Helping you better manage your internal controls;
For: Xero + MYOB
Watchful Eye was built to give Accountants better visibility of what is happening inside
Xero & MYOB to help improve internal controls & reduce the risk of errors & fraud
Watchful Eye has many features to highlight:
- how well your accounting function is working
- anomalies in your transactions &
- relationships across the data
The five highlighted features are a great starting point for reducing your risk of errors & fraud while also providing a mechanism to manage some key internal controls
Watchful Eye has 19 alerts you can choose from to highlight transaction anomalies or new records
The Alerts can be used to ensure your internal controls are being undertaken
In Australia Only, Watchful Eye now checks Supplier Invoices with GST deducted to make sure that the Supplier is GST registered
Watchful Eye reports on how many payments were made from Xero + MYOB
Having all your payee bank accounts in your accounting system allows us to give visibility of suppliers & employees with similar bank accounts
Watchful Eye reports on which Supplier Invoices do not have attachments so you can ensure supporting documentation is added to Xero for all Supplier Invoices
If you use Xero or MYOB Payroll your employee data will be in the accounting system already, if you use another Payroll system Watchful Eye has a feature to load this info into Watchful Eye so it can be analysed against the accounting system data. Highlighting any potential relationships between your Employees and Suppliers & Customers
Frequently Asked Questions
Our FAQ answer common questions we get from new users
How long does it take to get connected to a Company?
It usually depends on the size of the company and what accounting software you are using. Watchful Eye goes to work straight away to take the first copy of the company data and depending on the size will usually complete this process within the first day (depending on how big the company is).
Can my clients use Watchful Eye?
Yes, of course! As above you don’t pay for users and if you connected the subscription for your client you just have to share the company with them from within Watchful Eye. There is a drop-down menu under your username to manage the company and who has access. You will have to show your clients how to set up Alerts if you want them to receive these directly.
How long do I have to sign up for?
All subscriptions roll over every 30 days but you can cancel your subscription at any time.
I want my Employee info in Watchful Eye but don’t have this in Xero or MYOB?
This is often the case so Watchful Eye created a simple upload process to get employee info into the Watchful Eye platform so our algorithms can use the info as if it was Xero or MYOB. There is a button on the Employee Details menu which provides a spreadsheet template, populate & then import. You can create a monthly process to upload all employees or just add new employees as they come on board or as their information changes.
Do you pay for Companies and Users?
You only need 1 subscription for each company connected. You can share the connected company in Watchful Eye with as many users as you like. There is a drop-down menu under your username to manage the company and who has access to it.
What do you get with a free trial?
Watchful Eye provides a full use free trial for 30 days for 2 companies. You will be notified when your company is nearing the end of the trial & your data is automatically deleted from our platform 30 days after the trial has ended.
How do I add additional companies?
You can add additional companies by adding a subscription. You just need to have enough subscriptions to connect the number of companies you require. There is a drop-down menu under your username to manage subscription and companies.
How do I create a Group of companies?
Under the username menu drop down, select Manage Group. Simply give you group a name & then add the companies that you want to be part of the Group & Watchful Eye will start analysing the data across the group.
Set up any Group Alerts you want to start receiving.
If you are not yet generating payments from your accounting system, we think this is one of the best improvements you can make to your internal controls. As your Supplier Invoice volumes increase, Batch Payments also help reduce the manual work in making payments...
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Another great issue of XU Magazine is out, find us on page 92 XU Magazine - Issue 20 - Watchful Eye #xero #xumagazine #qualitycontrol #internalcontrol
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...
Want to find out more about Watchful Eye?
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Or check out our FAQ.