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XBert

XBert launches AI data tool in the UK

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Australian fintech XBert is bringing its data quality audit and process automation tools to the UK, combining artificial-intelligence-driven risk alerts with an integrated practice workflow system.

7th Feb 2024
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Work intelligence platform XBert is now available in the UK, offering accounting and bookkeeping firms features such as data integrity monitoring and alerts powered by artificial intelligence (AI), automated practice workflows, analytics and client insights.

What does it do?

XBert’s AI Data Quality Audit solution connects with Xero and QuickBooks Online via their app stores to act as an extension to the cloud accounting programs by automating common processes and detecting potentially fraudulent or erroneous transactions. 

Once the API (application programming interface) connection is established, the tool uses its “XBerts” (a set of proprietary AI risk alerts) to scan the ledger data multiple times a day, flagging issues, errors, anomalies and financial risks in the data.

According to the XBert site, each function is designed to address particular sticking points in the accounting process and save accounting professionals time. 

Examples of these XBert functions include the ability to detect duplicate bills, missing bank statement lines, if a bill is raised with VAT but the supplier isn’t VAT registered, unpaid invoices, defunct business accounts and many more. The UK version currently has 55 XBerts, compared with more than 80 in its home territory, but the vendor told AccountingWEB it intends to expand this number rapidly in the coming year.

Users can also create custom XBerts – for example, to add an alert that notifies their team or client instantly if an income account drops month on month instead of waiting for the next advisory meeting.

Once an issue has been spotted, the system offers the capability to auto-resolve it in the cloud accounting tool or flag it to the client – for example, if it highlights a VAT discrepancy on a transaction, the user can either auto-resolve it or click to go straight to their cloud accounting tool to fix it.

XBert VAT alert
XBert

From an anti-money laundering (AML) standpoint, through an integration with Companies House XBert can flag incorrect company numbers, get an alert if a company adds a new director or set a flag for a yearly AML check (the system does not perform these checks itself).

In a similar way to Dext Precision (formally Xavier Analytics), the tool displays a percentage score based on the client’s data health. Users can drill into specific elements of the data quality score and the system gives background on how it was calculated – for example if a scan found duplicate bills or invoices, missing contacts or inactive accounts, this could bring down the number.

XBert health check
XBert

The system offers standard workflow templates including bookkeeping, payroll and end-of-month reconciliation.

Workflow system

XBert also offers an integrated Workflow Automation management system, built with the aim of improving practice efficiency, employee productivity and business performance visibility.

Through a central dashboard, accounting and bookkeeping firms can track time, assign tasks, monitor staff workload and deadlines, and analyse where staff are spending their time through team performance reports.

Xbert workflow
XBert

Rather than manually checking staff workloads, firm managers can use XBert’s AI-powered capacity planning functionality to assign work. If an employee is on annual leave next week, the system can auto-assign tasks based on the team’s respective capacity at the time.

Owners or managers can also look forward in time to get a breakdown of their firm’s future capacity to help assess whether they may need to outsource to meet demand or bring in another member of staff. 

Firms can use XBert’s standardised templates and client schedules to manage regular processes within their practice, or create templates for common workflows and customise them on different schedules for different client types.

The tool also helps firms assess pricing levels for clients. As it is constantly looking at clients’ books, the system is able to monitor trends such as increased activity or transaction levels, which could lead to a data-led conversation about increasing fees.

XBert also has a client portal, which can be white-labelled if needed. From the portal, firms can share data-cleansed reports and business insights with clients, assign them tasks or request compliance or other information. The portal also allows practice users to hand over aspects of the software to clients who do their own bookkeeping.

Value price approach

Launched in Australia by co-founders Troy Brown and Aaron Wittman, the tool was originally designed to help businesses save time by cutting out manual bookkeeping processes – and was in response to bad experiences both had with poor accounting data at previous ventures. 

However, after launching, XBert proved most popular with accounting and bookkeeping firms looking to find efficiencies in their cloud accounting workflows, leading the firm to pursue a different approach.

XBert’s Workflow Automation starts at £15 per user per month on an annual plan, while its XBert AI Audit Automation is subject to a value price based on select journal activity per file. This starts at £4 per file per month for 0–100 activities, with the price stepping up to match the level of activity. The first seven days of a file connection are free, designed to help firms price prospective new clients. For full details see XBert’s pricing page.

To find out more about XBert, you can book a demo or register for their launch webinar on Thursday 15 February 2024 to meet the founders.

Replies (1)

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By FactChecker
07th Feb 2024 15:01

Idle thought whilst sitting in GP's surgery, but what is it with Aussies ...
... Xero not Zero, now XBert not XPert?
Shouldn't a brand be easy to say & spell (even if no longer describing what's in the tin)?

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