Accounting Software » The secret leader in the FD space

The secret leader in the FD space

Accountancy software provider IRIS answers why it has become a leader in the FD space - through its power to improve performance in finance departments

You probably did not know that around 700 finance directors rely on IRIS software, did you?

And you wouldn’t have known that many of them are from FT 1000 companies.

It’s true. IRIS is already a big, trusted partner for corporations and one of the biggest providers of accountancy, HR and payroll software in the country.

What’s the reason that IRIS has become such a leader in the FD space?

It boils down to this: IRIS has for some while been helping finance departments run leaner and faster operations, adding to the bottom line, and always with an eye to reducing costs.

We are driving efficiencies for Finance Directors, building their departments into well-oiled machines that are effective and making the best use of their time.

A wide array of solutions

IRIS is giving more help and choice to FDs than anyone else, with market leading esoteric solutions. The depth of suitable products we have for making finance departments run in a more streamlined, proficient way, may surprise you.

We offer solutions for:

  • In-house accounts production (including automated iXBRL tagging).
  • iXBRL tagging only
  • Lease accounting
  • Payroll
  • HR

Year End Accounts and iXBRL Solutions

One of the biggest jobs we help finance departments with is year-end accounts and iXBRL tagging. IRIS supports many UK businesses, including FTSE250 companies, with their successful iXBRL compliance and in-house tagging. We provide a range of iXBRL-compliant solutions for UK finance departments.

Working with IRIS for your year-end accounts and iXBRL compliance allows you to maintain or increase your control and visibility of your accounts preparation. Many of our customers also report a significant reduction in their iXBRL compliance costs. IRIS Accounts Production is fully compliant with FRS 102 & 101 and IFRS taxonomies and provides automatic full-tagging for HRMC.

Andrew Hughes, Financial Controller, at Heal’s Furniture, explained how much this service had benefited his company. He said: “The introduction of iXBRL brought the need to produce tagged accounts and it seemed a good time to look at solutions that would enable us to benefit from automation. I’ve just completed our third year of using IRIS Accounts Production and there’s a measurable difference in speed. This year we completed our accounts for review by the auditors around two days earlier than we used to do with Microsoft Word and Excel.”

So, have you considered bringing accounts production in-house? This is a really fast move you can make that has a big and immediate impact on a finance department. There are usually cost savings that can be realised straight away, as well as achieving greater control and visibility. We explain the full benefits in this article here.

iXBRL Tagging Only

IRIS iXBRL automatically produces iXBRL-compliant accounts from your Microsoft Word and MS Excel documents and it’s cloud-based so there is no software, no installing or maintenance. It automatically applies 70-90 percent of iXBRL tags and it’s so easy to use that no specific knowledge of iXBRL is required.

Furthermore, we provide an outsourced tagging service through IRIS Resourcing. This can help if you would prefer a more hands-off service.

Leading the way on Lease Accounting

Lease accounting and complexities around IFRS16 have become hot topics. This is another area where IRIS can add value.

IFRS 16 came into force for annual reporting periods beginning on or after 1 January 2019, with the objective being, according to the IFRS Foundation: “To report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognise assets and liabilities arising from a lease.”

The introduction of this standard meant a single lessee accounting model and it requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

Did you know that IRIS recently acquired lease accounting specialists Innervision? A global provider of lease accounting management consultancy and services, it’s relied upon by a user base in over 100 countries. Its system hosts in excess of 120,000 leases, with a combined value of over €75bn.

Innervision has built its reputation within the leasing space, particularly for organisations struggling with the complexity and frequency of lease accounting. This has been compounded by the recent introduction of new global lease accounting standards for both IFRS and US GAAP, which changed the way leases are recognised on financial statements.

To meet transition requirements and implementation deadlines, companies must collate and centralise their entire lease portfolio, so they can apply the new accounting treatments to every active lease, and every change to those leases, within their organisation.

Innervision helps businesses and public sector organisations comply with the new accounting standards with full visibility of real-time lease data.

In addition to the lease accounting software solution, last year Innervision’s experts helped to arrange new leases for clients worth a total of over €135m. Customers include Addison Lee, Amey, Biffa, Bibby Distribution, Capgemini, Travis Perkins and Computacenter.

Efficiencies in payroll, HR and managed payroll

There are massive efficiency savings that can be achieved by integrating HR and payroll and that’s something our Cascade product empowers finance departments to do. Traditionally the two functions have run separately, meaning the need for many more staff. But why do so when you can bring them together for a much leaner ship?

If you prefer a more “hands off” approach, IRIS Managed Payroll can provide a full service which can:

  • Run your monthly payroll
  • Calculate and generate your GP/SD55 report – all you need to do is upload it, we’ve already done the legwork for you
  • Submit BACS files
  • Undertake your year-end reporting responsibilities and submit them on your behalf
  • Automatically enrol your eligible employees, assess your workforce on a monthly basis and provide all relevant communications

The secret’s now out about IRIS’ power to improve performance in finance departments. If you aren’t already talking to us, why not? All your competitors are

Let one of our team call you. Drop us an email at [email protected] or call us to arrange a time for an IRIS expert to ring you back 0344 844 9644.

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