Auto-categorization and more! 🤖

CharlotteCharlotte Member Posts: 695 admin

We’re investing in cutting-edge ways to use machine learning technology to deliver a faster, more insightful experience in Wave. You can see this at work with new automatic categorization on your bookkeeping transactions.

Wave now learns from your categorization behaviours, as well as the preferences of other people using Wave, to automatically and accurately categorize your future transactions. It will get better, smarter, and more useful as you use it.

How does it work?

Wave uses two models. The Wave Model is a predictive model powered by deep learning and natural language processing, that all businesses in Wave benefit from. It's trained by the billions of transactions that flow through Wave, and does not use, store, or share personal data. The Personal Model categorizes transactions in a way that reflects what makes your business your own. This tailors our machine learning technology to you, automating away repetitive tasks

Who can take advantage of this?

Auto-categorization currently works for bank connections (Banking > Bank Connections) for US and Canadian businesses on Wave's new accounting platform.

I don't have this in my account. Will I?

We know automating repetitive tasks will make life easier. We'll be sure to share more updates with you as soon as we have them!

We'd love to hear your thoughts. What other problems could be solved by machine learning? Let us know below!

P.S.

If you're keen on testing new developments, please reach out! We can build a group together where our teams can invite you to new projects.

edited October 18, 2018 in Accounting Release Updates

Comments

  • bethsowellbethsowell Member Posts: 6

    I LOVE THIS NEW FEATURE!! Wow, this makes life so much easier for me. Thanks so much.

  • GraceMGraceM Administrator Posts: 8 admin

    @bethsowell So great to hear you're enjoying the benefits of this! :smiley: We're excited on our end too in terms of the possibilities. Thanks so much for taking the time to comment. Hope your day is going well. Cheers!

  • RachelKurzRachelKurz Member Posts: 2

    Is there a way to create a rule for categorization. Wave gets confused if the title of my transaction is similar, even though the account numbers are different in the title. I need it to see what the account number is in the title and assign it to the correct category based on that. Please let me know if I can do this, and if not, if this is something I'll be able to do soon. I have daily transactions and I won't be able to keep up with this if Wave can't set up rules for categorization. Thanks!

  • Ryan_WRyan_W Administrator Posts: 461 admin

    @RachelKurz there isn't a way to set your own rules per se; instead, the machine learning that's baked into the process will simply adjust based on your behaviour. As long as you continue to manually change/override the suggestions, it'll eventually learn. That said, we're constantly working to optimize the processes that go into this, so you can look forward to more nuanced auto-cat going forward!

  • Dave_EDave_E Member Posts: 1

    I'm looking forward to this feature being accessible in Australia. Would be nice not having to change monthly transactions that are always defaulting to the wrong category.

  • waveisawesomewaveisawesome Member Posts: 11

    This update is not working on my account with Australian bank.

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