In the world of bookkeeping there are many ways to store and manage financial documents:
In this article, let’s thoroughly examine 2 popular ones: LedgerDocs and Dext. While both platforms were designed with features specifically for financial data management, there are distinct differences that set the two apart.
LedgerDocs: As a growing contender in the market, LedgerDocs prides itself on its user-friendly interface and specific features tailored to meet the needs of bookkeepers, accountants, and their clients. Our platform emphasizes simplicity and collaboration, making it easy for users to navigate and manage their financial documents. This ease of use is where LedgerDocs truly shines, allowing accountants and bookkeepers to transition their clients without a steep learning curve.
Dext: On the other hand, Dext, with its large workforce and longer presence in the market globally, has had the opportunity to develop a comprehensive suite of features. Their platform caters to a wide range of businesses, from startups to large enterprises. While they offer a broader array of functionalities when it comes to OCR and automation rules, it’s worth noting that some of these features might be more than what some bookkeepers and accountants require, especially if their volume of documents per month doesn’t justify the added cost. Yet, Dext is a solid option and well known in the industry.
Bank Statement Fetching
LedgerDocs offers automatic bank statement fetching, as well as transaction feeds from the majority of major Canadian financial institutions, and over 10,000 financial institutions in the United States. Dext offers bank statement fetching in Australia and bank transaction feeds for Canadian & USA financial institutions. Fetching bank data is a feature that saves time and ensures that financial records are always precise and current.
Accuracy and User-Friendly Interface:
Dext is known amongst bookkeepers for its focus on accuracy in data extraction, but LedgerDocs commitment to precision is constantly improving – they use the same OCR technology to extract data. Additionally, LedgerDocs has a more user focused experience with an intuitive interface designed so that even non-technical users can navigate the software effortlessly. With emphasis on collaboration features such as note mentions, notifications, and reminders allowing you to stay on track and collaborate with your client and team right at the document level. LedgerDocs interface also allows you to see all of your clients in one view rather than having to toggle back and forth. Dext has its own set of unique features, a modern design. may have a steeper learning curve with less collaboration oriented features
Automated Categorization for Swift Reconciliation:
Both LedgerDocs and Dext offer automated data extraction using OCR technology, allowing the automation of the formerly tedious manual data entry process. This automation reduces the errors that come with human powered data entry. Dext and LedgerDocs also both offer features that automate the categorization of expenses. Dext offers setting up rules for transactions’ categorization. LedgerDocs machine learning algorithms offer an efficient process for significantly reducing the need for manual categorization adjustments and minimizing errors by giving you full control over verifying transactions before they are being posted. This ensures that there will be no need to go back and fix entries after the fact, meaning a faster reconciliation process for the bookkeeper and less of their valuable time spent on correcting categorization errors and manual input.
It’s also worth acknowledging that there are areas where LedgerDocs is still catching up. Dext’s extensive experience in the industry has allowed them to refine certain functionalities that we are actively working on improving. We appreciate the innovation and expertise Dext brings to the table, and it motivates us to enhance our offerings continually. We pride ourselves in listening to our users feedback to constantly release features they suggest as part of our roadmap to build the most complete document management system for bookkeepers and accountants.
Scalability and Tailored Growth:
The pricing plans for LedgerDocs are designed to be attainable to everyone, from an individual managing their own financial documents all the way to large bookkeeping firms managing multiple companies’ finances. The flexible plans can grow as your client base grows, making it a versatile solution that can expand alongside your businesses development. While Dext also provides scalability, the combination of LedgerDocs pricing and features present a more enticing option for businesses aiming for sustainable growth.
Dext vs LedgerDocs – a side by side comparison
QBO Transaction Types
Receipts, invoices, and other financial documents
Bills, Invoices, Expenses, Credit Memos and Supplier credit* (coming soon)
Transactions only in US
Transactions + Statements where available in both Canada and US
Duplicate Document Detection
Request Paperwork for bank transactions
Simple & Transparent Pricing
Create PDFs from images, Split and merge PDFs
Elevate your bookkeeping processes and save time and money using LedgerDocs, the cloud-based document management software designed to make bookkeeping easy and efficient. If you want to learn more about how our software can help your business, book a demo, and our team of experts will show you how!
Ready to make the switch from Dext?
Enjoy a $150 credit when you make the switch from Dext to LedgersOnline this fall. To redeem this offer, simply sign up for a LedgerDocs plan and enter the promo code “BYEDEXT” during the signup process. Enjoy the benefits of LedgerDocs and streamline your bookkeeping processes!
Offer Terms and Conditions:
- Get a $150 credit applied over a period of three months when signing up for a LedgerDocs on an annual plan.
- This offer is valid for new LedgerDocs users with no active account in the last 3 months.
- The offer is applicable for the Company 5 plan and higher.
- Offer expiration date: December 31, 2023