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
Former employee stole more than $30k from Gore business
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...
Ministry of Transport swindler Joanne Harrison pleads guilty to benefit fraud
Often when offenders of employee fraud are caught, stories of their offending in prior roles comes to light. The fraud they commit adversely affects the companies and employees they work with and many are let go without prosecution because of the stigma around the...
Canberra woman who nabbed $157,000 jailed for ‘largely inexplicable’ fraud
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...
SkyCity fraudster jailed for seven years, eight months
There has been a lot of coverage of this case and it is good to see that Judge Philip Connell not only highlighted that Grant's repetitive offending had breached the organisations' and employees' trust, but also that she, and others who commit employee fraud, will be...
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...
Former Public Trustee contractor jailed for stealing more than half a million dollars
Often fraud happens over a long period of time, with the perpetrator becoming bolder as time goes on and the fraud remains undetected. Watchful Eye software monitors every transaction and reports on changes and anomalies which can prevent this from happening. By...
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