Xero unveils largest bank reconciliation improvements in a decade
Xero has unveiled the most significant improvements to bank reconciliation on the platform in a decade.
The company started cloud-based bank reconciliation in 2007, creating a fast and straightforward way to reconcile banking transactions against the accounting ledger, providing real-time representation of a business’s financial position without the need to check transactions manually.
According to Xero, bank reconciliation is one of its most popular features for small businesses and advisors. Xero has processed more than 1.76 billion bank transactions for more than 2.7 million subscribers worldwide in the past year.
The new improvements to bank reconciliation are available for all Xero subscribers and leverage Xero’s AI capabilities.
Some new improvements include:
- An all-new design and interface to manage bank rules and reconciliation.
- Better matching algorithms, powered by AI, making more accurate suggestions.
- The ability to remember customer transfers between bank accounts, reducing data entry for recurring transfers.
- Suggestions for contacts and account codes, this feature is coming soon for new transactions entered into Xero that haven’t been reconciled previously.
- New search capabilities are another feature coming soon to help businesses find and manage the right bank rule.
“Since we introduced bank reconciliation in Xero in 2007, it’s become one of the most fundamental and most loved features of the platform,” says Xero executive general manager, products & payments, billing & automation, Craig Walker.
“By gamifying this business-critical yet time-consuming task, we’ve been able to turn it into a seamless and straightforward work flow for business owners and bookkeepers. Much has changed at Xero over the past 15 years, but our vision remains the same, we want to make life better for small businesses, advisors, and communities worldwide.
“The concept of bank reconciliation hasn’t changed either. With more than 1.7 billion transactions processed in the past year alone on Xero, we’re able to make the insights it provides even more powerful while saving crucial time for business owners,” he says.
Bank reconciliation uses Xero’s growing network of connections to more than 300 banks and financial service organisations globally, giving subscribers access to real-time banking data automatically fed into the Xero platform.
Xero says the additional improvements make bank reconciliation faster and easier to use for small businesses and advisors. It says improved insights help them make better decisions, plan for the future, access capital, and ensure compliance.