Introduction
Managing construction project finances involves handling numerous financial documents, and often a significant portion of these will be invoices. Dext, formerly known as Receipt Bank, has been a game-changer for many construction companies by digitizing invoices and streamlining processes. However, as construction technology continues to evolve, several Dext alternatives for construction companies have emerged. These alternatives not only match the capabilities of Dext but also offer additional features and integrations, specifically designed for construction financial management to enhance efficiency further.
In this article, we’ll explore the benefits of using Dext and why many construction companies rely on it. Additionally, we’ll discuss why construction companies could benefit from considering a Dext alternative specifically designed for the construction industry.
Furthermore, we’ll review some of the top Dext alternatives and then take a deep dive into the capabilities of Planyard. Get ready to discover smarter, more efficient ways to keep your construction projects financially sound and successful.
Dext Overview and Its Benefits for Construction Companies
Dext, formerly known as Receipt Bank, is a cloud-based software designed to simplify the process of managing invoices and receipts. Its primary purpose is to help businesses automate the capture and processing of financial documents, reducing manual data entry and improving efficiency.
For construction companies, which deal with a high volume of invoices from various suppliers and subcontractors, Dext offers a practical solution to streamline these tasks.
Features of Dext
Invoice Digitization
The software automates the extraction of data from receipts and invoices. Users can snap a photo or upload a document, and Dext pulls out key information like dates, amounts, and supplier details.
Benefit
This automation reduces the need for manual entry, minimizing errors and saving time, which is crucial in managing the high volume of invoices in construction.
Expense Management
Dext helps track and categorize expenses, providing a clear overview of where money is being spent. This includes logging expenses, assigning categories, and maintaining records for financial audits.
Benefit
Maintaining budgets and identifying cost-saving opportunities becomes easier, aiding in the financial health of construction projects. However, while Dext categorizes expenses, it does not fully integrate with project budgets or automate budget updates, which means that manual intervention is still required to keep financial records accurate.
Integration with Accounting Software
The platform integrates seamlessly with popular accounting tools such as QuickBooks, Xero, and Sage.
Benefit
Ensures that all financial data is synced and up-to-date across platforms, simplifying the accounting process and improving accuracy.
Multicurrency Support
Dext supports multiple currencies, allowing businesses to process invoices and receipts in different currencies.
Benefit
This feature is particularly useful for construction companies working with international suppliers and subcontractors, as it simplifies the management of foreign transactions and ensures accurate financial records.
Overall, Dext offers significant benefits for construction companies by automating and simplifying invoice management and expense tracking.
However, while Dext is a robust tool for these specific tasks, construction companies often need more comprehensive financial management solutions to address the broader spectrum of their financial operations.
Let’s move on to why construction companies can benefit from considering Dext alternatives.
The Case for Dext Alternatives
While Dext excels in its field of invoice digitization and expense management, its scope can be somewhat narrow for the multifaceted financial needs of construction companies. Construction projects involve numerous financial tasks that require a more integrated approach to ensure efficiency and accuracy.
Why Dext Might Be Too Narrow:
Lack of Integrated Financial Processes
Dext’s focus on invoice management means it lacks the integrated financial processes that construction companies require. Managing purchase orders, change orders, subcontracts and tracking costs in real-time are crucial for maintaining control over project finances. Without these integrated processes, companies face delays and increased administrative workload.
Manual Budget Updates
Relying solely on Dext often means that after an invoice is processed, project budgets need to be manually updated to reflect the new financial data. This manual process is time-consuming and prone to errors, leading to inefficiencies and potential inaccuracies in financial reporting.
Insufficient Financial Oversight
Dext provides basic financial tracking and reporting, but construction projects often require more detailed financial oversight. Advanced tools that offer committed cost tracking, cost control, and profitability forecasting are essential for making informed decisions and maintaining financial health throughout the project lifecycle.
Fragmented Financial Management
Using Dext in conjunction with other tools can lead to a fragmented approach to financial management. Construction companies benefit more from a unified platform that standardizes financial processes across projects and teams, improving consistency, collaboration, and overall efficiency.
In conclusion, while Dext provides valuable solutions for invoice digitization and expense management, its narrow focus may not meet all the financial management needs of construction companies.
By considering Dext alternatives that offer broader functionality and integration, construction companies can achieve more efficient and accurate financial management, reducing manual work and improving overall project success.
Dext alternatives
For the list of Dext alternatives, we will start with having a detailed look at Planyard and then look at some other valid options. All these tools offer solutions that include the capability of scanning invoices using OCR technology.
In addition, they provide features for financial management, budgeting, advanced reporting features, and more. Each alternative addresses the unique challenges faced by construction companies, helping to streamline financial processes and improve overall efficiency.
