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 accounting and bookkeeping firms, as it can impact their profitability and client satisfaction. Therefore, it is essential to explore alternative solutions 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 accounting and bookkeeping firms can consider.
What is Dext Prepare?
Dext Prepare is a business management software that offers a range of features designed to streamline expense reporting, receipt scanning, and bookkeeping tasks. 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:
- Automated Data Extraction: Dext Prepare allows users to upload various types of paperwork, such as receipts, invoices, and bank statements, through multiple methods like mobile app, email, or auto-invoice fetch. The platform employs 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.
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.
Automate documents, approvals, accounts payable, finance processes, and more with Nanonets’ workflows.
Alternatives to Dext Prepare
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.
Key Features:
- Improved Document Accuracy: Traditional automation systems need numerous examples to train the model effectively. Generating many examples requires considerable effort and resources, which can further prolong the implementation of document automation solutions. Nanonets learns from your documents and offers the highest accuracy in the market. With features like workflows, you can automate the import, extraction, data cleaning, approvals, and export process.
- Invoice Processing: Nanonets Flow automates the process of data entry for invoices. It uses AI and OCR (Optical Character Recognition) technology to automatically read and extract relevant information from invoices, reducing the need for manual data entry.
- 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 seamlessly integrates with existing ERP (Enterprise Resource Planning) and accounting software such as QuickBooks and Xero. 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.
- User Support: Nanonets Flow typically provides various levels of user support, including dedicated email and Slack support, as well as one-on-one dedicated support for higher-tier plans.
Where does Nanonets Go Beyond Dext Prepare?
Dext Prepare has a number of integrations that allows it to combine its pre-accounting capabilities with other applications. One such integration is their ApprovalMax one which streamlines the end-to-end process from data capture to bill approval, eliminating manual steps and ensuring accuracy.
- Dext Prepare’s AI-driven data extraction captures key invoice and receipt information, creating enriched transactions that flow directly into ApprovalMax.
- The multi-step, multi-role approval workflow within ApprovalMax ensures compliance with predefined criteria from QuickBooks Online, preventing errors and unauthorized expenses.
- Automated routing and reminders keep the process on track, while the mobile app empowers approvers to make informed decisions from anywhere.
What if we told you that you don’t need multiple software to do this?
Nanonets is an intelligent AI-based document automation software that allows you to automate document approval processes with no-code rule-based workflows.
Nanonets has a wide range of tools like automated workflows, document verification, 3-way matching, and OCR API, along with service choices like personalized training, annotators, 24×7 support, and a free trial.
With Nanonets, you can:
- Utilize a combination of OCR and deep learning algorithms to accurately extract data from various types of documents, such as invoices, receipts, bank statements, contracts and more.
- Set up an automated approval process in minutes.
- Create approval workflows with 0 errors.
- Improve financial accountability with real-time approval statuses.
- Eliminate approval bottlenecks with Intelligent Automation.
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 Plan:
- Price: $49 per user per month
- 7-day free trial available
- Up to 30 documents processed per month
- Add up to 10 users to your team
Pro Plan:
- Price: $69 per user per month
- Up to 150 documents processed per month
- Add up to 30 users to your team
Plus Plan:
- Price: $99 per user per month
- Up to 500 documents processed per month
- All features of the Pro Plan
- Custom Integrations and API Responses
- Dedicated Account Manager
- Custom Data Retention
- Personalized 1-1 team training
Additionally, the Plus Plan includes customization options and more advanced features for businesses with more complex needs and larger teams.
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.
Features
- 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.
- 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
Flat pricing of 12 USD/month/client
Over 500+ enterprises trust Nanonets to automate more than 30M+ processes yearly. Try Nanonets now for free. No Credit card required.
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
Key features of AutoEntry typically include:
- 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.
- 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, and 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.
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.
Conclusion
For accounting and bookkeeping firms, Nanonets Flow, HubDoc, and AutoEntry offer tailored solutions that cater to the unique demands of firms in this sector. Whether it’s enhancing collaboration, automating data entry, or simplifying document management, each alternative empowers accounting and bookkeeping firms to deliver exceptional client service while optimizing their own operational processes. The choice among these alternatives hinges on the specific needs and priorities of each firm.
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- Source: https://nanonets.com/blog/dext-prepare-alternatives/
