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
Features
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
Alerts
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
Checking Invoices with GST are from GST Registered Suppliers
In Australia Only, Watchful Eye now checks Supplier Invoices with GST deducted to make sure that the Supplier is GST registered
Generate Payments from within Xero + MYOB
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
Always Attach Supplier Invoices in Xero
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
Ensure Employee data is in Xero + MYOB
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.
Our Blog
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."...
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...
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...
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...
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....
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...
Contact Us
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Or check out our FAQ.