Planyard Among Dext Alternatives
Planyard is a construction financial management platform that offers a broad suite of features to ensure efficient project financial management. The software is developed together with industry professionals to ensure logical workflows that are in line with the processes of the construction industry.
With Planyard, construction companies can save days, even weeks, of time, typically spent by quantity surveyors and project managers on manual efforts to keep the budget accurate. Automated workflows in Planyard also reduce the risk of financial errors, ensuring more reliable and efficient financial management.
Additionally, Planyard provides real-time budget and cost tracking, seamless integration with popular accounting software, and efficient management of subcontracts, purchase orders and change orders. These features enable construction companies to maintain accurate financial records, enhance financial oversight, and improve overall project profitability.
Planyard’s user-friendly interface and robust reporting capabilities make it an indispensable tool for construction professionals seeking to streamline their financial processes and achieve better project outcomes.
Features
Subcontract Management
Streamlines the management of subcontractor contracts and related processes such as retention, pre-payments and change orders. Any actions in terms of adding a new contract or adding a change order will have an immediate and automatic impact on the budget, ensuring that financial numbers are up to date without manual effort.
Purchase Order Management
Streamlines the creation, approval, issuing, and tracking of purchase orders. As the purchase order is raised committed costs are automatically updated. Purchase orders can be issued directly within the platform from the company domain.
RFQs (Request for Quotes)
Simplifies the process of sending out RFQs and receiving quotes from subcontractors and vendors. You can visualize all incoming bids in an overview for easy comparison. After selecting the winning bid, you can easily convert it to a purchase order or subcontract.
Invoice Management
Automates the collection, approval, and processing of invoices to reduce manual effort and errors. Invoices can automatically be matched with existing purchase orders and subcontracts for easier invoice management and overview of payment progress for all active subcontracts and purchase orders.
Subcontractor Progress Reports and Payment Applications
Manages and processes payment applications from subcontractors efficiently, including automated progress reports. Send the progress report template to the subcontractor directly from the platform. When the subcontractor fills out the progress report, Planyard automatically uploads all information.
Accounting Integrations
Seamlessly integrates with popular accounting software like QuickBooks, Xero, Sage, and MYOB. This ensures that all approved cost documents are automatically forward to accounting.
Budgeting and Cost Tracking
Provides real-time tracking of budgets and costs, helping project managers stay within budget and make informed decisions.
Cost and Profitability Forecasting
Offers tools for forecasting project costs and profitability to support financial planning and decision-making.
Visualized Budget and Cost Variance Reports (CVR)
Provides visual tools for tracking budget and cost variances, enhancing financial visibility and control.
User-Friendly Interface
Designed to be intuitive and easy to use, which helps in quickly training and onboarding new hires.
Benefits:
Enhanced Financial Oversight
Provides a holistic view of the project’s financial health, addressing the need for integrated financial processes and reducing manual updates.
Improved Accuracy and Efficiency
Minimizes manual data entry errors and speeds up invoice processing.
Proactive Financial Management
Provides real-time insights and proactive management of project finances.
Seamless Integration
Ensures all financial data is synchronized, improving financial control and reducing discrepancies.
Efficient Subcontractor Management
Helps manage contracts and compliance efficiently, ensuring smooth project execution.
Streamlined Order Management
Simplifies the process of handling purchase and change orders, maintaining accurate financial records.
Standardized Financial Processes
Establishes standardized processes across projects, ensuring consistency and reducing the risk of errors.
Cost and Profitability Forecasting
Supports financial planning and decision-making with advanced forecasting tools.
Enhanced Financial Visibility
Visualized budget and cost variance reports provide clear insights into project finances.
Consistent Processes
Standardized financial processes across projects ensure consistency and reduce the risk of errors.
User-Friendly Design
The intuitive interface helps quickly train and onboard new hires, reducing the learning curve.
Additional Dext Alternatives
Procore
Procore is probably one of the most renowned construction tech companies and a robust Dext alternative. The software is designed to enhance the financial management of construction projects. It offers a comprehensive suite of tools including budgeting, cost tracking, and financial reporting.
Procore integrates seamlessly with popular accounting software, ensuring all financial data is synchronized. It is particularly well-suited for managing subcontractors, purchase orders, and change orders, making it a comprehensive solution for construction financial management.
Features
- Financial Management Tools: Includes features for budgeting, cost tracking, and financial reporting
- Budgeting and Forecasting: Helps manage project budgets and forecast future costs
- Integration with Accounting Systems: Seamlessly connects with QuickBooks, Sage, and other popular accounting software
- Subcontractor Management: Manages contracts, compliance, and communications with subcontractors
- Purchase Order Management: Streamlines the creation, approval, and tracking of purchase orders
- Change Order Management: Efficiently handles change orders to keep project finances up-to-date
Benefits
- Enhanced Financial Oversight: Provides a holistic view of the project’s financial health, addressing the need for integrated financial processes and reducing manual updates
- Improved Accuracy and Efficiency: Minimizes manual data entry errors.
