Award-winning cloud accounting provider FreeAgent has just launched a major rebuild of the Banking area of the app, including new intelligent automation features that put the power of robots into your clients’ hands.
The existing ‘Guess’ feature within FreeAgent automatically explains bank transactions based on your clients’ previous explanations. This has now been enhanced with machine learning algorithms that will automatically categorise your clients’ new transactions. If ‘Guess’ detects a Starbucks transaction, for example, the new algorithm can now automatically suggest an explanation of ‘Accommodation and Meals’.
The new algorithm can automatically explain simpler business transactions like train tickets and takeaway coffees, leaving only the more nuanced transactions for your clients to explain.
FreeAgent learns from any updates your clients make so that Guess gets smarter and saves them even more time.
When transactions are explained automatically they’re marked ‘For Approval’. This lets your clients double-check the explanations before approving them.
With this update, your clients will see a new dedicated tab for ‘For Approval’ transactions so it will be easier for them to see what needs their attention.