Quality Control for; Xero, MYOB
Measure & manage the quality of your accounting function
Reduce your risk and protect against errors & fraud with continous monitoring
Drive integrity into your accounting system usage
Establish enterprise business practices to support the growth of your SME
The Watchful Eye platform was built by Accountants for Accountants to help manage their accounting function for businesses using Xero or MYOB AccountRight.
Whether you are an Internal Accountant or an Accounting Advisor, Watchful Eye measures how well Xero or MYOB is being used. Whether it is ensuring Internal Controls are effective or whether you are getting the most out Xero or MYOB. Watchful Eye will give you a view of the quality of your accounting processes, all for less than a cup of coffee a week.
Watchful Eye Features
Watchful Eye is packed full of features to help Accountants improve their accounting function.
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.
Watchful Eye automatically generates a quality score based on how well we think the company is using Xero \ MYOB.
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.
Get an overview of how well the accounting processes are working, provide recommendations on improving internal controls, business processes, add-on apps & areas of training required for staff.
Export your Xero or MYOB data from our General Ledger menu & pop it into our Analysis Template, a Microsoft Excel pre-formatted pivot table to help you to analyse your company or provide advisory services to your clients.
Analyse Customer & Supplier transactions highlighting errors or suspicious transactions to investigate.
For Advisors & Bookkeepers ; get visibility across your client base to highlight who has good transactional processing practices along with those who may need some help.
Ten measures that graphically display the trend of the quality & volume of transactional processing within your accounting system. Click through (for Xero) to see the transactions to view or fix.
Validate all “Company” Suppliers and Customers names against AU ASIC, NZ Companies Office & UK Companies House. Validate Supplier, Customer & Employee physical addresses against google maps.
Keep your employee personal details current. Analyse transactions highlighting errors or suspicious transactions to investigate. View relationships between your Employees and your Suppliers & Customers.
Ensure your company's total GL transactions align to Benford’s Law distribution or understand why it doesn't align.
Analyse transactional data across companies that you classify as being in a group. We have found many cases of the same invoice being processed and paid from more than one company in the group.
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. For MYOB companies 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). For Xero companies there are currently API call limits so it can take a couple of days to get the first copy of the data, Xero are looking to remove the limits when a company first connects to an addon product (we are looking forward to this).
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.
Can the Watchful Eye team help us write the Xero or MYOB Assessment reports?
We would love to help to get you going writing Xero & MYOB Assessment Reports, contact us to assist by logging a support ticket within the Watchful Eye platform and we will walk you through the process.
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 1 company. 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.
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...
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While this may not be a large amount of money (in employee fraud statistics), it sends a good message about the need to keep a watchful eye over your accounting system to make sure nothing untoward is going on. Our Watchful Eye software continuously monitors your...
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Where there are no controls in place, and no analytics of payroll and payment data, this type of "not sophisticated" fraud is too easily carried out. It wasn't until the new CEO undertook a financial audit that the fraud was detected. Another common element here is...
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