Why Thriday is the Best Alternative to Dext

February 20, 2024
minutes to read
Alice Surdy
Table of Contents

In today's fast-paced business world, efficient accounting and bookkeeping are essential for small businesses. With the rise of automated accounting tools, managing your finances has become more accessible. Receipt scanning software like Dext (formerly known as Receipt Bank) has gained popularity among businesses looking to streamline their bookkeeping processes. In this comprehensive blog post, we'll delve deep into the world of receipt scanning software by unpacking Dext and explore why Thriday is the best alternative for small businesses seeking a robust accounting solution.

What is Dext?

Dext, formerly known as Receipt Bank, is a cloud-based software designed to simplify receipt scanning, document scanning, and data extraction. With Dext, businesses can digitise their receipts, invoices, and other financial documents, making managing and organising their financial data easier.

Dext's creation was driven by the need to eliminate the tedious and error-prone task of manual data entry. By offering a platform that automates the extraction and organisation of financial data, Dext aimed to help businesses save time and reduce the risk of human error in their accounting processes.

How Does Dext Work?

Dext focuses on the scan, extracting, and organising elements of bookkeeping. Here's a closer look at how this process unfolds: 

  1. Receipt Scanning: Users can upload paper receipts or digital documents to the Dext platform. Dext accepts documents in various formats, making it flexible for different types of businesses. 
  2. Data Extraction: Dext's intelligent software uses Optical Character Recognition (OCR) technology to scan and extract relevant data from the uploaded documents. This includes information such as transaction amounts, dates, vendor names, and more. 
  3. Document Organisation: Once the data is extracted, Dext organises it into a digital format. This means that your receipts, invoices, and other financial documents are transformed into structured, easily accessible data that can be readily used for bookkeeping and accounting purposes.

The combination of receipt scanning, data extraction, and document organisation streamlines the accounting workflow, allowing businesses to focus on their core operations.

What is Dext Used For?

Dext focuses on digitising and storing paper receipts. In addition, Dext is equipped to handle various financial documents, including invoices, bills, and statements. This versatility makes it a comprehensive tool for managing all aspects of your financial records. Beyond this, Dext is limited and can only be leveraged alongside other accounting software like Quickbooks, Xero or MYOB. When you add the price of Dext with these other accounting solutions, things can start to add up quickly.

Is Dext Part of Xero?

Dext is a separate business from Xero. However, many think the businesses are partners as Dext integrates into Xero. This integration is a popular feature for businesses already using Xero or considering it as their accounting platform. The integration allows for smooth data transfer between Dext and Xero, ensuring that your financial records are always in sync.

The synergy between Dext and Xero extends the automation benefits to your accounting software, making it easier to reconcile expenses, track income, and generate financial reports. This integration has made Dext a popular choice among businesses that use Xero.

Do You Need Dext and Xero?

One common question that arises is whether businesses need both Dext and Xero. The answer to this question depends on your specific business needs and preferences. Here are some considerations: 

  • Size: Small businesses with straightforward accounting requirements may find that Xero alone meets their needs. Dext's ability to scan and organise receipts and documents can help with their bookkeeping but may be optional in addition to the features Xero provides.  
  • Features: Xero offers a comprehensive suite of accounting features, including invoicing, payroll, and inventory management. Having Dext and Xero set up may be beneficial if your business requires these additional features.

Ultimately, the decision to use Dext, Xero, or both should align with your unique business requirements and the complexity of your financial operations.

Dext pricing as of 6 Oct 2023

Dext Pricing – How Much is Dext?

Pricing is a crucial factor for businesses considering Dext. While the exact pricing may vary based on factors like your location and business size, Dext prices, as of 6 October 2023, start at $250 a month in Australia. Dext also offers several pricing plans to cater to more advanced needs, with their 'Optimise' bundle currently priced at $540 a month. Here are some key points to consider:

  • Subscription Model: Dext operates on a subscription-based model. The pricing tier you choose depends on the number of documents you plan to process each month and the level of reporting you want.
  • Scalability: Dext's pricing plans are designed to accommodate businesses of varying sizes. This scalability ensures that you only pay for the features and usage that match your business requirements.
  • Free Trials: Dext offers a free trial period, allowing you to explore the software's features and determine if it aligns with your needs before committing to a subscription.

For accurate and up-to-date pricing information, it's advisable to visit Dext's official website or contact their sales team.

What is the Difference Between Thriday and Dext? 

