Xero​ ​launches​ ​machine​ ​learning​ ​automation​ ​to​ ​improve​ ​coding​ ​accuracy​ ​for  small​ ​businesses​ ​and​ ​their​ ​accountants

Building on the success of its first machine learning project,
Xero announced the next step in its journey towards code-free accounting – the automation
of account codes and bills for all small businesses and their partners.
With more than 500,000 bills entered into Xero every day, and each line of a bill edited
individually, the automation of billing account codes is set to transform accounting practices,
ensuring greater accuracy and reducing the time small businesses spend creating bills.
While bills is the second-most commonly used feature of Xero, it has the second-highest rate
of defaults, with every small business using the system differently. Fifty percent of businesses
use 10 or more expense codes, while others create their own codes, which means that
information is often entered incorrectly. Xero’s new artificial intelligence system will consider
each individual business’s characteristics, then recommend account codes based on what it
has learned.

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