- Proactive Financial Management: Provides real-time insights and proactive management of project finances
- Seamless Integration: Ensures all financial data is synchronized, improving financial control and reducing discrepancies
- Efficient Subcontractor Management: Helps manage contracts and compliance efficiently, ensuring smooth project execution
- Streamlined Order Management: Simplifies the process of handling purchase and change orders, maintaining accurate financial records
Buildertrend
Buildertrend is a versatile Dext alternative that focuses on streamlining the financial and project management aspects of construction. Known for its advanced invoice management and billing features, Buildertrend ensures accuracy and efficiency.
It also provides real-time cost tracking and integrates with popular accounting software like QuickBooks and Xero. Buildertrend excels in improving communication with customers and subcontractors, making it a comprehensive tool for construction financial management.
Features
- Invoice Management: Streamlines billing and payment processes
- Cost Tracking: Monitors expenses in real-time
- Integration with Accounting Software: Syncs with QuickBooks and Xero
- Subcontractor Management: Manages subcontractor payments and communications
- Budgeting Tools: Helps manage and track project budgets
- Change Order Management: Manages and tracks change orders efficiently
Benefits
- Simplified Billing Processes: Streamlines the entire billing process, reducing administrative workload and improving cash flow management
- Real-Time Expense Monitoring: Provides immediate visibility into project costs, helping to maintain budget accuracy and control
- Seamless Accounting Integration: Ensures all financial transactions are synchronized with accounting software, improving financial control
- Effective Subcontractor Management: Enhances communication with subcontractors, ensuring timely payments and compliance
- Streamlined Order Management: Simplifies the management of change orders, keeping project finances up-to-date
CoConstruct
CoConstruct stands out among the Dext alternatives offering a range of financial tools for managing invoices, expenses, and budgeting. It excels in budgeting and cost tracking, providing tools for better communication and project management.
Features
- Financial Tools: Manages invoices, expenses, and budgeting
- Budgeting and Cost Tracking: Keeps track of project costs and budgets
- Client and Team Collaboration: Tools for better communication and project management
Benefits
- Automates Expense Tracking: Simplifies tracking of expenses and managing invoices
- Accurate Financial Data: Provides accurate financial data with OCR technology
- Enhanced Budgeting and Cost Control: Improves budgeting and cost management with integrated tools
- Improved Collaboration: Enhances communication with clients and team members, ensuring smooth project execution
eSUB
eSUB is tailored for subcontractors, offering one of the top Dext alternatives that simplifies document and invoice management. It integrates with popular accounting software for seamless financial management.
Features
- Document and Invoice Management: Tailored for subcontractors
- Time Tracking and Labor Management: Tracks labour costs and productivity
- Integration with Accounting Software: Syncs with QuickBooks and other platforms
Benefits
- Simplifies Document Management: Automates the management of documents and invoices
- Enhances Data Accuracy: Uses OCR technology to ensure data accuracy and efficiency
- Improves Labor Tracking: Tracks labor costs and productivity, helping manage project budgets
- Seamless Accounting Integration: Ensures financial data is synchronized with accounting software, improving financial control
- Proactive Financial Management: Provides real-time insights and proactive management of project finances
- Seamless Integration: Ensures all financial data is synchronized, improving financial control and reducing discrepancies
- Streamlined Order Management: Simplifies the process of handling purchase and change orders, maintaining accurate financial records
Conclusion on Dext Alternatives
Efficient financial management is crucial for maintaining project profitability in the construction industry. While Dext excels in invoice digitization, construction companies need more comprehensive solutions for budgeting, cost tracking, and subcontractor management. Procore, Buildertrend, CoConstruct, RedTeam, and eSUB offer valuable features and are valid options when looking for a solution to further enhance project financials.
Among these, Planyard stands out due to its development with input from construction professionals, ensuring it aligns perfectly with industry workflows. Planyard not only saves time and reduces errors but also offers a robust feature set. This includes automated invoice management, real-time budget tracking, seamless accounting integrations, and efficient management of RFQs, purchase orders, and subcontractor applications. These capabilities make Planyard an essential tool for optimizing financial processes in construction projects.
Call to Action
Ready to streamline your construction financial management and boost project profitability? Discover how Planyard can revolutionize your financial operations. Visit our website to learn more and book a demo today. Don’t let outdated tools slow down your projects – switch to Planyard and experience the difference!