Keeping track of where you’re at, who you’re paying and what is owed at any given time is crucial – and so, your billing and invoicing systems have to be air-tight. You have to know, without a doubt, that the information is accurate and compliant.
But how do you do that, without spending hours up hours on manual checks and review? It’s simple really: you use XBert.
XBert’s AI Audit has been built by bookkeepers, for bookkeepers. The 60+ audit checks have been developed specifically to reduce manual checks for bookkeepers, and to ensure that any issues with the data are flagged, as they arise. Running across Sales, Purchases, Payroll, Contacts and so much more – these audit risk alerts help bookkeepers free up billable hours, increase revenue potential and give you peace of mind that everything is as it should be.
Here’s a taste of a few of our XBert’s helping you stay on top of Purchases data:
This alert will flag when a supplier ABN or Business Number is incorrect with the Australian Business Registry or Canadian Revenue Agency. This allows you to quickly review this supplier's details and ensure they have been entered correctly. For example: Bill runs a pizza shop and buys a new oven from a supplier for $6,000, unaware that they are not a registered business since their Business number has been deregistered. When Canada's Revenue Agency later questions Bill's tax return, he has to pay $2,820 in withholding tax. If he had known in advance that the supplier was unregistered, Bill could have either asked for a Business no. to be supplied and not completed the purchase until this was done, or bought from a registered supplier instead and avoided having to pay additional tax.
GST transactions can be tricky. Perhaps one of your suppliers was registered for GST, but the last 18 months have not been great in business and they are no longer registered. Your client could have spent money, expecting to claim the GST/HST back that was paid. This creates stress when you do not get the money back. Or nightmare issue: the problem has been going on for a long time and the business have been claiming GST/HST credits in error. The business now has to repay the amount they had claimed.
Businesses change hands all the time; and unfortunately cancelled businesses are not uncommon, especially in these tumultuous times. This alerts gives you another layer of security knowing you’ll be aware as soon as anything changes with business numbers you have on your contact list.
This alert will flag when a transaction has been allocated to a different account name than previously used to reconcile the same transactions. It may be an error, or it may be a new expense allocation.
Why could this be an issue?
XBert is your trusty sidekick, tirelessly checking the data for errors and helping you manage workflow easily.
Sign up for a 30 day obligation-free trial, load up a Xero, MYOB or QuickBooks files and our customer success team will be in touch to show you how XBert will work best, for you!