3036: Xero - The Future of Small Business Accounting: AI, JAX, and Mobile Innovation

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Sep 25, 2024

Akankshu Dhawan, SVP of Small Business & Growth at Xero, discusses how AI and mobile tech are revolutionizing small business accounting. He introduces Just Ask Xero (JAX), an AI-powered assistant that helps manage finances and boost productivity. With a decline in UK small business productivity, Akankshu highlights AI's potential to automate tasks like invoicing and bank reconciliation, allowing owners to focus on growth. He envisions a future where AI makes accounting more accessible, providing deeper insights and smarter decision-making for entrepreneurs.

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INSIGHT

AI and Mobile Boost Productivity

AI automates repetitive accounting tasks like bank reconciliation and invoicing for small businesses.
Combining AI with mobile technology makes accounting accessible anytime, increasing productivity on the go.

INSIGHT

Declining Small Business Productivity

Small business productivity declined 7% in the UK recently, reflecting a wider trend.
Recovery depends on capital investment, skill training, and supportive institutions.

INSIGHT

Xero's Practical AI Applications

Xero uses AI for automating bank reconciliation, data extraction, and invoice insights.
The AI copilot JAX offers real-time financial insights and proactive business action suggestions.

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In this episode of Tech Talks Daily, I explore how AI is transforming the way small businesses operate with Akankshu Dhawan, SVP of Small Business & Growth at Xero. With a growing focus on productivity in the wake of a significant decline for small businesses, Akankshu shares how Xero is reimagining accounting through the integration of AI and mobile technologies.

Xero’s latest innovation, Just Ask Xero (JAX), is an AI-powered business companion that helps small businesses manage finances and make smarter decisions on the go. Whether it’s generating invoices, predicting cash flow, or providing real-time business insights, JAX is designed to offer proactive support across commonly used platforms like WhatsApp, email, and SMS.

We discuss how small business productivity in the UK has dropped by 7% in the past year, leaving many owners struggling to keep up. Akankshu explains how AI can be the game changer for these businesses, automating repetitive tasks like bank reconciliation and invoicing, while also delivering critical insights to help owners focus on what they do best. As Xero continues to integrate AI into its platform, the combination of mobile tech and generative AI is making accounting more accessible, allowing business owners to take control of their finances from anywhere.

Akankshu highlights the practical ways in which AI is reshaping the future of small business management. He explains how tools like JAX provide not just faster processes but also deeper insights, helping businesses make informed decisions. The enhanced Xero mobile app is a key part of this strategy, offering new features like predictive cash flow forecasting, mobile bank reconciliation, and the ability to manage invoices on the go.

This episode offers valuable insights into how Xero is bridging the gap between small businesses and the promise of AI-driven productivity. Could tools like JAX finally bring AI’s benefits to small businesses? Tune in to hear Akankshu’s thoughts on the future of financial management and how AI is helping small businesses thrive.