Brett Wilgar

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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White collar crime ‘rampant’ as nearly 900 fraud complaints go uninvestigated

This highlights the prevalence of employee fraud in New Zealand, and the inability of companies to protect themselves or provide the necessary details for this fraud to be investigated by the police.  The article states there is little deterring criminals from committing fraud and “(it is) a bit of an internal joke in police that if you’re going to commit an offence, fraud is the offence to commit (as) the chance of being detected is incredibly low…..” Watchful Eye software…

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Watchful Eye Software Limited 2019