A sudden and significant increase in software pricing can disrupt a business's budget and financial planning. Organizations may have allocated resources based on the previous pricing structure, and a sudden change can lead to unexpected financial strain.
That's what is happening to Dext Prepare's users. Their accounting and bookkeeping partners woke up a few days ago to a dramatically changed pricing structure that power users believe "is a draconian increase in fees".
Pricing is critical for small businesses and accounting firms, as it can impact their profitability and client satisfaction. According to a 2023 Gartner survey, 40% of CFOs say cost optimization is necessary to respond to inflation—nearly doubling from just 23% in 2022. This underscores the importance of exploring Dext alternatives that can offer similar benefits at a reasonable cost.
In this blog, we will provide an overview of Dext Prepare, discuss the recent pricing changes, and present alternative software solutions that small businesses and accounting firms can consider. We'll compare top Dext alternatives like Nanonets Flow, Hubdoc, AutoEntry, Ramp, and Expensify, examining their features, pricing, and suitability for various industries.
What is Dext Prepare?
Dext Prepare (formerly Receipt Bank) is a cloud-based financial management solution designed to streamline bookkeeping and accounting processes for small businesses and accounting firms. It integrates with popular accounting software like Xero, QuickBooks, and Sage Accounting.
Some of its key features include automated data extraction, expense reporting, bookkeeping, and analytics.
Key Features of Dext Prepare:
- Automated Data Extraction: Dext Prepare allows users to upload various types of paperwork, such as receipts, invoices, and bank statements, through multiple methods such as mobile app, email, or auto-invoice fetch. The platform employs OCR technology and automated data extraction technology to capture relevant information from these documents.
- Integration with Accounting Software: One of Dext Prepare's key strengths is its seamless integration with a wide range of accounting software. It supports integration with various accounting systems, making it convenient for users to automatically transfer the extracted data directly into their accounting software, reducing the need for manual data entry.
- Data Standardization: Dext Prepare converts the extracted data into a standardized digital format, ensuring consistency and accuracy across your financial records.
- Secure Data Storage: Dext Prepare employs bank-level encryption to securely store the extracted data for up to seven years. This feature ensures that your financial records are safely stored and easily accessible when needed.
- Time Savings: Dext Prepare aims to save significant amounts of time that would otherwise be spent on manual data processing.
- Data-Driven Insights: Dext Prepare offers a feature called "Optimize plan" that provides data-driven insights into your client's bookkeeping data. Users can filter, drill down, and spot trends and opportunities within the data.
- Expense Categorization: Automatically categorizes expenses for easier reporting and analysis.
- Real-time Collaboration: Allows accountants and clients to work together on financial data.
Dext Prepare helps users collect and organize receipts and manage accounting for expenses and reimbursements before syncing the data with their accounting software.
But with their rumoured 400% increase in pricing, users have been left scrambling to find alternatives before their 1 November renewal.
The new structure includes:
- Plans for Accounting or Bookkeeping Firms:
- Dext Essentials (Includes 10 clients): Starting at $199.99/month (billed annually)
- Dext Advanced (Includes 10 clients): Starting at $214.99/month (billed annually)
- Plans for Small to Medium Businesses:
- Pricing varies based on the number of users and documents processed
- Minimum subscription fee: $24/month (billed annually) for up to 5 users and 250 documents per month
Pros and Cons of Dext Prepare
Pros:
- Reduces manual data entry
- Improves accuracy in financial records
- Saves time on bookkeeping tasks
- Offers real-time financial insights
Cons:
- Recent price increase may be prohibitive for some businesses
- Learning curve for new users
- Limited customization options for reporting
Automate documents, approvals, accounts payable, finance processes, and more with Nanonets' workflows.
So, we've taken a good look at Dext Prepare. Now, let’s explore some top alternatives to Dext that offer similar functionality at more affordable price points.
1. Nanonets Flow
Nanonets Flow is an accounting automation platform designed to streamline and automate various aspects of the accounting process. It offers features such as document capture, data extraction, approval workflows, integration with accounting software, and more. It aims to improve efficiency, accuracy, and control within the traditional document-upload-and-approval workflow for businesses and the wider procure-to-pay lifecycle.
Key Features of Nanonets Flow:
- Improved Document Accuracy: Nanonets's industry-leading OCR (Optical Character Recognition) technology enables you to automatically extract data from various document types, including invoices, receipts, and bank statements. The system supports multiple languages and currencies, making it ideal for global businesses. With features like workflows, you can automate the import, extraction, data cleaning, approvals, and export process.
