The software company is planning to increase its turnover with a simple strategy that will strengthen tech offerings for small businesses. Xero will introduce an AI-powered chatbot for accounting tasks. It says that it will drive revenue and simplify the lives of small businesses. Just Ask Xero (JAX), a conversational program was being developed using AI technology and would be released in beta later in the year, this information was disclosed by the software giant during its Investor Day on Thursday.
According the Chief product officer Diya Jolly, technology has a huge impact on the lives of small businesses. It has changed lives, first with cloud accounting, then automation and now with the invention of AI. Diya Jolly said that they are using this tech innovation with their clients. As per Xero, JAX was an approachable and natural way for users to interact with its software.
Users can ‘just ask Xero’ to finish tasks, including producing an invoice, paying a bill or editing a quote. JAX can predict tasks as well, such as sending follow-up emails on overdue payments and offer insights, such as cash flow forecasts, to boost the confidence of users to make the right business decisions.
It comes after the announcement of AI assistant to onboard clients, added gen AI to its support portal Xero Central last year and machine learning to produce bank reconciliation forecasts. According to the test conducted by Xero, users that use Xero Central spent 40% less time searching for answers, with searches requiring customer service decreasing by about 20%.
It also hired two US-based experts to support its AI expertise, with Eitan Sharon joining as senior vice president of data and science in November and Akankshu Dhawan joining in September as senior vice president of product. Ms Jolly said that they are using global experience, data, strategy and partnerships to boost the power of AI.
Xero released JAX as part of a FY25-27 strategy called “Winning on Purpose” in 4 priority areas on Thursday. These included offering “winning” accounting, payroll services, and payments as the “three most critical jobs for small business”, developing a “winning” go-to-market strategy and “winning” in the future with AI.
CEO Sukhinder Singh Cassidy stated that these strategies would enable the company to double its size over time, after generating $1,399 million in FY23 revenue. “Our strategy is straightforward, focused, and purpose-driven. “We have solid foundations, a strong financial profile, and turbocharged capabilities,” she explained. “As we continue to develop Xero for the long term, we aim to be a world-class SaaS business, and believe we can double the size of our business.”
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