Xero recently showcased a range of new AI-empowered features at its premier Xerocon event in Sydney. The upgrades, specifically tailored for small businesses and their advisors, aim to redefine operational efficiency and decision-making.
AI Takes Center Stage in Enhancing Business Operations
Xero is leveraging AI’s predictive capabilities to supercharge its bank reconciliation function. In upcoming updates, machine learning will identify new contacts that aren’t on a business’s existing Xero contact list, making data entry more intuitive. “Xero is committed to continuously innovating to help businesses streamline time-consuming and manual processes,” explained Diya Jolly, Chief Product Officer at Xero.
One significant change is Xero Analytics Plus’s short-term cash flow forecast expansion. It will now incorporate predictions for regular invoice and bill payments. This gives small businesses improved foresight into their prospective financial health, allowing for better-informed planning and decision-making.
Boosting Customer Support with AI Innovations
The company is also venturing into generative AI to upgrade customer support. Experiments are underway in Xero Central, their customer support hub, to furnish clients with rapid information retrieval from existing content. A novel AI assistant is also being tested to facilitate Xero onboarding for small businesses. The company’s collaboration with cloud tech pioneer Amazon Bedrock enhances these experiments, positioning Xero at the forefront of leveraging generative AI for customer support.
Helping the Hospitality Sector in Australia with Planday
The hospitality sector, a significant employer in Australia with nearly 950,000 workers, often grapples with intricate award rates and penalties. Xero’s acquisition, Planday, aims to alleviate these concerns with its award interpretation tool tailored for the sector. This tool promises to simplify payroll and rostering for employers, ensuring they stay compliant while managing labor costs more effectively.
Seamless Payment Management with Stripe Collaboration
In a bid to create a cohesive payment experience, Xero is joining forces with Stripe. This partnership will facilitate businesses to control more of their payments directly within the Xero platform. Expected to launch later this year, the integrated system will allow Stripe users on Xero to access payment transaction details and issue refunds directly. The collaboration aims to provide Xero customers with faster payment processing times, enhancing cash flow.
Redefining the Advisor Experience
Xero is reimagining how accountants and advisors interact with its platform. With the introduction of a new single client record, advisors can now transition between Xero Practice Manager, Xero HQ, and Xero Tax without redundancy. This unified system promises to remove any overlaps, making the advisor experience smoother and more efficient.
Small businesses are the backbone of economies worldwide. As they grapple with managing operations, finances, and customer relations, platforms like Xero provide the much-needed impetus to simplify processes and boost efficiencies. With these latest innovations, Xero reaffirms its commitment to fostering a more seamless and intelligent business environment for its users.
Image: Xero
