Dext Prepare (with Receipt Bank) vs. MYOB

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Dext Prepare (with Receipt Bank)
Score 9.0 out of 10
N/A
London based Receipt Bank offers Practice Platform, an application supporting SMBs and accounting firms with tracking receipts and expenses and logging them with minimal or no paperwork and data entry in an environment that integrates with popular accounting software (e.g. Quickbooks).N/A
MYOB
Score 5.2 out of 10
N/A
MYOB now has a suite of subscription-based products and a browser-based accounting product that was released in August 2010. On 24 October 2012, MYOB released AccountRight Live - the cloud-enabled version of its flagship product. MYOB competes with Xero and QuickBooks.N/A
Pricing
Dext Prepare (with Receipt Bank)MYOB
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Dext Prepare (with Receipt Bank)MYOB
Free Trial
YesNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Features
Dext Prepare (with Receipt Bank)MYOB
Security
Comparison of Security features of Product A and Product B
Dext Prepare (with Receipt Bank)
2.8
4 Ratings
95% below category average
MYOB
7.0
11 Ratings
12% below category average
Single sign-on capability1.22 Ratings6.910 Ratings
Role-based user permissions4.44 Ratings7.111 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Dext Prepare (with Receipt Bank)
7.3
5 Ratings
4% below category average
MYOB
5.9
11 Ratings
25% below category average
Dashboards6.65 Ratings6.010 Ratings
Standard reports7.94 Ratings6.011 Ratings
Custom reports00 Ratings5.710 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Dext Prepare (with Receipt Bank)
3.6
5 Ratings
69% below category average
MYOB
4.8
15 Ratings
43% below category average
Accounts receivable7.24 Ratings5.915 Ratings
Bank reconciliation1.83 Ratings5.815 Ratings
Expense management6.85 Ratings6.111 Ratings
Multi-currency support1.83 Ratings2.07 Ratings
Multi-division support1.22 Ratings2.16 Ratings
Regulations compliance6.43 Ratings4.88 Ratings
Self-service portal1.83 Ratings6.17 Ratings
Global Financial Support1.22 Ratings6.25 Ratings
Intercompany Accounting6.43 Ratings2.25 Ratings
Localizations1.22 Ratings6.25 Ratings
Accounts payable00 Ratings5.915 Ratings
Cash management00 Ratings5.314 Ratings
Time tracking00 Ratings6.16 Ratings
Fixed asset management00 Ratings4.88 Ratings
Electronic tax filing00 Ratings5.19 Ratings
Primary and Secondary Ledgers00 Ratings5.67 Ratings
Journals and Reconciliations00 Ratings5.311 Ratings
Enterprise Accounting00 Ratings3.04 Ratings
Configurable Accounting00 Ratings4.88 Ratings
Centralized Rules Framework00 Ratings2.53 Ratings
Standardized Processes00 Ratings5.77 Ratings
Customization
Comparison of Customization features of Product A and Product B
Dext Prepare (with Receipt Bank)
1.7
3 Ratings
122% below category average
MYOB
6.0
6 Ratings
16% below category average
Plug-ins1.73 Ratings6.15 Ratings
API for custom integration00 Ratings5.86 Ratings
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
MYOB
6.9
11 Ratings
8% below category average
Pay calculation00 Ratings7.111 Ratings
Benefit plan administration00 Ratings6.97 Ratings
Direct deposit files00 Ratings7.09 Ratings
Salary revision and increment management00 Ratings6.97 Ratings
Reimbursement management00 Ratings6.87 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
MYOB
3.8
8 Ratings
60% below category average
Inventory tracking00 Ratings6.58 Ratings
Automatic reordering00 Ratings3.05 Ratings
Location management00 Ratings2.95 Ratings
Manufacturing module00 Ratings2.85 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
MYOB
6.1
6 Ratings
19% below category average
Pricing00 Ratings6.16 Ratings
Order entry00 Ratings6.16 Ratings
Credit card processing00 Ratings6.15 Ratings
Cost of goods sold00 Ratings6.16 Ratings
Order Orchestration00 Ratings6.14 Ratings
End-to-end order visibility00 Ratings6.14 Ratings
Order exception Resolution00 Ratings6.14 Ratings
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Dext Prepare (with Receipt Bank)MYOB
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Score 9.0 out of 10
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Accounting Seed
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Score 8.3 out of 10
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Score 8.3 out of 10
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User Ratings
Dext Prepare (with Receipt Bank)MYOB
Likelihood to Recommend
7.6
(10 ratings)
3.1
(18 ratings)
Likelihood to Renew
8.2
(1 ratings)
9.5
(2 ratings)
Usability
6.3
(6 ratings)
3.3
(14 ratings)
Support Rating
3.8
(7 ratings)
3.0
(14 ratings)
Implementation Rating
-
(0 ratings)
5.0
(1 ratings)
Ease of integration
-
(0 ratings)
1.0
(1 ratings)
User Testimonials
Dext Prepare (with Receipt Bank)MYOB
Likelihood to Recommend
Receipt Bank
It is great for accounting firms. Easy to add and administer client accounts. Easy to integrate with QuickBooks Online. Easy for clients to capture and submit receipts on the go. It is hard to use for manual data entry, and if your clients frequently have very long receipts the Dext Mobile app does not work well as it compresses the image to the point where it is completely illegible. It does not seem to be designed for business owners to use directly rather than using it through their accounting firm.
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MYOB
MYOB is suitable for any business. I have two different businesses and both use MYOB effectively. I use MYOB to pay wages every fortnight for both businesses. This enables me to track exactly what is happening with everyone's different sick leave and holiday entitlements easily. I'm also able to keep track of expenditure and balance and reconcile the accounts against bank statements.
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Pros
Receipt Bank
  • Receipt Bank does a stellar job of extracting information from photos of receipts and bills. I'd say 95% of the time the information pulled is correct, so very rarely do I have to correct an amount or date.
