Artificial Intelligence has been the tech topic of 2023 with much discussion on the potential impacts, opportunities and challenges that the technology poses for businesses, consumers and indeed the entire world. AI itself is not new and chances are you already use AI in the tools you use every day from Google searches and facial recognition in photo's to predictive text and automated bank reconciliations.
Since it's inception, Xero has aimed to provide small business customers and their accountants and bookkeepers with the best technology to help them thrive. First with cloud based accounting and then with increased digitalisation during Covid-19. Now it seems the next frontier is the rapidly growing possibilities of AI.
Understanding the capabilities of these new technologies and the benefits they could potentially bring to your business could be vital to future success but with dozens of AI tools seemingly being issued each week and precious little spare time and resources to dedicate towards understanding them, it is not surprising that many small businesses have no plans to use or experiment with AI soon. For that reason Xero have created a guide to understanding the world of AI. Their aim is to cut through the AI hype and hysteria and as small businesses embrace AI, help accountants and bookkeepers understand how to make the most of it too.
AI can play a vital role in 2 ways. Firstly by streamlining time-consuming manual processes and secondly by delivering the right insights at the right time, so small business owners can spend more time running their business.
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