Quality

Measure & manage the quality of your accounting function

Assurance

Drive integrity in your accounting system usage

 

Protect

Reduce your risk and protect against errors & fraud with continuous monitoring of Xero + MYOB

Grow

Establish enterprise business practices to support the growth of your Small or Medium Business

Watchful Eye: Quality Control for Xero, MYOB
Product Overview

Product Overview

Watchful Eye is synonymous with quality control for both Xero and MYOB. With 5% of company revenues lost annually to employee fraud globally, Watchful Eye isn’t just a helpful tool. It’s an integral part of efficient business accounting, providing invaluable protection against error, fraud, and loss of company funds. Watchful Eye is the modern solution your small to medium business needs to keep a watchful eye over your business operations.  Some of Watchful Eye’s features include: Seamless integration with Xero…

Product features

Integration

Watchful Eye software for Xero + MYOB seamlessly integrates to your accounting system, it keeps a Watchful Eye over your accounting system activity and provides actionable lists of transactions you need to review

Advisor Menu

For Accounting Practices; get visibility across your client base to highlight who has good transactional processing practices along with those who may need some help.

Quality Score

Watchful Eye automatically generates a quality score based on how well we think the company is using Xero \ MYOB

Processing Quality

Ten measures that graphically display the trend of the quality & volume of transactional processing within your accounting system. Click through to see the transactions to view (or fix in Xero)

Analysis Template

Export your Xero or MYOB data from our General Ledger menu & pop it into our Analysis Template, a Microsoft Excel pre-formatted pivot table to help you to analyse your company or provide advisory services to your clients.

Data Integrity

Validate all “Company” Suppliers and Customers against AU ASIC, NZ Companies Office & UK Companies House. Validate Supplier, Customer & Employee physical addresses against google maps

Customers + Suppliers

Analyse Customer & Supplier transactions highlighting errors or suspicious transactions to investigate

Employees

Keep your employee personal details current. Analyse transactions highlighting errors or suspicious transactions to investigate. View relationships between your Employees and your Suppliers & Customers

Maps

Analyse the spread of your current Suppliers, Customers & Employees and highlight transaction volumes. Highlights any close vicinity records so you can confirm they are legitimate.

General Ledger

Ensure your company’s total GL transactions align to Benford’s Law distribution or understand why it doesn’t align

Tickets

Manage the records being investigated. Assign investigations to different users. Store supporting notes, attachments, etc on the ticket. Classify tickets when the closing the investigation.

Custom Alerts

Not all companies face the same risks, select the risk areas you are interested in and how often you want to be sent each alert type.

Meet our team

Brett Wilgar BCom, CA

Chief Executive Officer

Brett Wilgar is the founder and the creator of the Watchful Eye accounting governance software. He has 20+ years of commercial management experience in the IT industry.
Brett holds a Marketing and Accounting degree from the University of Otago and is a Chartered Accountant member of the Chartered Accountants Australia & New Zealand.
“Our story started in late 2013.  I was the CFO of an Australasian IT company when an employee stole AUD$450,000 from the company.
At that time I was not aware of the extent of employee fraud and how big an issue it was for businesses, but it sparked a keen interest in the subject area.
After two years of research we started developing software designed to help business owners drive quality into their accounting system usage to reduce their risks.”

 

Kuai Wei PhD

Chief Technology Officer

Kuai Wei has led the development team building the Watchful Eye accounting governance software since the company’s inception. He has a PhD in Computer Science specialising in algorithm design from the University of Auckland. He also has over 10 years of programming experience, including 4+ years of algorithm design and implementation.
Kuai is a keen ‘technology evangelist’, looking at the cutting-edge technologies and build prototypes.
He also has deep understanding of software architecture, security, database design and optimisation.
At Watchful Eye our software has been built and hosted in the Microsoft Azure cloud platform, applying best practice architecture and security, unit tests, integration tests, DevOps, etc. We have also developed complicated algorithms to analyse all aspects of accounting data together with multiple 3rd party data connections to report suspicious records. Our investment on algorithms will never stop.

Voice AI becomes an accessory to CEO fraud – FBI advice to just ‘pick up the phone’

The FBI presented to the Chartered Accountants of New Zealand & Australia to our Forensic Accounting Special Interest Group a few years ago & this piece of advice stayed with me from that presentation & is re-iterated below. Namely, don’t get tricked into paying your company’s money to fraudsters & this is easy to solve – pick up the phone & call to confirm the request is legitimate! “The best way to avoid being exploited is to verify the authenticity…

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New Feature Release: Group Menus

Users can now set up Groups of their Xero & MYOB companies to enable Watchful Eye to start analysing across your company files. The first two menus released: 1) Watchful Eye looks for the Same Supplier Invoice Number & Amount & returns items that have been processed in more than one group company. Our Users have found that errors like this do occur & more often than they would like. 2) Watchful Eye looks for Supplier & Employees with similar…

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42 Small Business Statistics: Everything You Need to Know

Although a little focused on American data, some interesting stats in here about Small to Medium Businesses, I like this stat the best: “84% of small business owners indicate that they’re feeling optimistic about the future of their companies.” www.smallbizgenius.net/by-the-numbers/small-business-statistics/ Business Statistics: Everything You Need to Know By the numbers 42 Small Business Statistics: Everything You Need to Know written by Milja Milenkovic July 23, 2019 From eCommerce stores and brick-and-mortar boutiques to finance consulting, art galleries, and craft breweries,…

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New Feature Release: Analysis Template

Ever wanted to get hold of your (or your clients) Xero or MYOB data & do some value added analysis? Well, now you can easily get hold of the data, use our beta version Analysis Template & explore. Export your Xero or MYOB data from our General Ledger  menu & then pop it in our Microsoft Excel Pivot Table pre-formatted to give you some useful views of what is going on in the Xero or MYOB company. #xero #myob #cfo…

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New Feature Release: Overall Quality Score

We are really excited with these news features! Watchful Eye now automatically generates an Overall Quality Score to measure how well we think you are using Xero \ MYOB – available to all users. When a company has completed the connection process to Watchful Eye, a Xero \ MYOB Assessment Report is generated for you to make recommendations on how your clients can improve how they are using Xero \ MYOB. Brand with your logo & your clients logo –…

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Police warn businesses of scammers hacking into workers’ bank accounts

A good reminder, which unfortunately needs to be often. There is no need not to trust that emails requesting bank account changes are legitimate but make sure you pick up the phone and ring to confirm the request to change bank accounts. A good simple internal control to safeguard your outgoing payments. For suppliers, get the phone number already stored in Xero\MYOB or take it off a previous invoice. https://www.stuff.co.nz/business/111961700/police-warn-businesses-of-scammers-hacking-into-workers-bank-accounts Anuja Nadkarni12:13, Apr 11 2019 The scammers use the employee’s…

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NSW councils need to improve the quality of their financial reporting, according to an Auditor General’s report which found $1.4 billion worth of accounting errors last financial year.

This article makes you realise the scale of what I see as a general issue that impacts SMEs as much as councils. Poor processes or not being able to measure quality is costing companies an enormous amount of money. NSW councils told to improve financial reporting Judy Skatssoon NSW councils told to improve financial reporting 28 February, 2019 Councils need to improve their accounting, audit says. NSW councils need to improve the quality of their financial reporting, according to an…

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Copyright

Watchful Eye Software Limited 2019