Staying on top of GST, ABN and deregistered business risks is no sweat with XBert

by XBert Team ~ 3 min read

Construction worker sits at computer smiling at camera.

This year, more Australian businesses than ever had to submit a Taxable Payments Annual Report or TPAR. For many, TPAR and BAS (Business Activity Statement) deadlines can be very stressful, but with XBert on your side, you can be ahead of the game throughout the whole year - not just at reporting time.

XBert's AI and machine learning technology and range of risk alerts or XBerts, short for expert business alerts, help you meet compliance obligations and spot any errors, risks and possible fraud related to Australian Business Numbers (ABNs), Goods and services tax (GST) or unregistered businesses.

XBert audits your Xero data hourly, cross-checks information on attachments like bills and invoices, and monitors the Australian Business Register (ABR) for any changes.

XBert helps business owners, accountants, bookkeepers, and tax and BAS agents by automating checks for ABNs, business names, GST registration status, and active or cancelled business registrations.

You're alerted to any changes or discrepancies so you:

  • don't pay GST to someone not eligible to charge it
  • pay GST when you should
  • trade with a registered business
  • know the ABN provided matches with the business name of your contractor or supplier, so you know they are who they claim to be.

XBert saves you or your advisory clients money, and your data and reports are more accurate so that you can make the right business decisions.

What's all the fuss?

When setting up a contractor in your system, often you enter the details as provided and only update them when you're advised of any changes.

However, businesses can change ABN, GST status, or cancel the registration at any time.

It's highly risky trading with an unregistered business. Paying GST to a contractor who's not eligible to charge it means you can't claim that amount and may have to kiss that money goodbye.

How many of you confirm the ABN quoted matches the registered business name or if your supplier is eligible to charge GST? Do you continue to check the ABNs on invoices matches what's in your Xero record for that supplier? Or check if your supplier has dropped below the GST threshold since their last invoice?

BAS agents, tax agents or bookkeepers have many clients each trading with numerous contractors, possibly hundreds. In that case, you'd spend the whole day confirming contractor details. You'd never get anything else done.

That's where XBert has your back detecting financial risks like errors, anomalies, unusual activity, and potential fraud.

XBert also double-checks the imported data from automated document reader apps like Receipt Bank and Hubdoc against past supplier and customer behaviour.

XBert is a cloud accounting add-on that has a range of risk alerts related to GST, ABN and cancelled businesses.

Compliance is tricky, but it's no sweat with accurate records

It's best practice, and is also smart business, to ensure your bookkeeping, contractor and payment records are accurate and up to date. Good record-keeping means you can claim the right tax deductions and have a reliable picture of business health and trusted insights.

Each XBert alert has a direct link to either the contact record or entry in Xero and, where relevant, the ABN Lookup Service to confirm a contractor's ABN, GST status and business name.

Some of the many XBerts that assist you with GST and ABN compliance and spot risks include:

  1. ABN on bill attachment different to supplier
  2. Multiple ABNs on attachments for supplier bill
  3. Supplier has bills with different ABNs on attachments
  4. Business has incorrect GST status
  5. Bill raised with a cancelled supplier
  6. Bill raised with supplier not registered for GST
  7. Payment to a cancelled supplier
  8. Payment to supplier not registered for GST
  9. Invoice raised with a cancelled customer
  10. Unpaid income with a cancelled business
  11. Expenses with a cancelled business
  12. Incorrect ABN for business
  13. Non-GST account has GST against it
  14. Large GST activity for a contact without an ABN
  15. GST registration required

By the way, there are LOADS of other XBerts for cash flow, invoice, bill, payroll, bank account, duplicates, unusual activity and account coding errors and anomalies.

Peace of mind and avoid reporting deadline panic

XBert's AI and machine learning analyses Xero data hourly, scans the information on attachments, and monitors the ABR to protect you and your business, or your advisory clients' businesses.

You can stay on top of your books, financial risks and compliance all year, and save money!

XBert's a powerful tool to help you efficiently manage bookkeeping so you or your advisor can lodge reports on time and accurately, and make the right business decisions.

If you're a bookkeeper, accountant, advisor, franchise or owner of multiple businesses, XBert CONNECT is XBert at scale plus has extensive AI-driven process workflow management and collaboration tools to monitor and manage multiple organisations efficiently from one place.

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!

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