Xero has unveiled comprehensive improvements to its bank reconciliation feature, the largest upgrade to the function in a decade.
In the past 12 months, Xero has processed more than 1.76 billion bank transactions for more than 2.7 million subscribers around the world.
The new improvements allow all Xero subscribers to leverage Artificial Intelligence(AI) capabilities designed to save time, reduce data entry and increase accuracy. They include:
An all-new design and interface: To more easily manage bank rules and reconciliation, making bank reconciliation simpler
Smarter matching algorithms: Powered by AI, to make faster, more accurate suggestions
Memorization for transfers: Intelligently remembers customer transfers between bank accounts, reducing data entry for recurring transfers
Suggestions for contactsand account codes: Coming soon for new transactions entered into Xero that haven’t been reconciled previously, giving businesses and bookkeepers a starting point and further reducing data input
New search capabilities: Coming soon to help business clients to more easily find and manage the right bank rule
Xero’s bank reconciliation feature leverages the product’s growing network of connections to more than 300 banks and financial services organizations around the world, giving subscribers access to rich, real-time banking data automatically fed into the Xero platform.
In the US, Xero has direct bank feed connections with banks including Wells Fargo, Capital One, Chase and more, all of which help ensure small businesses have direct, real-time access to their transactions within the Xero platform for reconciliation.