Top 5 bookkeeping issues that arise on the daily…

by XBert Team ~ 2 min read

A woman deals with the most common issue that comes up for accounting professionals in providing accurate bookkeeping and tax.

It’s not what you think…

When you’re talking business analytics, bookkeeping audits and data integrity, accuracy in the books is key. Fraud and tax evasion may be the most dramatic of issues when it comes to bookkeeping but we’ve discovered it’s more likely the little things that are making the biggest difference.

The most commonly flagged issue for accounting professionals using ai-audit system XBert is: Accounts Payable Process not followed. This is followed closely by dealing with Unapproved or Draft invoices and bills, Unusual Monthly Invoicing, Duplicate Contacts and Unreconciled Monthly Transactions (no surprises there!).

This data comes from more than 50 AI-audit XBert alerts, sophisticated machine learning algorithms, that flag issues in accounting software. This includes GST issues and incorrect bank or employee details through to potential fraud, and suspicious changes in dates (just to name a few).

What else came in the Top 10?

  • Large GST activity for contact without ABN
  • Inactive account
  • ABN on Bill Attachment Different to Supplier

See what we mean? The little things. When you consider the world of cloud accounting and many business owners (most who are untrained in bookkeeping) now 'reconciling' their own books, it's not surprising these common inconsistencies and issues are popping up more often. Unfortunately, it's also these that can be the most time consuming for accountants and bookkeepers to take care of.

Throw in the craziness that is 2020, JobKeeper and JobSeeker and you have one of the most challenging times for accountants, bookkeepers, and advisors to date. That’s why we like to work by the K.I.S.S method: Keep It Simple Sally (or Simon). And that’s where XBert comes in.

The ‘gatekeeper for human error’ as one of our users described it, XBert is a Xero add-on that provides hourly Ai-audit checks – among loads of other great features like task and process automation, email integration, analytics, BI reports and more.

By introducing XBert into your practice, you rid the need to waste time double and triple checking the accuracy of your work, your clients or your teams work. Instead of spending hours on manual checks and rework, you’re alerted to issues or inconsistencies within the books as they arise and can action them directly from your alert.

Discover what XBert can do for your business by starting a free trial now.

For advisors, we have a tailored onboarding program, called Step Ahead, where we help set up and implement XBert CONNECT for your practice. To request more information, please email us at partnerprogram@xbert.io and tell us a little about your practice, team and clients.