Have you or your client ever raised and paid bills multiple times accidentally? If you have a large number of suppliers, several people doing the books, or are busy it can be easy to do. That money can be a pain to get back, or it could be lost forever.
XBert is an accounting tool for business that gives you reassurance that you won't lose money by raising duplicate bills or making duplicate payments.
Imagine that your bookkeeper has gone away for a week. You need to keep a major project moving forward, so have been asked to urgently pay a bill from a supplier. You make the payment and get back to work.
Things are frantic due to this project and you forget to tell your bookkeeper that bill has been paid. The bookkeeper returns from leave, picks up where they left off and pays the bill, again.
This double payment goes unnoticed for a few weeks until your bank balance becomes dangerously low. Oh crap, that is one big $20,000 headache and your cash flow, well, there ain't much there to flow!
You contact your supplier and hope that they're willing to reverse the payment or provide credit for your next order, and that they can do it quickly.
That's a whole lot of stress you could do without. If only you'd known in advance that the bill had already been raised or paid.
This duplicate bill payment impacts your project, payments to other suppliers, and investment opportunities.
Mistakes and errors like this are easy to make and could leave you seriously out of pocket, especially if they are repeated or never found in the first place.
With a large number of suppliers sending you bills and invoices each week it can be hard to keep track. Maybe you get interrupted partway through the payment process and forget to flag it as paid or forget that you've already entered it into your accounting system.
A week or two could pass before you get back to the books and you may not remember where you were up to, or that you paid the bill.
Perhaps you have several people looking after your books stepping in and out of the process when needed. If you're a bookkeeper you have many clients all with many, many transactions to reconcile each day.
In situations like this, a duplicate bill entry may go unnoticed.
If neither you nor your supplier realise you've paid a bill more than once then that money could be lost forever.
Knowing a duplicate bill has been raised saves you any unnecessary stress before you hand over the cash. Knowing a duplicate bill has been paid means you can address this straight away with your supplier.
XBert analyses your cloud accounting data hourly and detects possible duplicate bills. These alerts are created when there are multiple entries for the same amount and where data such as the due date and bill line descriptions are also the same.
For the Duplicate Bill Raised XBert, you should review DRAFT, SUBMITTED and APPROVED bills for this supplier to make sure you meant to enter this bill more than once.
If the alert refers to a new recurring bill, you can file the XBert alert, and it won't be detected as a duplicate in the future.
For the Duplicate Bill Paid XBert, you should contact your supplier and request reimbursement, or that the amount is credited to your account.
XBert analyses your accounting data to check you haven't raised a duplicate bill accidentally. You'll get notified of risks before it's too late and you make payment.
If you do pay a bill twice, you are alerted and can contact your supplier straight away to find a solution.
Picking up any duplicate bills and bookkeeping errors are just some of the many risks XBert will find reviewing your accounting data on an hourly basis. Using sophisticated algorithms, predictive analytics, and machine learning, XBert is there to detect business risks, saving you time and money.