Technology and data insights have become predominant in almost every business today. Companies actively leverage raw data to derive workable and actionable insights to anticipate future outcomes and boost productivity in the workplace.
Accountants and bookkeepers are no different. Identifying meaningful insights from financial data and forecasting business goals, forms a critical part of their day-to-day responsibilities.
This is where Dext steps in.
With a user base of over one million worldwide, Dext helps businesses grow by empowering them with powerful tools like Dext Precision which helps accountants steer companies towards success.
So, if you are a business owner or a bookkeeper handling accounting data, here are 7 tips to help you make the most of Dext Precision.
But first, let’s find out what Dext Precision is.
What is Dext Precision?
Dext Precision (formerly known as Xavier Analytics) is an award-winning data toolkit by Dext – helping businesses remain competitive through accurate and reliable financial projections. It also helps bookkeepers identify errors, if any, in accounting data and resolve them before they potentially disrupt your business operations.
To make things even better, Dext Precision can be easily integrated with Xero and Quickbooks.
7 Tips to Grow Your Business with Dext Precision
1. Keep track of business history
Using Dext data insights, accountants can leverage the running history of a company to formulate accurate and realistic goals. With a comprehensive view of expense patterns and past income, you can also manage cash flow and balance the company budget more efficiently. This data acts as a roadmap for the future. Therefore, it is key to maintain an accurate history of your business.
2. Ditch pen and paper records
Dext Precision helps you anticipate future outcomes by identifying meaningful trends with real-time insights. But if you are still maintaining pen and paper records, your data may be susceptible to mistakes and inaccuracy. If that’s the case, it’s advisable that you use an accounting software to carry out necessary calculations – so Dext Precision can accurately predict finances months into the future and help you avoid potential financial roadblocks. Remember, the right accounting insights can get businesses through tough times.
3. Use Dext Precision with Dext Prepare
Dext Precision can be used with Dext Prepare to provide quicker access to client insights. Dext Prepare connects you to more than 1,400 suppliers and consists of critical client data which includes sales invoice uploads, company accounts, and more. This data, combined with the data toolkit from Dext Precision, is accurate and accessible on a new, single-view dashboard that helps to accelerate accounting decisions.
4. Keep your books updated
It’s important for accountants to have a clear understanding of a company’s current financial state. This means keeping the books up-to-date using automation software to capture invoices and receipts and pull bank statements as needed. Using this data, and Dext Precision’s proactive insights, businesses can price their services accurately.
You can also leverage HealthScore to get a quick insight into the state of books and the business history of a company.
5. Track every business transaction
Keep a tab on every penny that goes in and out of your business. From account receivables to payables, expenses, payroll, equity, income, don’t omit any business transaction. Being detail-oriented pays off in this scenario.
This will prove to be of huge significance when reconciling your books as the tax-filing season approaches. Not to mention, high-quality financial data gives way for high-quality financial insights, which helps accountants advise businesses more efficiently. It lays the grounds for bookkeepers to upskill their practice and become business partners for their clients.
6. Prioritize accuracy
Your focus should be on maintaining accurate financial records to avoid problems down the line. A good place to start is by tracking your money flow and day-to-day accounting details, and store them in a common location. While you are at it, put together an invoicing system that allows you to keep track of the time, frequency, and work done. Accurate invoicing is critical to ensure timely payments.
Ensuring accuracy is easily possible with accounting software, since automated record keeping and computer-based calculations are less prone to errors and mistakes.
You can use checking tools like Check to eliminate anomalies and errors from accounting data for automatic data assurance.
7. Look for accounting software that can be integrated Dext Precision
It’s crucial that the accounting software you use for bookkeeping and payroll management should allow integrations with Dext Precision. It’s only then will you be able to generate useful Dext data insights that take your company on the path of productivity and profitability.
Luckily, Dext can be integrated with almost any accounting software in the market, be it Quickbooks, Xero, Sage Accounting, Kashflow, Twinfield, or more.
We hope this gives you an idea of how ideal accounting practices combined with Dext Precision can lead to quicker and improved accounting decisions. If you have any questions, don’t hesitate to reach out to us!