SETsquared Bristol member, Xavier Analytics, has been approved Innovate UK funding for a £380k feasibility project looking further into AI for accounting.

Xavier’s team have an ambitious goal to expand the Xavier suite of applications, which already use Machine Learning to improve financial data quality and provide data-driven insights for accountancy firms and their clients using Xero cloud accounting software. The new project will provide a unique and comprehensive benchmarking dataset and AI insights for SME’s, with the aim to reduce small business failure rates through greater preparation and understanding.

The team’s first steps will be to collect supplementary datasets in collaboration with a number of AI experts. The project is due to complete in 2020, with incremental releases and improvements to the Xavier application expected throughout the 18 month duration.

About Innovate UK

Innovate UK is the UK’s innovation agency. It works with people, companies and partner organizations to find and drive the science and technology innovations that will grow the UK economy. For further information visit innovateuk.gov.uk

About Xavier Analytics

Xavier Analytics was founded as a collaboration between two innovative Bristol companies; FD Works, a Xero accountancy firm, and the web development agency, Hatch Apps. Xavier began as a connected application for Xero cloud accounting software, and emerged on the scene with a second place prize for Best New App (EMEA) in the 2018 Xero hackathon. Xavier was soon after accepted into SETsquared Bristol, the World’s top incubator for high tech, high growth start-ups, based at the Engine Shed in the heart of Bristol.

Xavier provides accountancy firms and Xero professionals with a comprehensive toolkit of intelligent bookkeeping and compliance tools. Xavier’s AI-assisted tools identify mis-codings, track key liabilities, detect payment anomalies and quickly spot unwanted changes to historical data, saving teams time and reducing errors on a daily basis. Additional flexible reporting tools help proactive accountants make the most of data to spark the right conversations with their clients.

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