As someone who uses Xero and Quickbooks on a weekly basis...... if they get this right..... I think it's a real game changer for the industry.
A snippet from the AFR article -
"The chief executive of listed accounting software business Xero has claimed machine learning-based automation will be a bigger change than the advent of cloud computing, as it starts to offer options to automate accounting tasks.
Xero boss Rod Drury said the company would unveil a new feature to its software this week which would automate the coding of invoices and bank transactions for its small business customers, work that has been conducted personally by business owners or accountants until now.
The process was targeted for automation after Xero's Find & Recode feature showed 3.1 million invoices had been incorrectly recorded by its 862,000 subscribers in the 18 months to September 2016. It is the first introduction of machine learning automation at Xero since it shifted its infrastructure to run on Amazon Web Services in 2016.
Mr Drury said the application of machine learning was the first of its kind in the industry and signalled the dawning of a new wave of innovation for accounting."
Drury is playing the long game with Xero, if you are happy to put your Xero investment in the bottom draw...... give it time, it will bear fruit..... quite a lot I think.
XRO Price at posting:
$17.22 Sentiment: Buy Disclosure: Not Held
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