  • One feature I really enjoy is not only the syncing with Quickbooks Online, but the fact that it also pushes the image to Quickbooks Online as an attachment! This means that for every expense/bill processed through Receipt Bank, an image of it is available inside of the transaction inside of Quickbooks Online. This makes researching a breeze.
  • Receipt Bank makes it very simple for users to add documents to the platform. Each company receives a dedicated Receipt Bank email address, which they can email to and upload documents, or users can use the phone apps (which are really easy to use), or they can upload documents from their computer. Training our clients to use it really can't be any easier!
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MYOB
  • MYOB is very easy to navigate and find the correct information.
  • The Help section was very straight forward and very easy to learn.
  • MYOB was a great accounting tool for our business as it provided the accountant, sales, etc all of the information they need all in one place.
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Cons
Receipt Bank
  • Receipt Bank Practice Platform has many great features. As they develop the platform I would like to see a rigorous review of all features so as not to add too many and overwhelm my team.
  • Having the flexibility to pick and choose from a suite of features and implement the ones that best suit my practice. A tailor made Receipt Bank Practice Platform. this would allow my practice to grow into the features rather than be overwhelmed by too many.
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MYOB
  • [In my opinion,] horrible interface to import data
  • [In my opinion,] user interface stuck in 1995
  • Needs improvement to usability
  • Contestant price increases
  • [In my opinion,] new in-app advertising is annoying
  • Countless different windows to do simple tasks like onboard an employee
  • [In my experience,] too slow
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Likelihood to Renew
Receipt Bank
Dext is the best way for us to manage our business expenses. Physical and PDF receipts/invoices will be around for a while, but the move to eInvoicing is very good and we look forward to Dext adding this feature
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MYOB
Our clients seems hesitant to change softwares so I don't see why we wouldn't be renewing with MYOB
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Usability
Receipt Bank
Dext Prepare's usability is great, it has lots of functions and you can scan any type of document, including hard copy handwritten documents. It is not very accurate but it is handwritten!! Apart from it, you can use multiple functions like one page at a time, multiple, in bulk. You can send emails with multiple attachments and one of the greatest function is the mobile application capabilities.
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MYOB
All of the MYOB products are easy to use. Most of our clients use MYOB ACE payroll and Essentials but some of the customers who are proper accounts use a range of products like Account Right MYOB AE/AO, Practice manager, TAX manager, etc. I have never heard of any complaints and the support contacts are always approachable.
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Support Rating
Receipt Bank
Never used the support function. I guess that means it’s easy to use and works well because I never had an issue in 3 years. Not sure if the support team is helpful.
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MYOB
MYOB accounting software basically works but looks and functions like 1998. Unfortunately their Antipiracy licensing system is absolutely TERRIBLE and verging on nearly criminal, scam! You must CONFIRM each and every data file and when it doesnt work you have to PAY THEM to fix their own file protection issues. If you dont pay them, they hold your data hostage as your company accounting information file becomes READ ONLY. Permantly, unless you pay them. This is a total extortion SCAM. I cannot believe a company can operate this way. With a lot of better product available... i dont imagine MYOB is going to survive much longer.
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Alternatives Considered
Receipt Bank
Receipt Bank is superior to Wave in terms of its accuracy of reporting and allocating expenses. Even though there is a fee for Receipt Bank and Wave is free, the monthly fee for Receipt Bank is well worth the money, given the benefits
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MYOB
Not even close. Though I will say MYOB had a budget module where Zoho Books doesn't which is one thing severely lacking in Zoho Books. On the other hand, Zoho Books allows for payment processing integration without trying to get a cut from the process whereas MYOB allowed for payment processing but you had to go through their service only and it wasn't cheap.
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Return on Investment
Receipt Bank
  • Helps to keep data consistent and accurate
  • Saves time in processing invoices and receipts
  • Saves time in reconciliation in our accounting package
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MYOB
  • It was great when we first started using it but there was a time when MYOB stopped supporting payroll tax tables for Apple computers and so we made the switch.
  • While we were using it staying on top of all of the pesky accounting details was a breeze.
  • We were very detail oriented to begin with and had a thorough understanding of basic accounting principles but anyone without even basic knowledge can quickly set up MYOB and get running fairly quickly and provide detailed reports to their CPA or CFO consultant for a deeper analysis of their business.
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ScreenShots

Dext Prepare (with Receipt Bank) Screenshots

Screenshot of Dext Prepare Inbox & Mobile app