While Dext offers robust receipt scanning and data extraction features, there is much more to managing your financial admin and being tax-ready. So, when looking at other options, considering alternatives is essential when choosing the best solution for your business. Thriday, a rising star in accounting software, emerges as a compelling alternative to Dext. Let's explore the key differentiators that make Thriday a standout choice:

  1. Affordable Pricing: One of the most significant advantages of Thriday is its competitive pricing. At only $29.95 a month, Thriday offers cost-effective plans tailored to small businesses, ensuring that you get the features you need without straining your budget. This affordability can be especially appealing for startups and growing businesses looking to optimise their expenses. 
  2. ATO Integration: Thriday's seamless integration with the ATO is a game-changer for businesses dealing with GST calculations and BAS reporting. Thriday simplifies the process of reporting your GST, ensuring that your business remains compliant with tax regulations. This feature alone can save you valuable time and help you avoid costly compliance errors.
  3. Payments Integration: With Thriday, not only can you scan your receipts, but you can also upload your invoices for payment. Thriday's Bill Manager feature integrates payments, allowing you to pay your invoices via BSB or BPAY in seconds. Thriday will even automatically schedule the payments ready for your approval.
  4. User-Friendly Interface: Thriday is known for its intuitive and user-friendly interface. Even if you or your team members lack extensive accounting knowledge, you can easily navigate and use Thriday. This user-centric design reduces the learning curve and allows you to start benefiting from the software quickly. 
  5. Document Organisation: Thriday excels in organising your financial documents. It provides a clutter-free digital workspace to easily access and manage your receipts, invoices, and other financial records. This level of organisation can significantly improve your overall accounting efficiency.
  6. Data Security: Thriday takes data security seriously. The software employs robust encryption and security measures to protect your financial data. Ensuring the confidentiality and integrity of your financial records is a top priority for Thriday, giving you peace of mind in an era of increasing cyber threats. 
  7. Excellent Customer Support: When you choose Thriday, you're not just gaining access to software; you're gaining a supportive partner. Thriday's customer support team is available on 1800-THRIDAY and are ready to assist with any inquiries or issues you may encounter. This level of support can be a significant advantage, especially if you're new to automated accounting software. 

For several compelling reasons, Thriday is the best alternative to Dext (Receipt Bank). Its affordability, user-friendliness, seamless GST integration, payments, document organisation capabilities, data security measures, and top-notch customer support collectively make it an excellent choice for small businesses needing reliable receipt scanning software.

What is Similar to Dext? 

In the diverse landscape of accounting and bookkeeping software, several alternatives to Dext and Thriday exist. It's essential to be aware of these options and consider them based on your needs. Here are a few alternatives to Dext and Thriday:

  • Hubdoc: Hubdoc is another receipt scanning and document management software that aims to simplify the accounting process. It offers features such as document collection, data extraction, and integration with popular accounting platforms like Xero and QuickBooks. 
  • QuickBooks: QuickBooks is a comprehensive accounting software that includes features for invoicing, expense tracking, payroll, and financial reporting. It's suitable for businesses seeking an all-in-one solution for their accounting needs.
  • Xero: Xero accounting and invoicing software is designed for small businesses and freelancers. It offers essential accounting features and is a cost-effective option for businesses on a tight budget.

When evaluating these alternatives, it's essential to consider factors such as pricing, feature set, integration capabilities, and user-friendliness to determine which aligns best with your business requirements.

Is Dext or Hubdoc Better?

The choice between Dext and Hubdoc hinges on several factors. Here's a comparative look at these two receipt scanning and document management solutions: 

  • Feature Set: Dext and Hubdoc offer similar features, including receipt scanning, data extraction, and integration with accounting software. Hubdoc is more integrated into Xero. The choice may come down to specific features that align with your business needs.
  • Pricing: Hubdoc is cheaper than Dext, but it does require a Xero subscription to be worth its while, so it's crucial to compare the costs and choose the one that fits your budget while delivering the necessary features.
Thriday's receipt scanning app

Is Dext Worth It? 

The question of whether Dext is worth it for your business is a common one. The answer lies in your unique business needs and budget. Here are some factors to consider when determining the value of Dext: 

  • Time Savings: Dext can save your business significant time by automating receipt scanning and data entry. Calculate the hours saved using the software and assess whether this time could be better spent on core business activities. 
  • Accuracy: Dext's data extraction features reduce the risk of errors associated with manual data entry. Fewer errors mean more accurate financial records, positively impacting your business's financial health. 
  • Integration: If your business already uses accounting software like Xero, integrating with Dext can streamline your accounting workflow. Evaluate how this integration enhances your efficiency and data accuracy. 
  • Cost vs. Benefit: Whilst Dext is expensive, you should weigh up the cost of Dext against the benefits it brings to your business. Consider time savings, improved accuracy, and reduced compliance risks when assessing the software's value.

Key Takeaways

In small business accounting and bookkeeping, making the right choice of software can make a world of difference. Thriday is here to help you succeed, one receipt at a time. While Dext offers robust features and integration with popular accounting platforms, Thriday is the superior alternative for small businesses seeking an affordable, user-friendly, and secure receipt-scanning software solution.

Thriday's commitment to affordability, ATO and payments integration, user-friendliness, document organisation, data security, and excellent customer support makes it a standout choice. When choosing accounting and receipt scanning software, consider your business's requirements and explore Thriday as your top choice. Join for free today and experience the difference for yourself. Your small business deserves the best, and Thriday delivers just that.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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