Supplier Statements – Dext’s new feature for supplier statement extraction and verification
It's an exciting time to be a Dext user. During the Global Product Update in June, we unveiled the Evolution of the Dext Platform, showcasing plans to upgrade the Dext Prepare platform and integrate features from our other two products, Precision and Commerce, into one seamless experience.
As part of this evolution, we announced new and innovative features to help further automate bookkeeping processes, freeing up bookkeepers, accountants and businesses to focus on the work (or other things) they’d rather be doing. Among these is the Supplier Statement Extraction feature, now available to all current Dext Prepare users.
This feature includes a free allowance as part of your Dext subscription. Additional usage is subject to overage charges or available to buy prepaid top-up bundles.
Why you need to streamline supplier statement reconciliation
Like so much of bookkeeping, supplier statement reconciliation is an essential yet time-consuming, manual task for accountants, bookkeepers and businesses. You may not love matching and processing invoices and credit notes, but it is critical if you’re to maintain precise financial records and pay suppliers on time. So, with that in mind, why not try to speed that process up?
“Reflecting on my days as a practice manager, I would always speak to my clients about supplier payments and managing cash flow. Supplier statement reconciliation was such an important part of that conversation. Traditional methods of reconciliation – or manual processes – regularly led to human error and were incredibly time-consuming. You run the risk of over or undercounting invoices and amounts owed, which could end up delaying payments and even the potential for fraud.” – Max Whiteley, Product Domain Expert
Why are we introducing Supplier Statements?
At Dext, we love listening to our customers. Your requests and ideas steer our product roadmap – and Supplier Statements is a prime example of us bringing those ideas to life. After rigorous testing from Dext users around the globe, feedback has been overwhelmingly positive, and users invited to the early access have already processed over 7,000 supplier statements. Here’s what one of them had to say:
“Supplier Statements is the best thing ever. I’ve waited so long for this feature and Dext did it so well.” – Reino Barkema, Founder of Fynbos Accounting
How does Supplier Statements help business owners?
Collecting, matching and processing invoices and credit notes is as much a chore for business owners as it is for accountants and bookkeepers. There’s the risk of losing track of your invoices and payments – which can cause problems between you and your suppliers. And, when you don’t have a clear picture of what’s been paid and what’s outstanding, you can quickly lose control of your cash flow. So, how does Dext help?
Supplier Statements puts you in control of your supplier management. By automating the extraction and cross-referencing of supplier statements, Dext reduces the risk of discrepancies and manual errors. You save yourself ample amounts of time and improve data accuracy, which aids better decision-making and a more efficient accounting process.
How it works
Dext extracts all the essential information from a supplier statement, including the statement date, payable balance, and details of invoices and credit notes. It then scans for any missing information and assigns a status to each line, giving users a clear view of which invoices are already in the system and what still needs to be added.
If there’s any missing information, Dext allows you to send a message directly to your supplier to request paperwork from within the platform. And, once reconciled, you can securely store a record of your statements within your Dext archive. To find out more about how Supplier Statements works, click here.
Seamless Xero integration
For Xero users, the feature also includes the ability to cross-reference invoices already in Xero with those in Dext, as well as those that aren’t in Xero yet. We’ll flag any potential matches and list any differences ensuring that the balance due on the supplier statement is reconciled back to the balance outstanding in Xero.
“Having Dext’s supplier statement extraction means accountants, bookkeepers and the businesses they serve can automate as much of this reconciliation process as possible now, significantly reducing those risks of discrepancies. This means accountants can now spend time doing the more important stuff like advising their clients and less time spent on manual data entry”. – Max Whiteley, Product Domain Expert
Ready to learn more?
For Accountants and Bookkeepers, make sure you join our webinar – Enhanced Bookkeeping Efficiency: Managing Supplier Statements with Dext & Xero. Industry experts Hayden Hadder from Dext, and Allan Davidson from Xero, will be showing how you can streamline your workflow by using Dext's invoice capture automation and supplier statement extraction with Xero's accounting and payment tools.
Tuesday 3 September, at 3 PM BST | 10 AM EST. Register now
Thursday 5 September, at 2 PM AEST. Register now
What next?
Supplier Statements is now available to use within the Dext product. It has been a heavily-requested feature for quite some time, which is why we’re so excited for it to be ready.
Supplier Statements is yet another example of our commitment to supporting accountants, bookkeepers and their clients with industry-leading technology. We hope that it’s a game-changer for your firm, helping you to make the extraction and reconciliation of financial data as simple as possible.
For more info on how to start using Supplier Statements, visit our step-by-step instructional guide.
