Brett Wilgar

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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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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Watchful Eye Software Limited 2019