Receipt Bank App Review 2021 (Receipt Bank, the leading data extraction app, has now rebranded as Dext)

If you want to work ON the business and not IN the business, so that you can focus your time and energy on cash-generating activities, then this article is for you.

In this article, I am going to talk about the Receipt Bank App.

It is one of my favorite apps because it helps save valuable time and money by streamlining and systemizing the business bank end.

It can do the same for you.

The best part is that you don’t have to be a financial wiz to use it.

It is exactly built for entrepreneurs like you, who are always pressed for time and perhaps have limited financial tech knowledge.

Do you know that a modern professional spends up to 2.5 hours a day on email?

Add to that 1 – 2 hours spent on administrative and operational tasks in a day and you are looking at more than half a workday gone on activities that don’t bring money into the business.

What if you could spend all the time you spend on back-end activities on cash-generating activities?

I was talking to a new client, a digital marketing wiz. She said she used Quickbooks (QB) accounting software but wasn’t aware of Receipt Bank. I told him that Receipt Bank could help him to save time and hassle.

She has been manually posting sales and supplier invoices in QB manually.

I asked her, how long does it take her on average to do this task on a monthly basis?

She said that it took her around 3- 4 hours a month and she still has to prepare the receipts and invoices for her accountant to do the taxes.

Imagine a system doing the heavy lifting for you to process these invoices, saving time and also go completely paperless so that you have real-time data to work with stored in the cloud.

If you like the sound of that, keep watching as I am going to talk about the Receipt Bank which does exactly this, in detail.

I have been using Receipt Bank and now known as DEXT for a few years now.

It’s a great tool to process the transactions with accuracy with minimum human input and skill required.

Although I am in their partner program, I am not affiliated with them.

You can check out their website and try it, using their free trial, and see if it is for you.

Let me share a bit more about the company behind the app.

1. Receipt Bank Origin Story

Alexis Prenn and Michael Wood started the company in Aug 2010.

The origin of the company lies in the challenges Alexis Prenn, a seasoned executive, faced in previous ventures.

Alexis Prenn said in a London Business School’s Tell Series interview that Receipt Bank co-founder Michale Wood was dreadful with his expenses. They had worked previously at a company called Triple point.

Alexis was a partner and Michael was a contractor and he would submit invoices which Alexis had to sign.

Alexis used the programmers in Bulgaria. First three weeks they rang up a lot and lots of accountants.

Michael tried out a service called receipt farm. He sent them an envelope. In about five days he got an email that these documents had been processed that the data had been extracted. Anyway, he logged in and sure enough, he was delighted.

He wrote them an email and said this is terrific. Sign me up straight away. By the way here are one or two suggestions as to how you could improve the service.

They wrote back and they said well we’re delighted that you’re delighted. Thank you for the suggestions but we’re closing today we’re closing right now.

So we decided that we would buy it. We bought it for a pound

Alexis said, “I always like to remind Michael that it was my pound.”

2. How does Receipt Bank Work and How Can You Use It?

Receipt Bank, is a pre-accounting tool that saves you from all the hassles of data entry.

No more manual data entry if you use this tool.

If the manual way was the old way of doing it, what you can achieve with Receipt Bank (Dext Prepare) is a new way.

No more money lost in forgotten expenses lost receipts and weekends spent sorting through paperwork.

It fetches all your paperwork to one place and you can see it in a single digital dashboard.

Once it is done, you or your accountant can also use it to analyze tax and payment timing.

Receipt Bank auto-publishes to your choice of accounting software and it integrates with all leading account software.

In a nutshell, It makes tracking business expenses and sharing them with your accountant super simple.

Here’s how it works.

You get a supplier invoice in an email. You can set up a rule in the email to upload it into the Receipt Bank portal, without you having to do manual work.

Once the supplier invoice is in the RB portal, you can push the invoice to accounting software such as QBO, Xero, without you having to post the invoice in the accounting software.

This process is seamless and streamlined. The system does the heavy lifting in terms of data processing and saves your time.

I have noticed a business can save a minimum of 3–4 hours a month with it, even if the business is doing less than $50k in revenue.

3. Receipt Bank or now known as DEXT App Pricing

The pricing for Its base package for business owners called “Business” starts from $12.50/month and it goes up to $50/month for the “Premium” package.

With a business package a single user can do up to 50 scans in a month so for most solopreneurs, it will work fine.

With the Premium package, 20 users can access the app and do up to 3000 scans per month.

Most small businesses may not require this much. So they can opt for a middle-tier package called” Business Plus” which is billed at $20/month.

The Business package misses out on functionality like Bank statement extraction and exact line items and several more so if you need these go for Business Plus.

4. Receipt Bank App Alternatives

Dext Prepare is among the leading data extraction apps.

There are also the following alternatives that you can check out.

• Expensify
• Bill.com
• Neat (The Neat Company)
• Hubdoc
• Shoeboxed

5. Four Things You Didn’t Know About Receipt Bank

Here are some interesting facts about the company behind the app.

They recently passed the 1 million user mark of the data capture product.

5 million documents processed every month. (Source: Dext.com)

The company raised its first angel funding round of $157k in 2012, and its most recent funding was a Series C round of $73m in 2020. (Source: Pitchbook)

Receipt Bank placed 7th on the Deloitte UK Fast 50 in 2017 with a growth rate of 2,967%. (Source: LBS Startup Hub)

6. More About Change From Receipt Bank to Dext

What’s Dext?

Dext is the new name for the company that made Receipt Bank.

In the word of Dext Head of UK Account Management Freddie Hooper,

“We make your accountant and your business more productive, profitable, and powerful with better data and insight. We make accountants, and the businesses you look after, more productive and profitable with better data and insight.

In this new avatar, Receipt Bank is now Dext Prepare. It helps you prepare finances automatically for your accountant, to free you up to focus on the things you got into business for.”

What does it mean for you?

You’ll see on your phone the same app that you’ve been using as Receipt Bank, with a new name ‘Dext Prepare’. If you search for Receipt Bank it will still show up.

For your business, it means your accountant is freed up to give you financial insights that will help you grow.

For you, as a business owner, nothing changes about the way you use the Dext Prepare app or Dext Prepare on the web.

Dext wrote in their announcement email that they will be announcing new features in 2021.

Why the name change?

This is what the company said about the name change.

“We believe that behind every successful business is a brilliant accountant. Our job is to help brilliant accountants make successful businesses. We wanted a name that reflected that mission. Hence Dext. It’s that simple.

Dext is a fusion of two words: the dexterity that accountants and bookkeepers bring to their client’s challenges and the next generation attitude that so many have.”

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If you like videos more than words, then I published a video with the same content, you might want to check it out below.