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Living in a code-free world
12 October 2017
Building on the success of its first machine learning project, Xero has unveiled the next step in its journey towards code-free accounting – the automation of account codes and bills for small businesses and their partners.
With more than 500,0000 bills entered into Xero every day, and each line of the bill edited individually, the automation of billing account codes is set to transform accounting practices, ensuring greater accuracy and reducing the time businesses spend creating bills.
Xero said that bills is the second-most commonly used feature, but it has the second-highest rate of defaults, as many small business use very different systems. It discovered 50% of businesses use 10 or more expense codes, with many creating their own codes, which often means that information is entered incorrectly.
Xero’s new artificial intelligence system considers each individual business’s characteristics, then recommends account codes based on what it has learnt.
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