- Invoice Processing: The platform offers automated invoice ingestion and processing, significantly reducing manual work. Its three-way matching capability prevents fraud and errors, while its intelligent data extraction ensures accurate information capture.
- Approval Workflows: The platform allows users to set up customizable approval structures for invoices. This enables the automated routing of invoices to the appropriate stakeholders for review and approval, ensuring compliance with internal processes.
- Integration with Software: Nanonets Flow connects seamlessly with popular accounting software like QuickBooks, Xero, and Sage. It also offers API access for custom integrations and Zapier integration, allowing connection with over 3000 apps. This facilitates the smooth transfer of data between systems and eliminates the need for manual data synchronization.
- Payment Processing: Users can make payments directly within the platform using bank transfers or credit cards. This feature streamlines the payment process and ensures that payments are accurately recorded and tracked.
- Custom Workflows: Nanonets Flow offers custom workflows that can be tailored to match the specific processes and requirements of individual businesses. This flexibility allows businesses to adapt the platform to their unique needs.
- Vendor Management Portal: The platform includes a vendor management portal that enables two-way communication between businesses and their vendors. Vendors can submit invoices, and businesses can manage vendor relationships efficiently.
- AI-Enabled Approvals: Nanonets Flow utilizes AI to assist with approvals. The AI can analyze invoices and flag any discrepancies or anomalies, helping to ensure that only accurate and valid invoices are approved for payment.
- Document Storage and Compliance: The platform offers secure document storage, ensuring that all financial documents are easily accessible and compliant with data retention regulations.
- Advanced Reporting and Analytics: The platform provides real-time dashboards for financial insights, customizable reports for better decision-making, and audit trails for compliance and transparency.
Automate documents, approvals, accounts payable, finance processes, and more with Nanonets' workflows.
Where does Nanonets Go Beyond Dext Prepare?
While Dext Prepare offers valuable pre-accounting capabilities and integrations like ApprovalMax for streamlining data capture and bill approval, Nanonets takes automation to the next level by providing a comprehensive, all-in-one solution.
Dext Prepare's approach:
- AI-driven data extraction for invoices and receipts
- Integration with ApprovalMax for multi-step, multi-role approval workflows
- Compliance checks with predefined criteria from QuickBooks Online
- Automated routing and reminders
- Mobile app for on-the-go approvals
Nanonets eliminates the need for multiple software integrations by offering a single, intelligent AI-based document automation platform. With Nanonets, you can:
- Extract data accurately: Utilize a powerful combination of OCR and deep learning algorithms to extract data from various document types, including invoices, receipts, bank statements, and contracts.
- Automate approval processes: Set up sophisticated approval workflows in minutes using no-code, rule-based systems, ensuring zero errors and eliminating approval bottlenecks.
- Enhance financial control: Improve accountability with real-time approval statuses and automated 3-way matching.
- Streamline document management: Benefit from automated document verification and organization.
- Customize your solution: Use personalized training, dedicated annotators, and 24/7 support to tailor the system to your needs.
- Integrate seamlessly: Utilize the OCR API to connect Nanonets with your existing systems effortlessly.
By choosing Nanonets, you're not just getting an alternative to Dext Prepare – you're upgrading to a more comprehensive, efficient, and intelligent financial management solution. With Nanonets, you can automate your entire financial workflow, from document capture to approval and beyond, all within a single platform.
Automate approvals with a few clicks. Use the Nanonets Approval workflow template for free.
Pricing
Nanonets Flow offers different pricing plans tailored to various user needs. Here are the three main plans:
• Starter: $199/month for 5+ users. Process 30 invoices/month, manage vendors, sync with ERPs, and handle payments. Perfect for teams up to 10.
• Pro: $499/month for 10+ users. Get up to 150 invoices/month and 30 users.
• Plus: Custom enterprise pricing. Get 500 invoices/month, custom integrations, API access, and personalized support.
Why pay for features you don't need? Nanonets lets you optimize your AP automation without the hefty price tag. It's smart business sense – all the power of Dext, but at a fraction of the cost.
Nanonets Flow is more than just a Dext alternative – it's an end-to-end financial management solution that can transform how small businesses handle their accounting processes. With its advanced AI capabilities, user-friendly interface, and scalable pricing, Nanonets Flow is positioned to support businesses at every stage of their growth journey.
