Xero launches new AI-powered forecasting and planning tools
Accounting software platform Xero has today announced Analytics Plus, a new suite of planning, insights and reporting tools for small and medium-sized businesses.
The tools combine cash flow forecasting and advanced predictions, and are a ‘culmination of rigorous testing and development with the broader Xero community’.
The company has also officially launched Analytics, a tool that combines the existing short-term cash flow tool, which visually projects cash flow over 30 days, and a business snapshot tool, providing up to date insights on their business performance.
The Analytics tool has received a facelift since its initial release in pilot in 2020, with new features built-in — such as the ability to view future scheduled invoices and bills.
“To truly grow and thrive, every business needs to have access to trusted, insightful data that helps them understand where they are now, make decisions for today and where they might be headed in the future,” says Xero chief product officer Anna Curzon.
“Over the past two years, we’ve worked closely with small businesses and advisors all around the world to build simple, beautiful and powerful tools and reports that give them access to that data, all on the Xero platform.
“As our business scale has grown, we now are able to provide powerful AI-powered products that use rich, trusted data, to help small businesses not only understand their current position, but make decisions with confidence based on their future potential.”
AI-powered forecasts with Xero Analytics Plus
The new suite of tools in Analytics Plus use forecasts and reporting to give small businesses greater flexibility and foresight over their business, Xero says.
Using pattern-matching and predictive algorithms, short-term cash flow in Analytics Plus can detect and predict regular cash expenses and income over the next week, month or quarter. Businesses can see their future potential cash flow, the impact of upcoming expenses and discover opportunities to bring cash into the business by invoicing customers sooner, changing payment times or requesting a deposit. Owners can also plan for multiple scenarios by manually adding transactions to see how they might affect their cash position into the future.
Xero’s announcement comes after the company revealed a strong showing in its financial results released in May. RNZ reported that Xero’s profit for the year ended March 2021 increased to $19.8 million from $3.3 million the year before.
Revenue was up 18% to $848.8 million, and the company added 456,000 new subscribers around the world to reach a record 2.74 million subscribers.