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Xero Releases New, AI-Enhanced Contact Predictions for Customers

Indi Tatla

May 17, 2024

Accounting software firm Xero has launched its AI-based contact prediction feature, designed to streamline bank reconciliation procedures. This feature, recently announced at Xerocon Sydney, is now accessible to Xero users worldwide.

The innovative feature utilises Xero's extensive business register and vast data resources to recognise new contacts in users' statement lines. The AI, capitalising on past data from millions of transactions across Xero, suggests new contacts based on recognisable businesses in user's statement lines. For instance, it will identify businesses such as 'Amazon', 'Transport for London', or 'Officeworks' and recommend these as new contacts.

Integration of this mechanism saves users valuable time that would otherwise be spent manually identifying and inputting these businesses. It's important to note that this feature only validates exact business names. Spelling inaccuracies, such as 'Amarzone' instead of 'Amazon', will not be verified, ensuring only legitimate business entities are stored in the business register.

Recognising the newly predicted contacts is straightforward. Existing bank reconciliation predictions display contact and account codes in italics. Similarly, the new contact predictions will retain the italic formatting and will carry a 'NEW' tag in the contact field for both expenditure and income transactions.

This AI-powered contact prediction will streamline the bank reconciliation process, making it efficient and error-free for Xero's customers. However, it may not appear on every transaction as it primarily targets larger businesses to maintain optimal accuracy.

AI has been instrumental in powering a variety of products across Xero, aiding in alleviating the burden of manual and time-consuming procedures while providing timely and appropriate insights. The inclusion of this new feature on Xero is a testament to the company's commitment to elevating its AI algorithms' potential. Through this, they look forward to enhancing user experiences and await feedback on these technological advances.

To learn more about this feature, visit Xero Product Ideas.

For a detailed understanding and to view Xero's new bank reconciliation predictions, check out the original article.

About the author

Growth, go to markets and tech, over 16 years in a startup or scale up tech company.

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