Accounting, for many, is a pain. I often screw up my accounting. Not because of the software, but because of my lack of knowledge about accounting.
From Xero’s press release: Xero’s new technology is the first example of personalized machine learning in a small business cloud accounting system. Developed in-house by a specialist team of engineers working full-time for a year across three different locations, the system uses detailed statistical analysis to learn from and assist the individual business and their partner based on their own specific circumstances.
The automation will mean small businesses no longer need to worry about where their invoice is filed – an invoice for time spent on site should be recorded against “Sales – Labor”, not “Sales – Materials”, for instance. The machine learning automation evolves with the processes used by the business and their advisor – when the small business comes to create their next invoice, Xero automatically suggests the account code so they don’t inadvertently make a mistake.
The new technology is the first step in Xero’s plan to build a bespoke, personalized assistant for small businesses and their accountants to cut the administrative burden, prevent mistakes, and enable them to spend more time growing their business.
The machine learning automation will initially be made available to a initial group of small business customers and their accounting partners for testing, before being launched to all Xero customers later this year.