dext subscription cost on behalf of our clients.
Dext is a dream program for any bookkeeper and saves countless hours of data entry while ensuring you maximize your tax deductions to keep cash in your pocket. If you have any questions about modernizing your bookkeeping process be sure to reach out!
Happy business building!
Foundation Accounting provides integrated bookkeeping, accounting and CFO services to small business owners and individuals in British Columbia, Canada. The firm was founded to help small business owners and individuals gain financial clarity to make better decisions and minimize financial stress in their life. We are here to support small businesses each and every day.
Are you looking to gain clarity and remove financial stress from your life? Get a quote today.
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