Xero revamps bank recs, injects AI
Xero has updated what it calls its most popular feature, bank reconciliations, with a brand new design and artificial intelligence-powered actions.
According to Xero, the cloud accounting company has processed more than 1.76 billion bank transactions for more than 2.7 million subscribers around the world in the last 12 months alone. The new improvements are aimed at saving accountants and business users time by reducing data entry and increasing accuracy.
New features include:
- New design and interface – Designed to more easily manage bank rules and reconciliation;
- Smarter matching algorithms – powered by artificial intelligence, designed to make more accurate suggestions, faster;
- Transfer memorization – which intelligently remembers customer transfers between bank accounts, aimed at reducing data entry for recurring transfers;
- Suggestions for contacts and account codes – coming soon for new transactions entered into Xero that haven’t been reconciled previously, giving businesses and bookkeepers a starting point and further reducing data input; and
- New search capabilities – coming soon to help businesses find and manage the right bank rule quickly.
“Ever since we introduced bank reconciliation in Xero in 2007, it has become one of the most fundamental and well-loved features of the platform,” said Craig Walker, Xero executive general manager product for payments, billing and automation in a statement. “By gamifying this business-critical yet time-consuming task, we’ve been able to turn it into a simple and seamless workflow for business owners and bookkeepers.”
Xero is connected to more than 300 banks and financial services organizations around the world. In the U.S., Xero has direct bank feed connections with banks including Wells Fargo, Capital One, Chase and more, all of which help ensure small businesses have direct, real-time access to their transactions directly in the Xero platform for reconciliation.