XERO HAS partnered up with an artificial intelligence provider in an attempt to create a more streamlined accountancy software product.
Online accountancy IT provider Xero has teamed up with AI technology provider Celaton to offer its inSTREAM product to Xero users. The add-on has been designed to detect and protect firms and businesses from inaccurate and irrelevant data seeping into the organisation.
In 2012 Xero made its first foray into the accountancy market with the acquisition of Max Solutions. Previously Xero concentrated on software for accountants’ clients. The latest offering shows the company’s determination to market to accountancy firms.
Its inSTREAM add-on, automatically extracts information from places such as email and “guarantees accurate input” into the Xero system, according to the two IT companies.
Celaton claims the new product will replace time and labour intensive book-keeping requirements and is estimated to reduce transaction costs by 74%.
“Cloud technology is rapidly transforming the way accountants work, as practices endeavour to become as efficient as possible and eliminate geographic barriers for working with clients. However, practices are finding that they are hitting a wall due to the added administrative burden and additional clerical staff needed to process the increased number of documents,” said Celaton CEO Andrew Anderson (pictured).
“By bringing the benefits of inSTREAM to Xero we are removing those barriers to scaling and freeing up accountants and bookkeepers to focus on adding value to clients.”
As part of its drive to break into the accountancy market, Xero released practice management software that enabled practitioners to manage their time and fees more efficiently, in April last year.
“Our aim is simple – to create beautiful accounting software that makes it easy for accountants and business owners to work together and manage their finances,” said Gary Turner, managing director of Xero UK.
“Every once in a while a technology comes along that you can see will genuinely transform the way accountants and bookkeepers work.”
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