Superannuation contributions, tax requirements and annual leave – keeping across all the necessary entitlements for employees in your business can not only be time consuming but heavy on manual labour.
We’re not exaggerating when we say one small slip – like missing a junior employee’s birthday pay roll over or a huge accrual of annual leave that’s gone unnoticed – could mean thousands of unexpected expenses for your business.
These are the exact tasks XBert aims to resolve. Taking all the brain work out of it for you, our tricky AI-audit algorithms can detect issues, anomalies and discrepancies in your accounting software and flag anything that’s amiss, in real time. You are alerted when bookkeeping errors require your attention, before it becomes an issue – instead of finding a mistake down the track which could potentially cost you money and put the future of your business at risk.
Let’s say Jack is working as a casual employee at Club cafe. He is paid as per the hospitality award for a 16-year-old. His birthday is fast approaching, meaning his rate of pay is about to increase. As the employer, I need to make sure the payroll system increases his rate for hours worked on and after his birthday.
Our XBert alert Employee Birthday (Junior Employee) will flag in your system a week ahead of Jack’s birthday, warning you it’s time to check his rate of pay or agreement and ensure the correct pay rate is set as prescribed by the agreement or award. From there you simply file the alert to resolve, or it will auto resolve one week after his birthday.
What if an employee has gone under the radar for a while, without taking entitled leave? Work has been busy, they’re a welcome asset to the team and so you haven’t really thought about it.
Accrual of annual leave has the potential to put your cashflow at risk. Should one or more employees resign with a stockpile of holiday hours to be paid, the resulting payout could set your working capital back by a considerable amount.
For example: Joan has been a long-time employee of Jim’s small family run appliance store. Being a small business, hours at work have always been flexible for the staff, however under industry rules annual leave has been accrued and Joan's leave balance is now up to 9 weeks. Joan has decided to retire from work and now Jim has to pay out the 9 weeks leave owed, as well as employ a new person to work in the shop. This puts a real strain on the businesses ability to meet financial obligations for a few weeks and Jim has to go to the local bank manager to help provide additional funds.
If XBert was implemented in Jim’s business, he would have got our XBert alert Monthly Employee Leave Balance Warning on the first day of every month where Joan’s leave balance was 80% of her annual entitlement. Thanks to the alert, Jim could have been across the issue and had a conversation about Joan taking some time off, in line with being sustainable with the business. No visits to the bank required!
A few more example issues XBert will alert you to:
XBert is an easy-to-use, powerful Xero add-on for business owners, finance teams, bookkeepers and accountants to stay a step ahead in business.
If you're serious about business success, sync your accounting data with XBert. In minutes, you'll know the amount of money at risk and how to prevent losing it.
You can book a demo or start your FREE trial now!
Take me to the blog homepage.