Watchful Eye – Quality Control for Xero, MYOB
To help Accountants help their clients or businesses.
To drive quality and integrity into SME business processes.
Provide a simple, yet comprehensive assurance product giving companies comfort that all is well in their business.
The Watchful Eye story began a long way from quality control. Watchful Eye was born out of the founder experiencing employee fraud first-hand while working as a CFO.
With 5% of company revenues lost annually to employee fraud globally, fraud is a huge issue.
As such, it’s critical for small to medium businesses to understand how they can protect themselves from employee fraud.
The perverseness of employee fraud has necessitated a platform that allows for companies to have visibility of suspicious activity.
A tool was needed to highlight anomalies so that they could be proactively investigated, reducing the risk of employee fraud and the loss of company funds.
Watchful Eye’s initial approach to protecting companies against error and fraud was to take a holistic view of improving the integrity of Xero data while also investigating suspicious anomalies within the transactional data.
As early adopter companies connected to Watchful Eye’s platform, it became apparent that the actual use of accounting tools was quite poor.
This triggered a flip in Watchful Eye’s approach, bringing processing quality to the forefront to help SMEs get the most out of Xero’s functionality (while simultaneously protecting against error & fraud).
Who We Are
Founder & CEO
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 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.
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