Dext grabs Greenback to launch ecommerce data appby
Dext extends its reach into receivables data with purchase of Michigan-based ecommerce app, now renamed Dext Commerce.
UK-based accounting data specialist Dext added to its portfolio this week with the acquisition of Greenback, the developer of an ecommerce transaction data consolidation app.
Greenback has been configured to import data from 16 online trading and service platforms including Amazon, eBay, PayPal, Etsy, Lyft, Stripe and Uber. The app formats the information and standardises it at line-item level to ready it for submission to Xero and QuickBooks Online cloud accounting systems.
The terms of the acquisition were not disclosed, but the Greenback app and development team will become a new branch of the international software group and be known as Dext Commerce.
“We’ve been tracking Greenback for some time. It’s recognised as having the most accountant- and bookkeeper-friendly product in this area,” Dext CEO Adrian Blair told AccountingWEB.
The business was founded in Michigan by Joe Lauer and Matt Simons and the entire team will continue working for Dext. “Dext is all about accountants and bookkeepers. They are a talented group of people who have a lot of ideas about where to take Dext Commerce in the future to do even more for our customers. That’s the roadmap that well be investing behind,” Blair said.
For UK traders using international ecommerce platforms and their accountants, the app simplifies the data-wrangling needed to compile accurate digital sales records that are required under the Making Tax Digital regime and will help clients report and pay the right sales tax, wherever they sell.
Enter Dext Commerce
“Dext Commerce and Dext Prepare are all about keeping digital records of all your transactions, calculating tax appropriately and coding what MTD requires you to do. Businesses that want to be MTD-ready need to be looking seriously at these products,” said Blair.
Dext Prepare already has a “fetch” facility to gather billing data from utilities and telecoms providers, but the difference with Dext Commerce is that it collects digital revenue information, he continued.
“Dext Commerce is about the revenue side of your business. We’re seeing really fast growth in the area of ecommerce through the Covid pandemic - nearly a third of UK commerce is online and over 10m businesses globally are selling through Amazon and Shopify. It’s a huge opportunity for accountants and bookkeepers to grow their practices by serving clients and taking on new ones who sell through these platforms.”
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