The company’s flagship product Receipt Bank now becomes Dext Prepare with a clear focus to automatically capture and categorize financial paperwork in a fraction of the time. Dext Precision (formerly Xavier) a toolkit for Xero and QuickBooks Online users providing error-free data and proactive insights, will be rolled out to American users in 2021.
Users of both flagship Prepare and Precision products will also benefit from a new dashboard, bringing quicker client insights into a single place. Dext also launches the Connect App, seamlessly integrating the speed and accuracy of Prepare with the security of QuickBooks Desktop software in the US.
So that’s the news, now here’s this Editor’s quick take…
First and foremost, name changes in accounting technology are by and large fairly commonplace and shouldn’t be anything to get worked up about. For those aware of this company’s more than decade-long history, in particular, know that Receipt Bank was once Receipt Farm and realized what it actually did at the time made more sense as Receipt Bank.
Now, for similar reasons, Dext makes sense as the company and product as evolved. In simple terms, think of (D)ata (ext)raction. The fact stands that Receipt Bank long outgrew its function of just receipt capture, but became a true data capture tool and appears on a path to help re-define what automation is (or can be) in accounting (or in their case, pre-accounting).
For those that know their history, we have seen numerous name changes with an eye towards better reflecting what a product or company does. In some cases, it is purely about branding. Here’s a few examples to either educate or refresh your memory:
Ocrex = AutoEntry
Capital Confirmation = Confirmation.com
NeatReceipts = The Neat Company
SlickPie = PayPie = Smansha = Forward.ai
PracticeIQ = Karbon
Peachtree = Sage 50
…we can go on. The point is, if proper development occurs with accountants in mind throughout the process, a name is just that. Are there people not embracing this particular name change? Absolutely, if social media reactions are any kind of a bellwether. But this will likely pass.