2. HubDoc
HubDoc is a cloud-based document collection and management platform designed to streamline the process of gathering and organizing financial documents for businesses, accountants, and bookkeepers. It simplifies the task of data entry and record-keeping by automatically fetching and processing various financial documents such as receipts, invoices, and bank statements.
Key Features of HubDoc
- Automated Document Fetching: HubDoc can automatically retrieve financial documents from various sources such as bank accounts, email accounts, and online services. This eliminates the need for manual document collection and reduces the risk of missing important documents.
- Data Extraction: Similar to Dext Prepare, HubDoc uses OCR (Optical Character Recognition) technology to extract key data from the uploaded documents. This extracted data is then used to populate relevant fields in accounting software.
- Document Organization: HubDoc categorizes and organizes the uploaded documents, making it easier to locate specific files when needed. It often includes features for tagging, labeling, and sorting documents by type or date.
- Integration with Accounting Software: Just like Dext Prepare, HubDoc integrates with various accounting software platforms. It allows users to seamlessly transfer the extracted data and documents into their accounting software, reducing manual data entry and improving accuracy.
- Secure Storage: HubDoc provides secure and cloud-based storage for uploaded documents. This ensures that important financial records are easily accessible and protected against loss.
- Audit Trail: The platform often maintains a detailed audit trail, showing the history of document uploads, changes, and interactions. This can be useful for compliance and audit purposes.
- User Collaboration: HubDoc may allow multiple users, such as accountants and bookkeepers, to collaborate and access the same set of documents. This facilitates teamwork and improves communication between stakeholders.
- Mobile App: Many document management platforms, including HubDoc, offer mobile apps that enable users to capture and upload documents using their smartphones or tablets.
Potential Issues:
- The user interface is clunky, outdated and can be hard to navigate.
- Multi-currency functionality is limited.
- More complex bills need quite a lot of manual input, especially with CIS and multicurrency.
- Data extraction isn’t as accurate and takes more time.
- No accounts payable automation to set up approval workflows.
Pricing
Hubdoc charges a flat rate of $12 per month per client, making it a cost-effective option for many small businesses and accounting firms.
Hubdoc serves as a solid Dext alternative for businesses primarily focused on document collection and basic data extraction. Its flat-rate pricing model can be attractive for small businesses with straightforward document management needs. However, those requiring more advanced features or dealing with complex financial documents may find its capabilities limiting.
Over 500+ enterprises trust Nanonets to automate more than 30M+ processes yearly. Try Nanonets now for free. No Credit card required.
3. AutoEntry
AutoEntry is automation software designed to streamline data entry, document management, and data extraction processes for businesses, accountants, and bookkeepers. It uses advanced Optical Character Recognition (OCR) and machine learning technology to capture data from various types of documents, such as invoices, receipts, bills, and statements, and automatically input that data into accounting and bookkeeping systems.
Key Features of AutoEntry
- Document Capture: AutoEntry allows users to capture financial documents through various methods, such as scanning, email, or upload. This eliminates the need for manual data entry and ensures documents are collected in a digital format.
- Data Extraction: The platform uses OCR and machine learning algorithms to extract key data from documents, including vendor names, dates, line items, amounts, and more. This data is then converted into a structured format that can be easily integrated with accounting software.
- Integration with Accounting Software: AutoEntry seamlessly integrates with popular accounting software systems, such as QuickBooks, Xero, Sage, and more. Extracted data can be automatically transferred to these platforms, reducing manual entry and minimizing errors.
- Line Item Extraction: In addition to header-level information, AutoEntry can often extract line item details from invoices and bills, allowing for more accurate and detailed data entry.
- Automatic Coding: The software can assign appropriate account codes or categories to transactions based on historical data or user-defined rules. This enhances accuracy and reduces the need for manual coding.
- Document Management: AutoEntry provides a centralized location to store and organize digital copies of financial documents. This feature assists in record-keeping and compliance.
- Mobile App: Many automation platforms, including AutoEntry, offer a mobile app that allows users to capture and upload documents using their smartphones or tablets.
- Data Verification: AutoEntry may use machine learning to improve accuracy over time by learning from user interactions and feedback, resulting in better data extraction and coding.
- Security and Compliance: AutoEntry typically employs security measures to protect sensitive financial data and comply with data privacy regulations.
Potential Issues:
- Xero integration can be finicky
- OCR accuracy can be low
- It can sometimes struggle with 1's and I's on invoice numbers
- Struggles a bit with long itemised bills/invoices
- The inability to purchase credits in bulk
Pricing
All plans come with the same features; the only difference is the number of credits you spend on document extractions.
