Dext: Transformative AI made easy for accountants and bookkeepers

AI is revolutionising bookkeeping by automating repetitive tasks, slashing errors, and dramatically boosting efficiency so accountants and bookkeepers can focus on higher-value advisory work. At the forefront of this shift is Dext, a long-time pioneer in accounting automation, and now with Dext AI Assist, the company is delivering practical, purpose-built AI functionality designed specifically for bookkeepers and accountants.

As Regional Accounting & Product Expert Glenn Castle explained, these advancements are accelerating everyday tasks while perfectly aligning with the Australian Tax Office's push toward seamless digital record-keeping.

"AI is of course very topical right now. It's coming into the mainstream, and is an opportunity to take automation further and advance the problems we've already been solving while delivering enormous new benefits," Castle noted.

Dext is a leader in bookkeeping automation serving hundreds of thousands of customers and accounting firms while processing millions of documents annually. Castle said the company integrated AI from its early days as an optical character recognition (OCR) provider, delivering reliable, high-accuracy solutions that bookkeepers can trust.

As Dext further expands the capabilities of its AI driven efficiency engine, the word 'trust' grows in stature. It's no secret that embarrassing (and sometimes career-imperilling) mistakes can happen when AI is erroneously depended upon. "At Dext, we rely on accuracy, at around the 99 percent level. That's really where you can start getting automation where you can trust the data. If you can't trust the data right, you're not going to be able to automate," Castle pointed out.

It's a solid foundation built over time, and which has earned Dext an enviable 4.8 rating on the Xero app store, where it is one of the most popular applications (Dext is rated the same on Google Play and the Apple app store). It's a proven accelerator for accountants by digitising formerly paper-based documents and processes: simply snap a photo via the mobile app, email, or upload documents, and Dext accurately extracts key data, categorizes, reconciles, and syncs to accounting software.

Taking that further, Castle said Dext offers new functionality with its Dext AI Assist. "This is applied AI rather than a generic ChatGPT," he explained. "It enables accountants and bookkeepers to essentially start writing their own prompts inside of the software." This, explained Castle, gives individuals the power to solve specific challenges they may be facing.

As an example: "It could be something as simple as saying 'hey, if there's no ABN [Australian Business Number] on an invoice, flag that. Then the accountant  knows to review that document, so it doesn't get automatically published in the accounting ledger."

An apparently small thing, Castle noted, but one which can interfere with workflows and cost substantial time. The Australian Tax Office can reject financial statements, and with some suppliers using fake ABNs, it is also a potential route for fraud. When compliance is automated, it's no burden. "We're putting those controls in place around what happens with these documents," he adds, pointing out that this aligns with the ATO's push towards friction-free digital record-keeping and a fully digitized tax system by 2030.

In addition to trust, Castle said Dext, already known for the delivery of practical automations that address real frustrations, has applied the same level of rigour to the development of Dext AI Assist. "We've made sure this it is above the AI hype, and delivers real-world benefits to our customers."

Part of that is making it easy. "Our database consists of about 1.9 million documents, and on those documents, we track what users are actually doing." This, he explained, is the raw material for delivering automations - because the wisdom of the masses illustrates those needs. "Once we see patterns, which could be something as simple as appending a particular letter to the end of an invoice number, then we can give them the prompts to automate that themselves. So, as soon as a customer turns on Dext AI Assist, we can see what actions have been performed historically, and then recommend a prompt."

Castle said the acceleration of AI in accounting and bookkeeping exists to make people more efficient. Dext AI Assist, he said, is magnifying the value proposition it delivers.  His advice to those in the profession? "Embrace it. But embrace it cautiously, right? Go with trusted providers, the tried and tested brands that are embedding AI into their platforms."

Familiarity is, after all, comforting. "I think gives the confidence you need to apply AI and use it to help running your business and delivering for your clients."