XBert is the name of our app, and also the name for our risk notifications taken from EXPERT BUSINESS ALERT.
To us, an XBert is our way of helping other businesses stay a step ahead.
We have some sophisticated algorithms and machine learning tools analysing your business' accounting data, looking for things even a highly trained eye may miss. Your accounting data is analysed hourly, and when any errors, anomalies, or patterns that could be a risk to the business are detected, they become XBerts.
The more XBerts you see, the more risks to the business you can resolve - and that’s a good thing!
We are continually building new XBerts to help solve common and more specialised problems for business owners, bookkeepers, accountants, and finance teams.
Within each client record, you’ll see your SNAPSHOTS. These give you a picture of your clients financial health. The first of your Snapshots shows the current number of XBerts your client has and the associated risk amount from unresolved XBerts.
Go to the XBERTS tab on the navigation menu to see an overview of each XBert. Click VIEW to see more detail on that XBert, issues that can arise due to this risk, and tips on how to resolve it.
There's also a search and filtering feature for XBerts to help you find what you need and prioritise workflow. On the XBERT dashboard, you'll see the search bar and filter menu on the right. You can filter XBerts using: Due Today, Flagged status, Resolved or Unresolved, Filed, and Assigned To Me.
Use just one filter, or any number, as required. Then, order the results using: Newest, Due Date, or Risk Amount so you can stay on top of things. When searching, use words such as supplier/client name, XBert detail e.g. GST, or an amount.
TYPES OF XBERTS
XBerts are categorised according to the type of risk: Bill, Bookkeeping, Debtor, Fraud, Invoice, or Supplier.
Bills Risks include an overdue bill, a duplicate bill raised, i.e. the same amount to the same client, and unusual monthly billing where XBert finds a billing amount differs compared to past months for that particular business.
Bookkeeping Risks include possible duplicate contacts, incorrect account classification and coding, lock dates not set or changed and, for Australian customers, incorrect ABN (Australian Business Number), an incorrect business name for an ABN, possible duplicate contacts, and incorrect account classification and coding.
Our system will also create an XBert if your cloud accounting system has not been updated with an entry for a bill, invoice, payment, or bank transaction in more than a week. It's a prompt to keep your records updated, or check that XBert is still connected to your cloud accounting package.
For Australian customers, XBert connects with the Australian Business Register (ABR) to ensure your contact records are accurate and current, and that you're trading with registered businesses. You can expect to see a large number of these type of XBerts when starting as your contact records are checked. Don't worry, you're not alone, and we'll have more on these XBerts soon.
Debtor Risk such as Overdue Invoice Outside Average Behaviour indicates that an overdue invoice is now high-risk based on the individual client’s previous payment behaviour, or has passed the average time all of your clients pay overdue invoices. These should be chased as a priority as your invoices could have been missed, or your client is in financial trouble.
Fraud Risk detects manual adjustments to your Profit and Loss and associated journals. There are often valid reasons for manual adjustments, but all should be investigated. XBert also alerts you when a contact's bank account details change.
Invoice Risks include a duplicate invoice raised, i.e. the same amount to the same client, and unusual monthly invoicing where XBert finds an invoice amount differs compared to past months for that particular business.
Supplier Risks include a bill raised with, or a payment to, a supplier not registered for GST according to that business' status on the ABR. Ensuring you don't pay GST unnecessarily, that can be money you may never get back!
RESOLVING AN XBERT
From the XBERTS dashboard, you can assign the XBert to a team member, add comments, set a due date, or flag it as urgent. Click VIEW on any XBert to see more detail, issues that can arise from this risk, and tips to resolve it. Here, you can also send a message to the assignee, and add comments.
When you're ready, select RESOLVE NOW within an XBert, and this will open your cloud accounting package for correcting. XBert is only authorised to read your accounting data and cannot make any changes.
Once resolved, an XBert still shows in the XBERTS dashboard for seven days and then they will automatically get Filed. You can also mark it as Filed before then. Find all Filed XBerts by using the tab on the Settings panel.