Xero has bolstered its machine learning capabilities for document processing and extraction using technology from Hubdoc, a company that the cloud accounting firm acquired last year for $70 million.
According to Xero, the new machine learning capabilities means advisors will have access to more accurate information, gain deeper understanding of financial health, and the flow of data will become more automated.
Xero added it is working with advisors to pilot a short-term cash flow tool that uses data and advanced statistical methods to provide small businesses with a 30-day view of artificial intelligence (AI)-powered cash flow predictions, including impact of existing bills and invoices.
In addition, the company has introduced single sign-on, touting it as making it easier for developers to build on the Xero platform, onboard new users, and integrate Xero with certified third-party apps.
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Updates to the Xero Advisor Directory using geo-targeting have also been made, the company said during Xerocon Brisbane 2019, noting the technology will make it easier for small businesses to find a local accountant or bookkeeper and onboard new clients.
For the 2019 financial year, Xero recorded a net loss of NZ$27.1 million but recorded a positive cash flow for the first time, amounting to NZ$6.5 million.
According to Xero CEO Steve Vamos at the time, the company’s focus for the year was to increase its subscriber base, with the company adding 432,000 subscribers to put its total subscriber base at 1.8 million.
“We will continue to prioritise investment in growing our subscriber base, improving our capability to deliver more services to our customers and partners, and expanding our presence in new markets such as Asia, Canada, and South Africa,” he said.
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432,000 subscribers were added to Xero’s total subscriber base during the year.
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The acquisition is expected to bolster Xero’s presence in the United Kingdom.
Xero falls deeper into the red with NZ$28.6m H1 loss
Revenue was up 37 percent to NZ$256.5 million for the first six months of the 2019 financial year.
Xero expands machine learning features for small businesses
The New Zealand-based company has made a handful of announcements at its annual Xerocon conference in Brisbane this week.
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Despite posting a NZ$27.9 million after-tax loss, Xero is beginning to turn around its NZ$69 million FY17 loss with its first ever positive annual EBIDTA.