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Xero Enhances Banc Rec

Xero has introduced bank reconciliation predictions. These use machine learning to predict contact and account codes for transactions that cannot be matched to invoices or bills using an organization’s bank rules, Xero’s matching logic or memorizations. 

The new capability, which will be rolled out in phases, replaces the previous need to enter these manually. Xero says as it improves algorithms, there will be Account and Contact predictions in bank reconciliation more frequently. 

The technology utilizes text classification and entity recognition, which Xero says are two core machine learning techniques.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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