Xero is an innovator in the financial technology space, building on strategic bank partnerships and incorporating machine learning and automation into the platform to ensure Xero users are working smarter and more efficiently.
Earlier this year, Xero set out to tackle a common problem among its customer base: account codes are hard. What resulted was the release of an innovative machine learning automation system designed to transform the accounting practices of small businesses and their partners.
The machine learning automation is an addition to the Xero software, evolving with the processes used by businesses and their advisors. For example, when a new invoice is created, Xero automatically suggests the account code so the SMB owner doesn’t inadvertently make a mistake.
Additionally, this is the first time personalized machine learning has been integrated into a small business cloud accounting system. The machine learning system learns from the accountants and assists the individual business on their own specific, personalized circumstances.
Xero’s machine learning capabilities were built on the back of its recent migration to Amazon Web Services, enabling the company to move and innovate faster than ever had before. For example, the average time to create an invoice in Xero is 1:38 (taking into account that on average, 500,000 invoices are inputted in Xero daily, or 13,600 hours every day). For every second Xero shaves off the average edit time, small businesses are collectively saved roughly one working month every day.
Lastly, automation capabilities make it possible for small businesses to worry less about where their invoice is filed as Xero learns where users store documents. With machine learning, accountants can spend less time on tedious tasks and more time with clients.