Xero Personal update
It’s been great to get so much feedback about Xero Personal. There’s definitely real passion out there for what we’re doing!
The focus of version 1 was to get the important links between the BNZ and Xero working seamlessly. Our approach is a hybrid where we get the best of online banking and the frequent innovation you’ve come to expect from Xero. It’s been a huge amount of work. Over time we believe this will be the way that most personal finance solutions work. We call this Banking 2.0.
Xero Personal is a personal money manager that’s designed to be simple for anybody to use whether tech savvy or not. We expect for many people this will be their first time using a tool like this. As with Xero Business, we love getting your feedback and we have lots of things we’re looking forward to doing now we’ve got the platform out there.
Step one of any product like Xero Personal is categorization. We’ve taken a ‘crowdsourcing’ approach where over time the community makes categorization smarter. As users come on you will start to see the benefits of this. One of the requests we’ve had is to increase the number of custom categories you’re able to create. We understand that some people want really fine-grained control over how they track their expenses.
There’s two reasons why we set a cap on the number of categories. The first was to improve Xero Personal’s ability to guess the right category for you, which relies on a discrete set of categories that are shared across all users. The second is that we have a plan for how to provide really fine-grained expense tracking, which we think is even better than creating lots of custom categories.
As a way of helping those people who want this functionality right now, we’re raising the number of custom categories from 8 to 20. But you can look forward to us providing other ways that will give you even greater control of your expenses in the future.
Another feature we have on the roadmap is the ability to split transactions. There are a few ways we can tackle this, but we’re really interested to hear how you would like the splits to work. So what we’re keen to know is:
- What type of transactions do you normally split, and how do you split them?
- Are the split ratios always the same for a payee or are they unique for each transaction?
- Is splitting more important then having your transactions automatically categorised for you?
Please send us an email to email@example.com or comment below with your thoughts on these split transaction questions.
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