Xero introduces AI tool JAX to boost accounting accuracy
Xero has unveiled a new technology aimed at improving the accuracy of artificial intelligence (AI) in the accounting process. This development was announced at Xerocon London and will support the upcoming AI-powered smart business companion, Just Ask Xero (JAX). The proprietary technology is set to be available in beta in August for small businesses and their advisors in Singapore.
JAX will enable Xero's customers, as well as accounting and bookkeeping partners, to complete tasks such as generating invoices or editing quotes within Xero or other commonly used applications such as mobile apps, WhatsApp, and email. The technology behind JAX ensures a higher degree of accuracy compared to other AI models that solely rely on large language models (LLMs). It employs a control system to ensure that the data fed to the LLMs is specifically related to the relevant task.
Koren Wines, Managing Director for Xero Asia, highlighted the need for flexibility and seamless access to digital tools for small business owners. "A day in the life of a small business owner can be frenetic. It often looks very different from one day to the next. As such, they require flexibility in how they work along with seamless access to their digital tools. Xero is meeting this need for small business agility with intelligent AI tools like JAX, ensuring that critical business tasks are available to business owners wherever they are," said Wines.
Xero's chief product and technology officer, Diya Jolly, elaborated on the critical nature of accuracy in accounting tasks. "It's critical to ensure accuracy in accounting tasks, which means using GenAI presents a unique challenge. LLMs are incredibly powerful yet can be flawed. When they are ungrounded and don't have access to the right information in context, they can make up data points. In accounting, we can't make up information. That's why implementing a technology like this is so groundbreaking for the accounting industry. It puts the right guardrails in place around the AI to ensure Xero customers using AI for accounting tasks can trust the precision and accuracy of JAX," Jolly stated.
The new proprietary technology also aligns with the broader Xero platform measures for data security. It ensures that the LLMs only receive data the user has permitted Xero to access, keeping the data secure within the platform.
Ken Leong, Director of 361 Degree Consultancy, an accounting firm and software integrator in Singapore and Malaysia, expressed enthusiasm for JAX. "We're really excited to inform our customers about Xero's new AI-powered business tool JAX. These new and intelligent GenAI features have been highly anticipated because with JAX we will be able to respond to our customers much faster," stated Leong.
In addition to JAX, Xero introduced other generative AI developments at the conference. These include new AI-powered help content summaries within the Xero platform, which aim to surface accurate answers more quickly. Generated answers in Xero Central, the customer support and learning site, have reduced search times by approximately 40%. Additionally, Xero has rolled out an AI-powered setup guide to assist new users in setting up their Xero dashboard, providing relevant answers and information as they get started with the product.
To help small businesses and their advisors understand and embrace AI, Xero has published tailored AI guides. These guides aim to provide practical ways to get started with AI and highlight the success stories of small businesses and advisors who have successfully implemented AI in their operations.
