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How XBert will help you flag cashflow risk and take action - before it's too late.

by Kue Hall ~ 3 min read

Bookkeepers and business owners can stay on top of cashflow risks and take action before its too late, using XBert

Now more than ever, watching every cent is important. Keeping track of where you’re at, who you’re paying and what income is coming in at any given time is crucial – and so your billing and invoicing systems have to be air-tight.

Even with the best systems, errors can sneak through. Duplicate invoices or bills – and even the business registration status of your suppliers – make a massive impact on the decisions business owners make in the day-today running of their business.

A simple duplicate invoice can be disastrous for cashflow and forecast planning. Paying out duplicate bills lessens cashflow unnecessarily and can be a nightmare to rectify. Similarly, knowing the businesses you’re dealing with are reliable, and ensuring you’re doing business knowing your invoices will be paid is key.

This can be a struggle given not many suppliers or businesses will disclose their floundering status, until it’s too late. But not when you have XBert on your side.

Unpaid income with a cancelled business

Every business owners worst nightmare – they either supply products or provide a service for a business in good faith, send out an invoice…and after chasing the unpaid, overdue invoice, discover they have an ABN that is cancelled or does not exist on the Australian Business Register, or for the UK, Company Registration Number.

XBert will cross check the invoices with the relevant government registers and flag if the business you’re dealing with, has no ABN or CRN – or they’ve been cancelled. You can then quickly act on the outstanding invoices before it’s too late.

Expenses with a cancelled business

Trading with a business that has given an Australian Business Number or Company Reference Number that’s cancelled, means you could be doing business with an unregistered business. There are higher risks associated with a business that is unregistered, and you may never receive the goods or service paid for. There can also be tax implications for your business.

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. When the ATO later questions Bill's tax return, he has to pay $2,700 to the ATO in withholding tax. If he had known the supplier was unregistered, Bill could have either asked for an ABN to be supplied and not made the purchase until this was done, or bought from a registered supplier instead - avoiding having to pay additional tax. XBert helps you save time on your ABN or CRN checks by doing it for you, and flagging if you are doing business with a cancelled ABN -allowing you to check and clarify, before it’s too late.

Duplicate Invoice raised (or paid!)

It’s not an uncommon mistake. Let’s say the business' bookkeeper has come back from holidays and is applying payments to invoices. While they were away, the account manager applied payments to invoices, including an invoice to client Macks Earthworks. However, the account manager forgot to mark this order/job as being invoiced and paid. On returning, the bookkeeper is keen to catch up on the backlog. They raise a second, duplicate invoice for client Macks Earthworks. As a result, the sales figures are now overstated, and the client Macks Earthworks is annoyed when the bookkeeper starts chasing payment.

What’s more, the duplicate invoice gives the business a false sense of available cashflow - this creates stress when the money fails to materialise.

XBert will flag when the same amount has been raised and/or paid as an invoice multiple times, with other key invoice details also being the same. This allows you to review the invoices to this business and the associated amounts to ensure you meant to raise invoices and be paid more than once.

Duplicate bills raised (or paid!)

Similarly, duplicate bills can impact bookkeeping records and cashflow. Not only have you spent unnecessary money, the supplier may not realise that you paid twice and you may never get the money back. AT the very least, chasing the refund is an incredible stress and time consuming for both parties.

XBert: your flawless AI advisor

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

Save hours on manual checks and rework and have confidence the data is right. These are just a fraction of the checks XBert will take over for you, tirelessly. You can sleep better at night knowing XBert won’t miss a beat. The most comprehensive audit and productivity tool available for bookkeepers, XBert currently has more than 60 XBert AI-Audit risk alerts live, and more being developed all the time.

Our integrated workflow management tools will help you reduce your manual tasks, manage your team more efficiently and never miss a beat.

If you're looking to scale your business, find efficiencies, manage more clients and have full visibility across your team - then you need XBert in your life. Discover what XBert can do for your business by starting a free trial now.