Kendra Vant, EGM of Data said:
“As we continue to leverage AI to build rich customer
experiences, we’ll streamline more and more critical
business tasks and processes for our customers, whether
it’s reconciling transactions, filing expenses, or
forecasting for the future.”
Harnessing AI forms
part of Xero’s global data strategy, building on the data
flowing through the small business platform to create new
capabilities that improve the Xero experience for businesses
and advisors, save them time and deliver insights to help
them plan for the future.
Bank reconciliation is one
of Xero’s most used features, with more than 1.7 billion
transactions reconciled in the Xero platform over the past
12 months. The machine learning algorithms for bank
reconciliation predictions learn from millions of these
historical reconciliations across different organisations.
As the algorithms improve over time, businesses can complete
bank reconciliation faster, with more accurate information
and reduced manual data entry.
“While each small
business is unique, there are many patterns we can learn
from the reconciliation activity of our millions of
subscribers globally. This scale and reach allows us to tap
into the ‘wisdom of the crowd’ and reduce toil for small
business owners, while maintaining the security and
assurance they expect from our platform,” Vant
said.
“With these new bank reconciliation predictions,
we can suggest to a user that money spent at an office
supply store is likely to belong in Office Expenses, even if
it is the first time you’ve shopped at that
store.
“This may seem inconsequential, but any time
spent on manual data entry is time not spent on the
business. By streamlining a core task like reconciling bank
statements, we’re able to reduce stress and give business
owners more time in their day, while making sure their data
is accurate and up-to-date so they can plan with confidence
with their advisors,” Vant added.
The data team at
Xero has expanded in the past two years and now operates
from Australia, New Zealand and Canada. Xero’s team
of data scientists and engineers work to integrate different
AI applications across the Xero product suite, giving them
opportunities to contribute to Xero’s growing portfolio of
machine learning products operating at scale.
The new
bank reconciliations predictions feature will roll out in
phases to all customers. As Xero continues to improve these
algorithms, users will see Account and Contact predictions
in bank reconciliation more
frequently.
© Scoop Media
Join the Scoop Citizen Community
20 years of independent publishing is a milestone, but your …….