Supplier Statements – Dext’s new feature for supplier statement extraction and verification

Dext users are currently experiencing an exciting phase with the recent Global Product Update in June. This update introduced the Evolution of the Dext Platform, which highlights plans to upgrade the Dext Prepare platform and integrate features from the Precision and Commerce products into a unified experience.

Among the new features announced is the Supplier Statement Extraction tool, now available to all Dext Prepare users. This feature is included as part of the Dext subscription, with additional usage subject to overage charges or available through prepaid top-up bundles.

Why you need to streamline supplier statement reconciliation

Supplier statement reconciliation is a crucial but time-consuming task for accountants, bookkeepers, and businesses. Traditional methods can be prone to human error, leading to issues such as over or undercounting invoices and delays in payments. The introduction of the Supplier Statements feature aims to address these challenges by speeding up the reconciliation process.

Max Whiteley, a Product Domain Expert, notes that supplier statement reconciliation was a significant aspect of managing client payments and cash flow in his previous role as a practice manager. He emphasizes that manual processes often result in errors and inefficiencies.

How does Supplier Statements help business owners? 

The Supplier Statements feature was developed in response to customer feedback, with early access users praising its effectiveness. Reino Barkema, Founder of Fynbos Accounting, highlights the feature's positive impact, stating, “Supplier Statements is the best thing ever. I’ve waited so long for this feature and Dext did it so well.”

For business owners, this feature helps in managing supplier relations by automating the extraction and cross-referencing of supplier statements, thereby reducing discrepancies and manual errors. This leads to improved data accuracy and more efficient accounting processes.

How it works

Dext extracts key information from supplier statements, including dates, balances, and invoice details. It identifies missing information and allows users to request additional paperwork directly from suppliers. Reconciled statements can be securely stored within the Dext archive.

Seamless Xero integration 

For Xero users, the feature offers integration that cross-references invoices in Xero with those in Dext, highlighting any discrepancies and ensuring accurate reconciliation of the balance due on supplier statements.

“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