Friday 24th March, 2017
Cloud accounting software provider Xero has announced a new product that brings machine learning and AI to the process of small business invoicing.
The machine learning automation technology will automatically suggest the appropriate account codes for an invoice based on past invoicing behaviour of the business owner and their advisor.
Xero points out that small businesses frequently mislabel invoices, creating more work for themselves and their accountants down the road.
Xero says early trials of the machine learning system have demonstrated improvements to the invoice process. In the majority of cases, the machine learning techniques indicated a better understanding of invoicing behaviour than Xero experts. By the fourth invoice, the system was accurate more than 80% of the time and by the 50th invoice, the accuracy consistently surpassed 90%.
The technology will initially be available to a handful of Xero's small business customers for testing before launching in general availability by the middle of 2017.