Intuit (QuickBooks Online) vs Xero, Machine Learning

Thank you Amit Chowdhry and Forbes for How Intuit’s Customers Have Benefited From Machine Learning (artificial intelligence).

I have been talking about this type of automatic entry processing for many years. Software certainly can classify entries far faster, easier and more accurately than more than 40 million small business owners and employees. They have little or no accounting training and most still use Excel or pencil and paper. Therefore, it was great to read about machine learning in QuickBooks Online (QBO).

The fact that Intuit has been working on it for four years was enlightening, since competitor Xero rather recently announced a related two-year project. Of course, it was only about five year ago that Intuit CEO Brad Smith told me he was putting about 75% of development money in online work and 25% in the desktop. That was a surprise, as QBO then had about 2% of QuickBooks users and was not well regarded.

QBO also now has a big lead over Xero in related areas:

  • It can quickly copy rules, which classify entries, between users. This is a terrific time saver for those with several companies, like CPAs. Now QBO is applying what it learns from all users to each of us.
  • It has a global search and replace (Reclassify Transactions) that is light years faster, easier and more effective than the comparable over-promised, long-delayed and limited Xero Find and Recode. This saves time, while increasing record accuracy and quality.

I was once #3 in U.S. Xero clients. However, these are some of many reasons why I am saying Bye Bye Xero.

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