Xero Introduces New, AI-Powered Analytics to Help Small Businesses
DENVER, July 16, 2021 -- Xero, a global small business platform, today announced Analytics Plus, part of a new suite of planning and forecasting tools, powered by artificial intelligence and designed to help businesses and advisors plan for the future with confidence.
Now available, Xero Analytics Plus combines cash flow forecasting featuring advanced predictions and insightful business reporting tools, directly available in Xero. The tools are the culmination of rigorous testing and development with the broader Xero community during a challenging period for small businesses, and build on the company’s commitment to be the most insightful and trusted platform for small businesses.
Xero has also officially released Analytics, a free tool for all Xero Business Edition subscribers that combines the existing short-term cash flow tool, which visually projects cash flow over 30 days, and business snapshot tool, providing up to date insights on their business performance. Since their initial release in pilot last year, the cash flow tool has been redesigned with an all-new look and the ability to view future scheduled invoices and bills, while the business snapshot report can now be viewed on a cash or accrual basis.
“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,” said 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
Analytics Plus supercharges forecasts and reporting to give growing small businesses greater flexibility and foresight over their business.
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.
A more powerful business snapshot tool gives small businesses a quick, easy-to-understand summary of their business performance to help them have meaningful discussions about their plans with their advisor. In Analytics Plus, businesses can see their performance over multiple years, drill into the details to analyse trends and identify areas for improvement.
“The mark of a good dashboard is one that when the end user opens it up, they can figure out what the data is saying in 20-30 seconds and Xero hits the mark with the business snapshot report,” said Felicity Pereyra, Founder of Elevate Strategies. “The visualizations are clean and help me see the exact information I need as a business owner to continue growing at the same pace.”
Xero Analytics Plus will be included and available in Established/Premium plans. More information can be found here.