Stay a step ahead of sneaky cash flow risks and spend more time on your business

December 10, 2019

 

 

7 cash flow risks you may not think to look for that XBert detects.

 

Cash flow can make or break a successful business. Some cash flow risks, like overdue invoices, are easy to identify. Others are time-consuming or almost impossible to find. These risks affect your client’s profit and loss, but can also impact compliance and lead to fines.

 

1. GST registration status

 

Businesses can change GST status at any time. Unless you or your client are notified of the change or manually check the supplier’s record against the Australian Business Register (ABR), your client could continue to be charged GST and may never get that money back.

 

 

2. Cancelled or unregistered businesses

 

Business can also deregister at any time. Unless you check the ABR, your client could continue trading with a cancelled business, leaving them vulnerable to fraud and big money losses.

 

 

3. ABN and business name discrepancies

 

Without a valid ABN, you can’t confirm the legitimacy of a business, GST status, or if payments need to be withheld.

 

 

4. Overdue invoices and bills outside normal behaviour

 

Invoices and bills are rarely paid on time, but to reliably assess debtor risk, you should consider customer payment behaviour. If a customer who usually pays seven days after the due date still hasn’t paid after 12, there's increased risk of non-payment.

 

5. Incorrect account coding for transactions

 

Coding errors make financial reports inaccurate and can affect compliance if transactions are coded to accounts with different GST rates applied. Without an efficient method to recognise the anomaly, errors may get repeated.

 

 

6. Unusual monthly billing or invoicing

 

Amidst the hundreds of transactions handled each day, will you notice if a client’s monthly invoice from a supplier jumps from $12,000 to $15,000? Will you assume your client ordered more, the supplier raised their prices, or it's just a typo? It could be potential fraud.

 

7. Duplicate contact records, invoices or bills

 

Raising duplicate bills and invoices produces inaccurate reports used for decision making and clients may lose money paying multiple times. Duplicate contact records can cause payment delays if the information is wrong or outdated.

 

 

 

XBert for Xero

 

XBert helps accountants, bookkeepers and business owners stay a step ahead.

 

The latest advancements in data science and machine learning automatically detect patterns, anomalies and possible errors in your Xero data.

 

You receive hourly alerts, called XBerts, to financial risks. Resolve these risks directly in Xero, and use the extensive collaboration tools to manage client requests, streamline workflow and track discussion.

 

XBert alerts you to risks before you know the risks exist!

 

Analysing and auditing your data hourly, XBert finds things that are time-consuming, difficult, or that you may not think to look for. 

 

XBert does all the hard work, saving you time so you can focus on building client relationships, value-adding and growing your business.

 

*XBert currently integrates with Xero, MYOB and Quickbooks are coming soon.

 

 

 

 

XBert CONNECT – manage your practice and improve productivity

 

XBert CONNECT is perfect for managing multiple clients efficiently from one dashboard, with the critical information for each client organisation summarised. 

 

Invite your internal team to your CONNECT account and invite clients to the relevant organisation. Assign XBerts to a team member or client, create and assign tasks, use team chat and activity feeds to monitor work, and manage client requests.

 

At a glance, track the XBerts and tasks for each client using CONNECT’s Process Status. Set up process tags for categories or use our default set, e.g. BAS, Tax, GST, then tag the XBerts and tasks. You see the number of outstanding XBerts and tasks for each client and can click through for more detail. 

 

XBert continually monitors the ABR so that you don’t have to, alerting you to any GST, ABN, business name or registration discrepancies with your client’s contact records. 

 

Possible duplicate contacts, bills and invoices; anomalies and unusual activity for billing, invoicing or customer payment behaviour; data entry and account coding errors are just some of the other alerts.

 

 

 

 

Build your advisory services with smarter data and smarter insights

 

XBert provides up-to-date visibility over business finances and helps ensure data integrity from the start. More accurate data means more accurate insights and reduced chance of non-compliance.

 

XBert’s simple yet powerful snapshots and charts encourage better conversations with clients on business health, patterns and trends. Use these actionable insights to create meaningful value and work towards future growth.

 

 

 

Next steps

 

It only takes a few minutes to create a CONNECT account and load your first Xero file. You’ll soon discover the amount of money at risk and what those risks are. As you load more files, these organisations appear on your CONNECT dashboard. 

 

To learn more about XBert: 

 

We look forward to working together to help you resolve risk, save time and save money.

 

 

 

 

 

ABOUT XBERT

 

XBert integrates with your cloud accounting software to save you time and money by providing smarter real-time insights and financial snapshots.

 

Using the latest advancements in data science and machine learning, XBert automatically detects patterns, anomalies, and errors in accounting data, notifying you about bookkeeping errors and financial risks to your business. 

 

 

 

 

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