The most common challenges faced by bookkeepers and businesses today are resource-related. Teams are getting increasingly smaller, the business world is incredibly fast-paced, budgets are increasingly tight, and there are ongoing calls for billables to be quantified.
Traditional accounting systems that have been the backbone of smoothly run businesses are often not able to help bookkeepers or businesses overcome the resource challenges presented in today’s context.
As if those weren’t enough, to add to all the existing challenges, many of us are now working remotely. And the cherry on the cake, of course, is economic uncertainty and the corresponding need for agility in decision-making (or more precisely decision-changing).
Dext Prepare can help you navigate all of these challenges with ease. Here’s how:
Table of Contents
Time saved on data entry
The problem with trim teams is the potential for overload. However, when you’re working with numbers, work and information overload could result in errors or slip-ups. What if you could cut several hours of work off of a team member’s day by eliminating the data entry component of their job? Data entry is tedious, monotonous, and time-consuming – a drain on two resources: time and labour.
With Dext Prepare data can be automatically extracted from invoices, bills, and receipts. All one needs to do is snap a picture of the bill or receipt and upload it into Dext Prepare. The software’s revolutionary optical character recognition software is able to extract data from not just photos but also online sources and bank statements.
Moreover, data flows directly from a company’s business bank account to its books. The bookkeeper is only left with the task of checking the data for accuracy.
Organised data storage
Not only is the data stored in the cloud for quick and easy access but the data also self-sorts and self-categorises to keep things streamlined. The user can either set up rules or the software will automatically create categories based on data within the documents.
Users may group not just their receipts and documents but can also split and group suppliers into categories based on tax or region and so on.
This amazing feature built into Dext Prepare is a huge convenience for today’s lean teams.
Human error eliminated
Because of automatic data extraction, and because information flows directly from the company’s business bank account to its books, the risk of human error can be easily eliminated.
Of course, it remains the prerogative of the bookkeeper to check that all the information from the bank account is indeed flowing into the company’s books and to fix the issue in case of any missed entries.
Anytime anywhere access
The opportunities available to businesses in today’s fast-paced environment are far greater than the years gone by but that means businesses need access to their data to make decisions (that allow them to pursue these opportunities) on the fly.
A bookkeeper can support his client with completely up-to-date, live data that the client can access anywhere in the world and at any time.
This convenience is especially relevant in the uncertain economic scenario created by the ongoing pandemic – clients might need to make a quick change, of course, every time a lockdown is rolled out or rolled back. These decisions either impact or are impacted by the company’s financial data. Decision-makers cannot be basing their judgements on old data.
Full confidence negotiation
As your business grows, you’ll be getting more and more work from the clients whose books you maintain. Their businesses will grow too and the number of hours you devote to each client will increase correspondingly. How do you go back to the negotiation table? Well, you could very simply quantify the work that you did with them previously as opposed to the work you deliver now.
Most business people are able to digest incremental costs when justification is provided in terms of numbers.
Professional client relationships
With Dext Prepare you’ll get features like a client dashboard and customized, standardised invoicing. You’ll get a prompt when they open up and pay invoices.
But best of all you’ll get advisor-style insights to share with your client. Dext Prepare comes with inbuilt tools that analyze all the financial data that you already have with you, linked to a certain client. The system processes all that data to give you priceless pointers on the financial performance of your client’s business, for example. That’s not all, you’ll be able to notice and talk to your client about supplier costs and revenue trends too. Go from bookkeeper to advisor in a flash.
Conclusion:
With this amazing bundle of benefits, Dext Prepare gives you all the tools you need to make your bookkeeping business more profitable and make your clients’ businesses more profitable. You’ll also most likely be more popular with your own people when you take mundane tasks like data entry off their plates. Why not take a free trial to find out for yourself? Here’s the link: https://dext.com/uk/accountants-and-bookkeepers/prepare
