New AI audit risk alerts to help bookkeepers save time
When small business is under pressure, so are their bookkeepers. In stressful times, the mundane manual data checks take up precious time you could be spending on what matters most: helping your clients with expert advice, based on up-to-date, accurate data.
We know it’s never been more imperative for small business to have complete visibility over their financials. And we also know, there has never been a better time to implement the most comprehensive AI audit tool on the market to help you, make that happen. At XBert, we are dedicated to making work life easier for bookkeepers. One of the fastest and most efficient ways to ensure data integrity and reduce your stress load of manual checks, is to implement XBert’s AI Audit tool across your client files.
XBert’s comprehensive Artificial Intelligence and machine learning trawls your data looking for issues like duplicates, coding errors, GST and ABN (or VAT for our UK friends) discrepancies and then flagging them for your attention, you remove the need for many manual checks. There are no surprises right on lodgement deadlines and you can sleep sweet at night knowing the data is accurate.
Not only will you save hours right off the bat – you’ll have confidence knowing you can trust the numbers and effectively advise your client on the health of their business at any given time.Now, the list is more comprehensive than ever with two new virtual members joining the team:
Meet: Annual Leave Setting Incorrect
XBert’s clever AI will check the settings on the "annual leave" leave type for each employee in your Xero, QuickBooks or MYOB data and will find any anomalies. Let’s say Bob is setting up the payroll for Acme Inc which employs a number of people all who are entitled to annual leave. Bob is not aware that the payroll system applies a default of "Not to pay out" to all leave types unless specifically set in the employee leave setup.Some accounting systems set, by default, all leave types to be not paid out on termination and therefore this could simply be an administrative oversight. However, it could be something more sinister. And without any effort from you, XBert will pick this up, alert you to the issue so you can check and resolve it right then and there.
Next up: ASIC Renewal due or not paid
For any businesses registered as a Private, Public or SMSF Company there is an ASIC fee to be paid each year. This is normally due 2 months after the anniversary date of the company. Late fees can be applied if you lodge a document late or don't pay the fee. This is currently $83 for lodgement or payment up to one month late and $344 for lodgement or payment over one month late. Various business may have alternate way of recording this payment which XBert was unable to determine. This alert is to assist in those cases where the payment might have been missed or forgotten.
For example: John has received an invoice from ASIC for his company registration renewal. He sets up a new contact and calls names it "Government/ATO" and does not add the ABN into the record. He pays the bill directly as a "SpendMoneyTransaction" in the bank transactions recorded against this new contact without adding any reference details to the transaction. Although the bill has been paid, there is no identification to what the payment was for and that it was simply paid to the government. This makes auditing and checking difficult and requires extra checking to make sure the payment was made.
The tip of the audit iceberg
While these two little workers are new, XBert has almost 60 other audit alerts working for you, silently, in the background, every single day.These range from ABN and GST checks, VAT checks, anomalies or behavioural changes in invoicing and billing, inconsistencies in contact details, potentially fraudulent transactions and more.For Rachel Fenn, it’s XBert’s comprehensive audit, integrated with workflow management tools that has been a game changer for her business in a time of growth.
“I loved the idea of XBert auditing my client files and ensuring we’re closer toward having perfect files right away. That, along with the data verification and being able to implement best bookkeeping practice at the same time, was what sold me.”
A leading technology solution for bookkeepers
XBert has set out to be the most comprehensive audit and productivity tool available for bookkeepers.Now at 60 XBert AI-Audit risk alerts live, and more being developed all the time, you will rest easy with less manual tasks, reduced rework, knowing your data is accurate and the books are the cleanest they've ever been.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, grow your advisory, 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.