IRIS aims to simplify the route to MTD
Software group IRIS has delivered an autumn statement of intent that aims to equip every accounting practice with the tools to thrive in the digital future.
The company, which is celebrating 40 years in business, has even thrown down the gauntlet to EY, PwC, KPMG and Deloitte by offering an artificial intelligence audit solution that could threaten the Big Four's market dominance.
But first, back to the future. Back because one of the big making-tax-digital add-ons unveiled at IRIS World this week visits "Planet Spreadsheet".
IRIS VAT Filer bridges the spreadsheet gap
IRIS says: "With just 25 weeks until the MTD deadline of 1 April 2019, accountancy businesses are beginning to complete quarterly filing submissions in the MTD programme but for many, progress has been precarious.
"To help ease the journey we have focused on MTD improvements including the IRIS MTD solution for Income Tax and VAT filing.
The bridging software, IRIS VAT Filer, enables accountancy businesses to use IRIS for MTD VAT filings, allowing for the import of VAT values from either a CSV file or clipboard. They can then be filed with HMRC via its new MTD APIs. VAT Filer is included in IRIS as part of the subscription.
Sion Lewis, CEO of IRIS, says: “We are approaching the dawn of a new digital era for accountants, and we are starting to see progress as we head towards the April 2019 deadline. Our mission over the next few months is to help smooth the transition to digital records as much as possible, while of course, remaining compliant.”
Sion Lewis continues, “The MTD journey is at the forefront of everyone’s minds, but we also look to increase productivity for accountancy professionals as they evolve beyond compliance services to capitalise on growth opportunities in the new digital era."
IRIS has also improved the user experience in Time and Fees; with IRIS Connector now allowing the export of invoices with VAT and Nominal Codes breakdown into a CSV format ready for use in the preferred accounting product.
Artificial intelligence
IRIS's partnership with Canadian AI analytics group MindBridge is all about "democratising audit" and trying to loosen the stranglehold that the Big Four has on the market. It also enables superior data set analysis and will hopefully give smaller companies the accuracy and enhanced credibility to compete with the bigger outfits.
Sion Lewis says: “The MindBridge partnership will accelerate AI adoption in audit among the top 100 firms, but ... why not use it as a platform for advisory services?”
Project Darwin
It sounds slightly sinister but I thinks it's meant to convey evolution rather than survival of the fittest. For IRIS product chief Nick Gregory it's a new era in accounting where an accountant's practice data is centralised in the cloud and can be accessed and updated or amended whenever and wherever.
Project Darwin ties together IRIS OpenSpace (used by 425,000 accountants and clients to work together online), Analytics and IRIS connect through APIs.
IRIS payments
A major headache for accountants is tracking down payments with 70 per cent saying it's one of the biggest burdens in the profession. The software group has launched IRIS Payments, which aims to cut down on this time-consuming pursuit. It's a facility that again links in to IRIS OpenSpace.
Sion explains: “The launch of IRIS Payments complements our vision to simplify the lives of accountants, making them more effective and more productive. Integrating a payment solution into the accountant’s client portal is a natural fit, as it is being used as part of the ongoing relationship.
"This is an opportunity for accountancy professionals to streamline their client experience and create additional efficiencies in the digital process.”
