Introducing Dext for Ascentis Accountants
In the latest edition of ATV Tech Talk, we delve into the innovative solutions addressing a common challenge in the accounting realm. The pressing issue, exacerbated by the proliferation of new sales and payment platforms, revolves around the struggle to seamlessly integrate and consolidate information into accounting systems. The primary culprit identified is poor integration, resulting in intermittent or, in some cases, no data transfer at all—especially problematic when dealing with VAT-related matters.
To shed light on a breakthrough in this landscape, Freddie from Dext took centre stage to introduce Dex Commerce, a market-leading solution designed to tackle these integration woes head-on. As part of the practice solutions team at Dext, Freddie brought his expertise to Ascentis TV, where he shared insights into the evolution of Dext from its roots as Receipt Bank.
Dex Commerce, the latest addition to the Dext suite, aims to streamline the connection between sales platforms such as Shopify, Amazon, eBay, and payment gateways like PayPal and Stripe, with accounting software such as Xero or QuickBooks. The goal is to automate the extraction, categorisation, and reconciliation of data from these platforms, ensuring accuracy and efficiency in the accounting process.
Freddie highlighted some of the core integrations, including Amazon, eBay, Shopify, Etsy, Square, Stripe, PayPal, and WooCommerce. The emphasis is on providing a unified platform for businesses selling across multiple channels, eliminating the manual effort involved in consolidating data.
The conversation then turned to the advantages of partnering with firms like Ascentis for Dex Commerce implementation. Freddie underscored the added value of accounting expertise offered by partners, along with preferential pricing and robust support during setup.
A real-world case study illustrated the tangible benefits of Dex Commerce. A business owner, spending over eight hours weekly on manual data consolidation, managed to cut her workload by over 50% after implementing Dex Commerce. The platform facilitated automated data capture, categorisation, and direct integration with accounting software, allowing her to redirect time towards business growth.
The Dex Commerce interface was showcased during the Tech Talk, emphasising its Transactions tab for a comprehensive overview of sales, refunds, fees, and reimbursements across all integrated platforms. The tool provides a centralised dashboard for efficient monitoring, analysis, and filtering based on specific platforms.
A key feature demonstrated was the Bulk Export area, enabling users to map and export transactions seamlessly into Xero or QuickBooks. Additionally, the recently introduced Auto Export feature further enhances efficiency by automating the flow of data from Dex Commerce to the accounting software.
The presentation concluded with valuable advice for businesses overwhelmed by the multitude of sales platforms. Freddie emphasised the importance of not shying away from diverse platforms due to integration concerns, urging businesses to seek solutions that automate and consolidate information.
In summary, Dex Commerce emerges as a game-changing solution, empowering businesses to navigate the complexities of multi-platform sales while ensuring accurate and efficient integration with accounting systems. The Tech Talk provided a comprehensive view of the platform’s capabilities, illustrating its potential to revolutionise accounting practices and liberate valuable time for business owners.
About Ascentis TV
Ascentis TV is our update show that gives business leaders updates and insights on various growth-related topics such as taxation, financial management, people management and much more. The show features our amazing experts from Ascentis who have many years of experience in helping businesses grow successfully and helping individuals achieve their personal vision of success.
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