Bronze: 50 credits at 12 USD/month
Silver: 100 credits at 23 USD/month
Gold: 200 credits at 44 USD/month
Platinum: 500 credits at 98 USD/month
Diamond: 1500 credits at 285 USD/month
Sapphire: 2500 credits at 450 USD/month
What Is a Credit?
Credits are used to avail the processing services for different types of documents:
- 1 credit for standard extraction of purchase/sale invoices, receipts, and bills.
- 2 credits for extraction with line items from purchase/sale invoices, bills, and supplier statements.
- 3 credits per page for processing bank or credit card statements.
AutoEntry is a great alternative to Dext for small businesses and accounting firms looking for efficient data extraction and entry automation. Its credit-based pricing model allows for flexibility, but users should carefully consider their document processing volume to ensure cost-effectiveness. While it excels in many areas, businesses with high volumes of complex documents may need to weigh the potential for manual corrections against the time saved.
Automate your approval workflows with a no-code intelligent automation platform. Optimize your business performance, save costs, and boost growth with Nanonets.
Get in touch with our automation experts, or create an approval workflow yourself.
4. Ramp
Ramp is an all-in-one spend management platform that combines corporate cards, expense management, bill payments, and accounting integrations. It's designed to help businesses automate manual processes, provide real-time visibility into spending, and save money through AI-powered insights.
Key Features of Ramp
- Corporate Cards with Spend Controls: Ramp offers corporate cards with customizable spend limits, category restrictions, and real-time transaction monitoring.
- Expense Management: The platform simplifies expense reporting and reimbursement processes. It offers features like receipt scanning, automated categorization, and policy compliance checks.
- Bill Payments: Ramp captures invoice data, routes bills for approval, executes payments via ACH, check, or international wire, and syncs billing data with accounting systems for easy reconciliation.
- Real-time Spend Visibility: Users can track expenses by category, department, or vendor, monitor budget performance, and generate custom reports from a centralized dashboard.
- AI-Powered Savings: Ramp analyzes spending patterns to identify potential savings opportunities and negotiation leverage with vendors.
- Accounting Integrations: The platform seamlessly integrates with popular accounting software like QuickBooks and Xero, enabling automatic syncing of financial data.
- Automated Expense Policies: Ramp allows businesses to set up and enforce expense policies automatically, flagging out-of-policy spending in real-time.
- Vendor Management: The platform helps manage vendor relationships, track spending across suppliers, and identify opportunities for consolidation or better terms.
Potential Issues:
- Keeping up with system changes can be challenging
- Limited integration capabilities and lack of automatic transaction syncing
- May have more features than very small businesses need
- Approval routing and card management limitations
- May not handle complex accounting needs effectively
Pricing
Ramp offers transparent and flexible pricing plans for businesses of different sizes and needs:
- Free basic plan includes unlimited cards, expense management, bill payments, and accounting integrations.
- Paid plans start at $15 per user per month and include custom controls, advanced user roles, unlimited customizable workflows, procurement automation, and international capabilities.
- Ramp provides custom pricing based on transaction volume and feature requirements for larger enterprises with more complex needs.
Ramp serves as a robust Dext alternative for businesses looking for a comprehensive spend management solution. Its free basic plan and focus on identifying cost-saving opportunities make it an attractive option for small businesses aiming to optimize their financial processes. However, companies operating outside the U.S. or those not interested in switching corporate cards may find it less suitable for their needs.
5. Expensify
Expensify is a comprehensive expense management solution that streamlines expense reporting, reimbursement, and financial processes for businesses of all sizes. It's designed to simplify the entire expense management workflow, from receipt capture to reimbursement.
Key Features of Expensify
- SmartScan Technology: Automatically reads receipts and extracts relevant data, significantly reducing manual data entry.
- Mobile App: User-friendly mobile application for easy receipt capture, mileage tracking, and expense submission on-the-go.
- Automated Expense Reports: Creates expense reports automatically from captured receipts and credit card transactions.
- Integration Capabilities: Seamlessly integrates with popular accounting software, travel apps, and other business tools.
- Customizable Approval Workflows: Allows for setting up custom approval processes to ensure compliance with company policies.
- Real-time Expense Tracking: Provides visibility into spending patterns and helps with budgeting.
- Multi-Currency Support: Handles multiple currencies and applies appropriate exchange rates automatically.
