IRIS Software Group unveils IRIS Elements Enterprise for accountancy firms serving complex clients

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Posted: 4th November 2024

IRIS Elements Enterprise will empower accountancy firms to access unified, secure, and compliant Tax and Accounts Production software anywhere, anytime.

London, UK – 4th November 2024 – IRIS Software Group, a leading global provider of accounting, edtech, HR and payroll solutions, today announced the launch of IRIS Elements Enterprise, the latest tier in its existing cloud-based accounting suite. With today’s launch, IRIS rolls out two initial Enterprise product offerings: Enterprise Tax and Enterprise Accounts Production. The IRIS Elements suite now offers three tiers: IRIS Elements Essential for smaller practices and startups, IRIS Elements Professional for mid-tier firms and, now, IRIS Elements Enterprise for firms serving complex clients.

“In today’s market, accountancy firms are up against a wide range of pain points – coordinating different software across their offices and people; maximising success and growth with the same or fewer resources; dealing with complex regulatory requirements; and all while being under intense pressure to modernise,” said Mark Chambers, Managing Director of Accountancy at IRIS Software Group. “IRIS Elements Enterprise offers a seamless, secure way to get there, allowing firms to pay for what they need and add extra features as they scale up.”

IRIS Elements Enterprise
IRIS Elements Enterprise is designed to support accountancy firms as they navigate complex client needs and stay ahead of regulatory changes, such as HMRC’s upcoming Making Tax Digital (MTD) requirements. This comprehensive platform helps firms improve profitability and client satisfaction by streamlining operations and offering robust tools for producing financial statements and generating tax returns. This makes it easier for accountancy firms to:

Stay ahead of regulatory compliance changes: IRIS Elements Enterprise builds on its existing IRIS Elements Professional mid-tier offering, introducing the ability to produce more complex accounts for clients, like CICs and Farms, while still ensuring compliance with the latest accounts standards and requirements from Companies House and HMRC. Complex scenarios around Capital Gains, Capital Allowances, Losses, Group Relief and R&D are all catered for, making Tax Return form completion and calculations simple and easy.

Automate tax processes to save time and reduce manual errors: IRIS Elements Enterprise automates time-consuming tasks in tax return completion. Features such as asset registers, automatic partnership profit calculations, capital gains tracking, and automated tax calculations with error warnings help improve accuracy. Asset data is stored and rolled forward year on year, allowing for automatic calculations and preventing the need for rekeying of information.

Access real-time, synchronised client data: The IRIS Elements Platform links accounts production and tax in one cohesive workflow with real-time data synchronisation. Accountancy firms benefit from fewer manual tasks and increased visibility into clients’ mandatory annual compliance requirements, allowing for faster, more informed decision-making.

IRIS Elements’ Cloud Journey: Generating Momentum in 2024
Today also marks a major milestone in IRIS Software Group’s cloud journey, which began with the launch of IRIS Elements, the first UK accountancy suite to be wholly cloud-based. Since 2021, more than 9,000 accountancy firms and practices have selected IRIS Elements to complete their clients’ accounts and tax returns securely from anywhere, providing a full end-to-end solution for all their compliance and workflow management needs.

The platform’s unique, ‘hybrid-by-design’ bi-directional bridging technology also allows firms to operate and synchronise between on-premise IRIS desktop and cloud applications, enabling seamless management of critical tasks while gradually adopting cloud workflows. IRIS Elements has consistently achieved a ‘high status’ ranking within the DevOps Research and Assessment (DORA) framework, with six daily deployments to rapidly deliver new and innovative product features. IRIS Element’s enterprise-level security, encryption and advanced user authentication protect sensitive client data. This year, IRIS Elements also achieved ISO 27001:2022 accreditation – outlining the strength of its security management systems and ability to effectively manage and mitigate cyber risks – and launched a specialist Cyber Essentials security programme for the 24,000 accountants the business supports in the UK.

IRIS Elements continues to be celebrated for its award-winning contributions to the accounting industry. So far this year, the IRIS Elements platform has been named a finalist in the 2024 Computing Cloud Awards for ‘Best Cloud Support Provider’ and ‘Multi-Hybrid Cloud Solution of the Year’, in the 2024 ICB (Institute of Certified Bookkeepers) UK LUCA Awards for ‘Tax and Accounts Production Software of the Year’ and in the 2024 BCS UK IT Awards for ‘Digital Transformation Project of the Year,’ for its ambitious cloud migration project, which has successfully migrated more than 9,000 accountancy customers from legacy systems to IRIS Elements. Furthermore, 63% of this year’s Accounting Excellence Awards winners were IRIS customers.

Looking Ahead
As part of its ongoing innovation roadmap, IRIS will introduce IRIS Elements Practice Management Enterprise in the coming months. It will feature more advanced reporting, time and expenses tracking, and scheduling capabilities so firms can further streamline their compliance efforts.