Investing in AI
I think the time has come to invest in AI, as a accounting software leader (Xero). Many people invest their money in AI software, like accountants, to do better / more accurate and faster budgets, forecasting (cash/accrual) mixed with different scenario's, transaction reconciliations and presentations of data/information and graphs. This usually in excel; outside the accounting software, where mistakes are likely to happen. I am not in IT, or software development/integrations, so I do not have an idea what this type of investment would cost, but my gut feeling is it would be worth it.
Johan de Witt
shared this idea
Like your forward thinking, Johan.
As Freya mentioned there is some AI going on in Xero already with the way Xero makes suggestions to help you reconcile your bank account.
We recently shared some insights with our customers on our approach to generative AI with Xero and you can read more about this on our blog.
Later this year you'll see Just ask Xero (JAX) be introduced and I'll round back to share once this is available.
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Martin Danger
commented
With the introduction of AI, I strongly hope that AI is used primarily to reduce the workload for users. This JAX AI support chatbot (i think that's what it is) is there to reduce the workload for Xero, not for users. I have yet to interact with an AI chatbot that provides support better than a human does. I bet my house that users will be the trainers of this AI and those users will get absolutely zero compensation for their time.
How about using AI to change workflow (for the better, not like new invoicing)?
With new invoicing, every single time (am I mean literally ever single time) I look at an invoice that is pending approval, I click on the approve button, not the "Approve and Send" button. Get the AI to recognise this very obvious pattern and change the default button to "Approve".
Every single time I approve an invoice awaiting approval and there is at least one more invoice waiting to be approved, I click on the link to invoices, then the tab called "awaiting approval" to check and approve the next invoice. How about having AI see that pattern and, if there is another invoice awaiting approval, then either take me there or provide a 1 click link to it. It could also realise that I never hang around on the screen shown to me after I click the "approve" button which probably means it's pointless to show me that screen.
Before XERO starts on something as complicated as a support chatbot, how about sorting out simple things like 'where does the user usually go after they do these actions". You don't actually need AI for this - it's statistics - based on the past, what is the chance that the user will open the next invoice awaiting approval?
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Faye M
commented
You can use AI to predict average receivable from customers/clients/contacts by working out the payment cycle. The payment cycle is the time it takes for a payment to be made once an invoice is sent. There could be a column under "Sales Overview" list that will suggest the likely payment based on pass activity. The AI could also pull from Xero vast data base and make suggestion of likey payment time based on payment done by a particular contact, once it has verified that the contact is the same.
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Freya Pieroz
commented
You mean like the data-matching AI that makes suggestions when you're reconciling your bank feed?