Online accounting platform聽Xero聽‘has聽experienced its biggest-ever growth’聽after introducing machine learning and聽artificial intelligence聽to its business.
In the last 12 months, the company has processed more than NZ$1.2 trillion of global economic activity, giving it a聽high-value聽dataset to drive insights and machine learning.
Its system can now code invoices for small businesses, categorise expenses and recommend accounting practices to a potential client.
This reduces human error while automating much of the busy work of accounting, freeing advisors up to focus on providing clients with advice.
鈥淢achine learning and automation will open up the next phase of innovation in accounting, driving a transition in the industry bigger than the move to the cloud did ten years ago,鈥� said Xero CEO and Founder, Rod Drury.
鈥淩ather than just keying in data, they鈥檙e interpreting the output 鈥� and with the power of machine learning, they鈥檒l provide higher level advisory services that help clients feel in control of their finances which is a key human function that cannot be replaced.鈥�
Cloud聽Innovation聽has also played a key part in Xero鈥檚 rise to help more than one million subscribers, a figure which has doubled in less than two years.
鈥淴ero has evolved from the market challenger into one of the leading global cloud accounting platforms.
鈥淭he first challenger to surpass one million subscribers is a significant milestone for cloud accounting and validation for an industry which didn鈥檛 exist a decade ago.
鈥淭ogether with our accounting partners and small business owners, we鈥檙e so excited to lead the industry innovation charge,鈥� said Drury.
With Xero subscribers in more than 180 countries, many are now doing business across borders not just in their home countries thanks to the changes to trade made possible by cloud technology.
This has allowed for the globalisation of small businesses which have grown up without the need to operate within the confines of a single country鈥檚 borders.
鈥淥nly a global platform 鈥� on a single global code base like Xero 鈥� can offer the opportunity for small businesses and their advisors to expand their businesses offshore, connect to banks in multiple countries,” said Drury.
鈥淚t also allows them to use Xero鈥檚 technology and payment partnerships with Google, Apple, Square, Paypal, Stripe and others to do business seamlessly all over the world. It sets in motion a global network effect as small businesses expand their trade between countries.”