Potential Issues:
- Limited ability to edit submitted reports
- Free plan limited to 25 SmartScans per month
- Learning curve for setting up more complex configurations
Pricing:
Expensify offers several pricing tiers:
- Free plan for basic individual use
- Collect plan starting at $5 per user per month
- Control plan starting at $9 per user per month
Expensify is widely praised for its user-friendly interface and time-saving features, making it a popular choice for businesses looking to streamline their expense management processes. However, accounting firms or small businesses with complex approval structures or those requiring highly customized expense policies may find Expensify's offerings somewhat limiting and might need to explore more specialized alternatives.
Feature Comparison
When evaluating Dext alternatives, it's crucial to compare key features to ensure you're choosing the right solution for your business needs. Let's examine how Nanonets Flow, Hubdoc, AutoEntry, Ramp, and Expensify stack up against Dext in critical areas:
| Feature | Nanonets Flow | Hubdoc | AutoEntry | Ramp | Expensify |
|---|---|---|---|---|---|
| Data Extraction & OCR | Advanced AI for high accuracy across various document types | Reliable OCR, may struggle with complex documents | Strong line-item extraction capabilities | Receipt and invoice scanning for expense management | SmartScan technology, accurate for standard receipts |
| Invoice Processing | End-to-end processing with automated three-way matching | Primarily document collection | Detailed line-item extraction | Basic invoice capture and approval workflows | Basic invoice processing, focus on expense reports |
| Accounting Software Integration | QuickBooks, Xero, Sage, API for custom integrations | Strong integration with Xero and QuickBooks | Connects with QuickBooks, Xero, Sage, and others | Integration with QuickBooks and Xero | Multiple accounting platform integrations |
| Mobile App Functionality | Robust app for document capture and workflow management | App for document capture and organization | App for receipt and invoice capture | App focused on corporate card management and expense tracking | User-friendly app with extensive features |
| Reporting & Analytics | Comprehensive analytics and customizable reports | Basic document organization and search | Focus on data extraction, limited reporting | Spend analysis and savings recommendations | Various pre-built and custom reports |
Checklist for Evaluating Dext Alternatives
When assessing alternatives to Dext for your small business or accounting firm, use this checklist to ensure you're considering all crucial factors:
- User Experience and Accessibility:
□ Verify that the user interface is intuitive and requires minimal training for your team or clients.
□ Ensure the solution offers a user-friendly mobile app for on-the-go expense management and receipt capture.
□ Assess the mobile app's capabilities for receipt capture, expense submission, and approval workflows.
- Pricing and Scalability:
□ Check if the pricing structure is transparent and scalable, aligning with your business growth or client base expansion.
□ Confirm that the solution can handle your current transaction volume and scale up as your business or client base grows.
□ Verify if the solution offers a free trial period with full feature access to adequately test its capabilities.
- Integration and Compatibility:
□ Verify integration capabilities with your current accounting software (e.g., QuickBooks, Xero, Sage) and other essential business tools.
□ Check for the availability of APIs or webhooks for potential custom integrations or automations in the future.
□ Assess the solution's ability to handle multi-currency transactions if your business operates internationally.
- Automation and AI Capabilities:
□ Assess the level of automation in data extraction, especially for complex documents like invoices with line items.
□ Evaluate the AI capabilities for automatic categorization of expenses and smart matching of receipts to transactions.
□ Verify if the solution offers OCR technology that can accurately extract data from receipts and invoices in various formats.
- Reporting and Financial Management:
□ Check for customizable reporting options that provide real-time financial insights and export capabilities in various formats.
□ Assess the solution's ability to create and manage approval workflows that match your organization's structure.
□ Check for features that streamline month-end closing processes, such as automated reconciliation.
- Compliance and Security:
□ Verify built-in compliance checks and audit trail functionality to maintain accuracy and meet regulatory requirements.
□ Check for robust security features including data encryption, multi-factor authentication, and regular security updates.
□ For accounting firms, ensure the solution offers efficient multi-client management with customizable settings per client.
Conclusion
As we've seen, accounting and bookkeeping firms have many options when it comes to Dext Prepare alternatives. Nanonets Flow, HubDoc, AutoEntry, Ramp, and Expensify each offer unique features tailored to your demands.
Whether you're looking to enhance collaboration, automate data entry, or streamline document management, these solutions can help you deliver exceptional client service while optimizing your own processes. The key is to choose the tool that best aligns with your firm's specific needs and priorities.
Remember, the right software isn't just about features - it's about finding a solution that fits seamlessly into your workflow and helps you achieve your goals. So take the time to explore these alternatives, consider your unique requirements, and make an informed decision.
