May 18, 2022

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Xero revamps bank recs, injects AI

Xero has updated what it calls its most popular feature, bank reconciliations, with a brand new design and artificial intelligence-powered actions.

The cloud accounting company says that it has processed more than 1.76 billion bank transactions for more than 2.7 million subscribers around the world in the last 12 months alone. The new improvements are aimed at saving accountants and business users time by reducing data entry and increasing accuracy.

New features include:

  • A new design and interface that is designed to more easily manage bank rules and reconciliation;
  • Smarter matching algorithms powered by artificial intelligence; and,
  • Transfer memorization, which intelligently remembers customer transfers between bank accounts.

Coming soon, Xero will also be adding new search capabilities, and a feature that offers suggestions for contacts and account codes for new transactions that haven’t been reconciled previously.

“Ever since we introduced bank reconciliation in Xero in 2007, it has become one of the most fundamental and well-loved features of the platform,” said Craig Walker, Xero executive general manager product for payments, billing and automation, in a statement. “By gamifying this business-critical yet time-consuming task, we’ve been able to turn it into a simple and seamless workflow for business owners and bookkeepers.”

Xero is connected to more than 300 banks and financial services organizations around the world. In the U.S., Xero has direct bank feed connections with banks including Wells Fargo, Capital One, Chase and more, to help ensure small businesses have direct, real-time access to their transactions directly in the Xero platform for reconciliation.