The IRIS Software Group (IRIS) has announced the Spring release of IRIS Elements, its accounting solutions for accounting firms of any size. IRIS Elements consists of three products with two pricing levels: Essentials and Professional. It includes IRIS Elements Tax, IRIS Elements Accounts Production and a range of six solutions that help accounting firms manage their business. These are:
- Practice Management
- Anti Money Laundering
- Proposal Manager
- Company Formations
- Company Secretarial
- Iris Outsourcing
Jonathan Priestley, VP of Product Marketing at IRIS Software Group, comments, “Our mission with Elements was to build a single platform of services that give accountants a significant advantage in their business. With that in mind, we invested in building a completely new cloud platform with security, scalability and resilience designed in. Over the last two years, we have been adding increasing numbers of applications and capabilities culminating in this latest delivery.
“What makes this unique in the industry is the way we have taken a brand-new solution and created a wealth of bridging technology that allows both our existing market leading desktop solution and the new cloud solution to synchronise in real-time. That means customers can transition to the cloud at their own pace, putting them in control of how rapidly they transform to a truly digital business model.
“The expertise and experience we’ve gained in building compliance solutions over the last 43 years places us in a strong position to confidently handle and overcome some of the complex, regulatory and technical challenges.”
So what is in the release? Or others?
What is missing in the press release is what updates the new version contains. Enterprise Times requested release notes and further information from IRIS Software, but they did not provide further details. However, some release notes available online give insights into how the company has updated some of its products.
IRIS Accounts Production
Top of the list is an improvement to reporting. The reporting engine has been worked on, which has cut the time taken to run reports. IRIS estimated the time-saving at around 47%.
Support for the accounting standards FRS102 and FRS105 has been improved. A new template to help prepare FRS105 accounts and a new option for FRS102 account preparation, supports the start of the Reconciliation from the Operating Profit value within the accompanying note 1.
There are also improvements to reporting for charities and an update to the ratios report. Finally, it is possible to refer to Directors with their preferred pronoun if their gender is defined as “other”.
There are other improvements in recent releases:
Enterprise Times: What does this mean
Over 4,500 customers across the UK use IRIS Elements, and its popularity is growing, with over 1,500 joining the platform in the last 12 months. Though it is not clear how many of these are net new customers. IRIS offers solutions suitable to any accounting firm, which is important if they want to grow through acquisition. It means they do not have to grow through the painful software replacement process.
IRIS Elements offers a modular solution that aligns with firm growth, offering the right capabilities at the right time with a single login and shared data platform. While the details of this release are strangely missing from the press release, it further indicates that IRIS is moving the platform forward to meet compliance requirements, enhance the platform, and make it more efficient to use.