Assurance

Drive integrity & measure quality in your accounting system usage

 

Protect

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

Grow

Improve business practices to support growth

Watchful Eye: Quality Control for Xero, MYOB
Product Overview

Product Overview

Watchful Eye = Quality Control for Xero, MYOB Improve the integrity of your accounting data, your accounting processes and reduce the risk of errors and fraud with Watchful Eye software. Seamless integration with Xero and MYOB AccountRight. Validation of key card information against 3rd party databases – ASIC®, NZ Companies Office ® , UK Companies House ® and Google Maps ®. Dashboard to display the quality of your accounting processes. Out of the box analysis of a wide range of…

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.

Processing Quality

Nine measures that graphically display the trend of the quality & volume of transactional processing within your accounting system.

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

Suppliers

Analyse Supplier transactions highlighting errors or suspicious transactions to investigate

Customers

Analyse Customer 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.

The rise and rise of the virtual CFO

We are focusing Watchful Eye on enabling Virtual CFOs to understand the quality a businesses accounting processes so they can improve these to ensure the financial reporting is reliable before moving on to add value with more strategic advice. A good article on why Virtual CFOs are becoming more prevalent and how technology has assisted this. https://www.intheblack.com/articles/2019/02/07/rise-and-rise-of-virtual-cfo Practices offering virtual CFO services tend to develop closer relationships with clients. Practitioners performing the role of a virtual CFO are not only…

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Do you care about your Clients?

We are developing ideas around how Watchful Eye can be used as an integral part of your client engagement strategy, looking at what is going on in your clients Xero or MYOB systems and asking pertinent questions or raising alerts to check processes. If the research in the attached article is correct you will also want to find ways to not be caught by this statistic: “68% of clients change accounting firms because they feel that you don’t are about…

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Accounts Payable best practices

Are you doing what you can to ensure nothing slips through your accounts payable process? A good article by Xero about how accounts payable automation can help (link below) but automation does not solve all of your problems and also creates a couple. We look for anomalies in your accounts payable and payments data, whether or not you use automation, to make sure all is well in your accounting system. We return data in our menus if we find any…

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Accountants survey to plumb ‘the future of trust’

💰 Think you know what an accountant does? The reality is accountants do a lot more than add up columns of figures. 📈 Read more: http://bit.ly/2oxIhT9 #WatchfulEye Accountants survey to plumb ‘the future of trust’ Rob Stock05:00, Sep 02 2018 123RF Think you know what an accountant does? The reality is accountants do a lot more than add up columns of figures. Chartered accountants are among the most trusted money professionals, even at a time when trust levels in the…

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From freebies for mates to $150,000 fraud, employee theft costs Australian business billions

Watchful Eye, we like a surveillance camera for your accounting system. https://www.news.com.au/finance/work/at-work/from-freebies-for-mates-to-150000-fraud-employee-theft-costs-australian-business-billions/news-story/ac7b41f93ace63b20ff99b5e3d1b712a IT’S an epidemic costing Aussie businesses $1.5 billion a year, but many of us have been guilty of it at one point or another. Frank Chung@franks_chung Stealing office supplies might be tempting, but you shouldn’t do it.Source:istock IF YOU’VE ever taken a pen, notepad, stapler or even a Post-It note home from the office, you’re part of a problem costing employers $1.5 billion a year. According to the…

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Why Embezzlement Most Often Occurs at Small Businesses — and How to Prevent It From Happening to You

This is why we made Watchful Eye software, to help Small Business get assurance that all is well in their business.                   https://www.entrepreneur.com/article/293726 A recent survey shows 80 percent of embezzlements occurred at small businesses. Ken Springer Guest Writer President and Founder of Corporate Resolutions Inc. Opinions expressed by Entrepreneur contributors are their own. The latest statistics on fraud should send a big jolt of fear into small business owners. According to…

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Poor internal systems have cost UK SMEs billions

As we broaden the use of our software to be more than just Employee Fraud protection. We have been researching whether driving integrity and quality into SME accounting systems provides quantifiable value to business owners.  We would like to see more research on the subject area as we feel that driving integrity and measuring the quality of your accounting system usage adds more value than simply reducing your risk of employee fraud. This UK article suggests the costs of having…

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Former employee stole more than $30k from Gore business

While this may not be a large amount of money (in employee fraud statistics), it sends a good message about the need to keep a watchful eye over your accounting system to make sure nothing untoward is going on. Our Watchful Eye software continuously monitors your accounting system and alerts you to any edits to invoices and changes in business bank accounts. Our business tool can help prevent this type of fraud and reward your efforts and hard work with your business…

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Phone

NZ: +64 9 886 2850

AU: +61 2 8259 0395

Copyright

Watchful Eye Software Limited 2018