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Small changes for big results: how bookkeepers can free up time for what matters.

by XBert Team ~ 4 min read

Implementing AI Audit in your bookkeeping practice will save you time, money and increase productivity.

Bookkeeping is where the little things, really do make a huge difference. An extra 0; a simple coding error; a duplicated invoice or bill…these are all simple mistakes that can be catastrophic for a business if not caught early.

With many business owners now taking on the role of bookkeeper (thanks online bookkeeping and cloud accounting) – it’s often these little human errors or anomalies that can be most costly on a bookkeeper’s time management and productivity. A simple slip of the finger or a careless entry mistake requires time via manual checks, rework and re-evaluating – time that you may not be able to bill for.

ABN and GST status checks, business insolvency and duplicate invoices and bills are just the tip of the iceberg when it comes to time-consuming manual checks that fall into the bookkeeper’s role. Imagine if you could say goodbye to those manual audit checks and have a gatekeeper for human error. That’s exactly how our users describe XBert.

The simple step of implementing an AI Audit tool can revolutionise your practice workflow. Users like Trina Dando, say it's like having a Part Time employee working for her (without all the added responsibility and without the margin for human error!)

Never waste time on menial tasks again

Our latest XBert: Batch Payment Unsupported Characters is just another way we’re making work life easier for bookkeepers and their teams.

How will this make your life easier? A batch payment creates an ABA file - the file which is loaded to your bank. Some banks do not accept ABA files with certain characters in them. The description/details of this batch payment contain one or more underscore and/or full stop characters, which may need removal before the ABA file will be accepted.

If the ABA file is not accepted by your bank, in this case in relation to bill payments, the physical payments to your suppliers will not happen.

Let’s say Margie creates a batch payment for several bills from a supplier called Bob's Painting Services. The reference she used for the batch payment, contained an underscore character. Because of this character, the ABA file was rejected by the bank and the bills from Bob's Painting Services were not paid. Margie later gets an overdue notice from Bob's Painting Services, which now includes a late fee that she has to pay on top of the bill amounts.

The tip of the iceberg

This latest XBert risk alert joins 54 other live alerts right now (with 50 more in development), all designed to automate manual checks, help with accurate data and free up bookkeeper’s time to focus on the important things in their business. Described by many of our users as the equivalent of having a Part Time employee, XBert’s AI Audit trawls your Xero, MYOB and Quickbooks files multiple times a day. Having issues, errors, and anomalies flagged as they arise in your data removes the need for many manual checks and reduces the need for rework.

XBerts

Some more handy XBerts to make your life easier:

Unpaid Income with a Cancelled Business

Steve runs a newsagency. He sends an invoice for $85 to Dave's Plumbing for the pens and stationery Dave bought last week. Three weeks pass, and in that time, Dave's Plumbing goes out of business. Steve's invoice has not been paid. Acting quickly, Steve contacts Dave and settles the outstanding invoice before Dave concludes his affairs with the receivers.

Duplicate Invoice Raised

Has this happened to you?

The business' bookkeeper has come back from a sick day and is raising invoices to clients. While they were away, their account manager raises invoices to clients, including an invoice to client Macks Earthworks. However, the account manager forgot to mark this order/job as being invoiced. On returning, the bookkeeper is keen to catch up on the backlog. They raise a second invoice for client Macks Earthworks, not realising the account manager had already done it. As a result, the sales figures are now overstated and the client Macks Earthworks is annoyed when the bookkeeper starts chasing payment for the duplicate invoice.

Multiple Attachment ABNs on Supplier Bill

Ensuring contacts have correct details in your accounting software, in particular correct ABNs, is important for BAS reporting to the Australian Tax Office (ATO). When contact details are incorrect, you may pay GST you don't need to, or you may receive credit for GST paid that you are not entitled to.

Our clever algorithms will also check attachments on bills and invoices within your accounting software and flag when it find s any inconsistencies – saving you time and headaches finding issues at the final hour (if any).

Non GST account has GST against it

Small changes can = big problems.

Imagine Zoe changes the default tax setting for the inbuilt Sales account from GST on Income, to BAS Excluded. John's used this Sales account many times before and creates a new invoice with several line items against this account. He doesn't realise that now GST won't be added to the invoice. The customer receives the invoice without GST, but the business should be charging GST.

Or another scenario:

John creates an account to capture a new revenue line called 'Other Sales by Zoe'. The default tax setting for this new account is BAS Excluded. John tells Zoe to use this account on invoices she creates. Some of the invoice line items legally must have GST on them, but invoices go to customers, and GST is not collected.

In both the above examples, if the tax office were to audit the business, they may demand the missing GST be paid.

More time for what matters

Can you see how much easier you life would be, having XBert’s AI Audit tool running across your files multiple times a day? No more arduous manual checks. Managerial work can move from time consuming checks to more simple reviews. And you get hours back in your day to do what matters most: helping clients with accurate data and better advice.


BI Report advisors

XBert is a tool built specifically for bookkeepers, their teams and the way they work. It’s our mission to make your work life easier. That journey begins with our comprehensive AI-Audit tool. With 55 risk alerts already live, trawling your clients data multiple times a day – XBert’s got your back. Add to that our integrated task and process management and workflow tools, built specifically for the way bookkeepers work and you’ll revolutionise your practice productivity.

Why wait? get cleaned up for End Of Financial Year (EOFY) now.