Are you or your bookkeeper effectively tracking your finances and can quickly spot any errors or anomalies? We're all human, and errors get made. When these errors go unnoticed or are repeated, it can lead to big money losses. If the business is at risk of being defrauded due to fake or inflated bills, will you know?
With XBert in your corner, you'll be alerted to anomalies and potential mistakes before they escalate and cause major financial damage.
Imagine you receive a bill from a supplier for $11,000 rather than the correct amount of $1,100 due to a typo. Or maybe the supplier's salesperson inflates the bill by a few hundred dollars with a plan to siphon away that extra money for several billing periods.
In either scenario, your bookkeeper or finance person may not notice that it's unusual, thinks you simply ordered more this month, or that the supplier's prices increased. There are ineffective tracking processes in place to flag problems like this and the bill is paid.
It's only when reviewing the accounts at the end of the month or quarter that you realise the issue. You contact your supplier to recover the overpaid funds, but getting the money back will take time. There's a big dent in your cash flow when you have wages and other suppliers to pay.
Finding bill irregularities early on helps protect the business' cash flow and keeps the money where it should be.
It's hard enough just keeping up with the bookkeeping, let alone keeping track of every transaction and the activity for every supplier.
How closely do you check the bills coming into your business? Do you or your bookkeeper pay them automatically or do you have time to scutinise them? We doubt you have the time to review every bill carefully and ensure it's right.
You could be unaware that you're paying thousands extra because of incorrect billing. Alternatively, you may think you have more money than you actually do if you've been under-billed.
Without thorough scrutiny and up-to-date records, you won't know the business' outgoings. Your reporting will be unreliable; your expenses will either be overstated or understated. You'll make decisions based on inaccurate reports - like making a big purchase with money that isn't really there.
An incorrect bill could be an honest mistake by the supplier. Perhaps it was caused by a typo, or they may have multiple people doing their accounts and accidentally send out two bills.
You may also have multiple people or a new person handling your accounts who isn't familiar with your suppliers and their associated costs. If there is something unusual, they might not recognise it.
Maybe the bill is higher because prices have increased or you made a larger order this month, but how will you know unless you check every single payment? Urgh, the mere thought makes your eyes water.
If only there were 30 hours in the day.
XBert will automate the monitoring and auditing of your books for you, analysing your accounting data hourly to alert you to anomalies or potential errors.
The 'Unusual monthly billing' XBert covers both paid and unpaid bills. The alerts is created when a supplier appears to have over-billed or under-billed you outside the usual range when compared to other months.
You or your bookkeeper can investigate the anomaly before any money is lost or you make critical business decisions.
If billing is more than in previous months, it could mean that your supplier has recently provided you with additional goods or services. There may be extra charges you weren't aware of or the prices for their goods or services have increased. Your profit margin will be affected so you may want to reconsider continuing to trade with this supplier.
If billing is less than in previous months, it could be due to an error by the supplier.
Whether it's more or less, you should review any unusual billing activity.
If there has been an error, you may need to void that bill and request a reissue from the supplier.
XBert alerts you that the bill amount is outside the typical pattern for this supplier. You can review the bill and take action, if required, to fix the error. Even more worrying, it may not be a mistake but a case of attempted fraud instead.
If this anomaly wasn't detected or was repeated, it could significantly impact business cash flow and lead to bad purchasing and business decisions.
Knowing potential bill risks before it's too late will help safeguard the business and cash flow.
Picking up billing and bookkeeping anomalies 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.