Previously, businesses had to manually enter new contacts or account codes to reconcile these transactions — a time-consuming process that risks manual error. Bank reconciliation predictions adds to a growing portfolio of Xero's AI enabled product features, most recently Analytics Plus, a suite of planning and forecasting tools, powered by artificial intelligence and designed to help businesses and advisors plan for the future with confidence. Xero also uses two core machine learning techniques —text classification and entity recognition — to free small business owners and employees from repetitive tasks with automatic form filling in both Hubdoc and Xero Expenses. Kendra Vant, EGM of Data said: "As we continue to leverage AI to build rich customer experiences, we'll streamline more and more critical business tasks and processes for our customers, whether it's reconciling transactions, filing expenses, or forecasting for the future."