Global small business platform, Xero, has announced its artificial intelligence (AI) vision alongside the preview of its soon-to-be launched GenAI powered business assistant, 'Just Ask Xero', also known as JAX, at its inaugural Investor Day. The AI vision has the potential to revolutionise accounting, to deliver far-reaching benefits for small-scale enterprises.

Xero plans to radically improve the way small businesses and their advisors can manage their accounting by integrating AI into business-focused tasks. This integration is set to enhance efficiency and provide detailed insights. Xero's new approach includes the introduction of conversational user interfaces on apps and other platforms, the automation of routine accounting tasks, and the delivery of pertinent insights at appropriate times.

Chief Product Officer at Xero, Diya Jolly, said, “Technology has changed the lives of small businesses dramatically — first with cloud accounting, then automation, and now through GenAI. We’re embracing this new wave of tech innovation responsibly, with our customers at the heart of what we do, as we deliver on our vision to be the most trusted and insightful small business platform.”

JAX, the GenAI-powered smart business companion, allows users to interact with Xero's product directly from within their frequently-used applications and devices. When available, Xero’s customers will ask JAX to perform tasks such as generating an invoice, editing a quote or paying a bill on different platforms like mobile, WhatsApp, and e-mail. Along with task fulfilment, JAX will also anticipate future tasks and give rapid and customised insight, such as cash flow forecasts, on demand.

The AI assistant is also playing a crucial role in enhancing the customer onboarding experience at Xero. The AI assistant aids users with relevant answers and information as they configure their Xero dashboard. In the future, the company plans to integrate the AI assistant into the JAX experience to refine the onboarding and troubleshooting experiences for users.

Xero has experienced promising results through the incorporation of a GenAI tool into Xero Central which assists customers with answers in a conversational language, resulting in a 40% reduction in average customer search time and 20% reduction in customer service support required.

To assist in achieving its AI vision, Xero has recently appointed two senior US hires, Eitan Sharon and Akankshu Dhawan. Jolly said, “We’re putting the right global experience, strategy, data and partnerships in place to harness the power of AI, while making sure our tools remain grounded in truth. Eitan and Akankshu’s many years of experience in accelerating digital commerce and empowering worldwide businesses through AI, supports our strategy as we continue to drive innovation and value for our customers.”

Xero has a wealth of experience with AI underpinning its products, including bank reconciliation predictions, Hubdoc data capture, Xero Expenses, and cash flow forecasting in Xero Analytics Plus. “AI already powers many of Xero’s everyday features, saving our customers time and delivering them important insights. Our AI vision builds on our strong foundation of experience in building data-driven products, and holds true to the responsible data use commitments that guide our decisions,” concluded Jolly.