All customers on Xero’s business edition plans will soon have the ability to snap photos of their receipts directly through the Xero Accounting App, email documents to a bespoke address, or drag-and-drop over the web.
This AI-powered extraction and capture will be at no extra cost.
By embedding advanced large language model technology to extract data, Xero said its users will now be able to read receipts, sales invoices and landlord’s rental statements. Catured by the user, in under 20 seconds, saving time previously spent manually entering data.
The technology provides an enhanced level of accuracy and creates pre-populated digital records directly within Xero, making one of the most critical parts of compliance effortless.
Xero will automatically suggest which existing bank transactions match these records, for customer to review and approve.
Xero’s UK MD, Kate Hayward, said: “Many businesses are still trying to understand the requirements around Making Tax Digital, but with AI the good news with Xero is that data entry doesn’t have to be done manually any more, and users can worry less about mistakes. Being able to simply snap and capture in seconds will allow businesses to stay on top of things much more easily. We’re pleased to be bringing this functionality to UK customers first, but we won’t be stopping there. More features will follow this year.”
