Assurance

Drive integrity & measure quality in your accounting system usage

 

Protection

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

Growth

Improve business practices to not inhibit growth

Watchful Eye. A simple but comprehensive assurance product giving you comfort that all is well in your business
Product Overview

Product Overview

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 Supplier, Customer and Employee attributes and relationships. Highlights…

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

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

Processing Quality

Six measures that graphically display the trend of the quality of transactional processing within your accounting system.

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.

Suppliers & Customers

Analyse 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

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.

Joanne Harrison’s $725,000 ‘web of deception’ revealed in new documents

There has been a lot of coverage of this case.  If one theme should be raised to my readers, it is that threatening behaviour of fraudsters is quite common – being ‘grumpy’, ‘unapproachable’, etc is a common front to avoid being questioned. Care should be taken when trust is placed in staff with these attributes. Also validating suppliers so ‘imaginary’ ones do not get set up in your accounting system (let alone having invoices paid to them) is very important.…

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Former IRD staffer jailed for theft of $265k

As part of our overall anti-fraud philosophy we suggest that you be professionally sceptical and respect your instincts.  This does not guarantee protection, especially when some people take enjoyment in breaching your internal controls, and when their behaviour is irrational and out of character.  Without reporting on your financial transactions and data it is hard to protect yourself. http://www.stuff.co.nz/national/crime/89355773/former-ird-staffer-jailed-for-theft-of-265k February 13, 2017 BEVAN READ/FAIRFAX NZ KELLY DENNETT Last updated17:00, February 13 2017 Michael Marsom appeared for sentencing in the Auckland District…

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A philosophy for reducing employee fraud for SMEs

Our first published article, thanks Inside Small Business Australia! https://insidesmallbusiness.com.au/planning-management/a-philosophy-for-reducing-employee-fraud-for-smes DECEMBER 20, 2016 Planning and diligence are crucial to reducing the risk of employee fraud. Employee fraud happens every day, search your favourite news site for fraud and a string of recent stories will be returned. Companies lose five per cent of annual revenues every year. SME companies were disproportionately represented in the 2016 report at 30 per cent of the cases and a median fraud loss of $150,000 with…

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Fraud leaves victims feeling angry and betrayed

A really good article on the impact of fraud in the Taranaki region. Not for Profits (NFP) appear to be exposed to Employee Fraud more than they should, which seems worse given that these organisations are set up to do good in the community. The impact on NFP is different to a commercial organisation.  The trust lost when the funds you receive are from public donations, but then diverted to fraudsters, impacts the ability of the Not for Profit to…

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Woman jailed for stealing $305K from employers

Watchful Eye was formed to help small to medium businesses who are disproportionately more often victims of Employee Fraud, and where it is more likely that this fraud threatens their existence. When we were a victim of Employee Fraud, gambling was claimed to be the motivation for the fraud.  Gambling appears to be a common reason or excuse for fraud and can make it very hard to trace what actually happens to cash once it has been stolen from the…

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Ex-Mediaworks employee jailed 3 years for fraud

Using invoices from real and false companies is a common way of being defrauded.  This is why we recommend that you only use the full legal names of your Suppliers and validate them using the Government run company databases – the ‘Companies Office’ in New Zealand and ‘ASIC’ in Australia. http://www.newshub.co.nz/business/ex-mediaworks-employee-jailed-3-years-for-fraud-2016101712 Monday 17 Oct 2016 12:57 p.m. An ex-Mediaworks employee has been sentenced to three years in prison after stealing nearly half-a-million dollars from the company. Rebecca Boyce invoiced the…

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Lynfield College accounts manager admits embezzling more than $400k

Often with small to medium businesses the size of the organisation does not allow for the separation of duties, and, as a staff member’s length of service extends, the trust builds – as is the case in this article. Trust, however, is not an internal control. Watchful Eye Software gives business owners\managers confidence in the trust placed on staff and gives staff trust in the integrity of the accounting system and business. http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11701907 3:04 PM Tuesday Aug 30, 2016 Lynfield…

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Former engineer sentenced to jail for $2m fraud

Watchful Eye has a useful feature that searches the companies office for your Employee’s addresses to look for Suppliers, Directors & Shareholders who have a similar address.  This would have identified the offending in this case. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11644370 11:28 AM Wednesday May 25, 2016 Paul Rose, 44, has been convicted on nine charges of obtaining by deception while his former partner Jane Rose was convicted on eight of the same charges. Photo / Michael Craig A former Mighty River Power engineer…

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Phone

NZ: +64 9 886 2850

AU: +61 2 8259 0395

Copyright

Watchful Eye Software Limited 2018