The Xero accounting software platform today announced Analytics Plus, a new suite of planning, analysis and reporting tools for small and midsize businesses.
The tools combine cash flow forecasting and advanced forecasting, and are a “culmination of rigorous testing and development with the wider Xero community.”
The company also officially launched Analytics, a tool that combines the existing short-term cash flow tool, which visually projects 30-day cash flows, and an enterprise snapshot tool, providing up-to-date information on their business performance.
The Analytics tool has had a facelift since its initial pilot release in 2020, with new features built in, such as the ability to view future invoices and scheduled invoices.
âTo truly grow and prosper, every business needs access to reliable and relevant data that helps them understand where they are now, make decisions for today and where they might be heading in the future,â said Anna Curzon, product manager at Xero.
âOver the past two years, we’ve worked closely with small businesses and advisors around the world to create simple, beautiful, and powerful tools and reports that give them access to that data, all on the platform. Xero shape.
âAs the scale of our business has grown, we are now able to deliver powerful AI-powered products that use rich and reliable data, to help small businesses not only understand where they stand. current, but also to make confident decisions based on their future potential. “
AI-driven forecasting with Xero Analytics Plus
The new suite of Analytics Plus tools uses forecasting and reporting to give small businesses greater flexibility and foresight over their business, Xero explains.
Using predictive algorithms and pattern matching, short-term cash flow in Analytics Plus can detect and predict regular cash expenses and income during the week, month, or quarter to come. Businesses can see their potential future cash flow, the impact of upcoming expenses, and discover opportunities to bring money into the business by billing customers earlier, changing payment deadlines, or requesting a payment. deposit. Homeowners can also plan for multiple scenarios by manually adding transactions to see how they might affect their cash flow situation in the future.
Xero’s announcement comes after the company revealed a strong performance in its financial results released in May. RNZ reported that Xero’s profit for the fiscal year ended March 2021 increased to $ 19.8 million, from $ 3.3 million the year before.
Revenue increased 18% to $ 848.8 million, and the company added 456,000 new subscribers worldwide to a record 2.74 million subscribers.