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

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

LONDON, Nov. 4, 2024 /PRNewswire/ — 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 Award 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.

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About IRIS Accountancy

IRIS is proud to be “the official supporter of accountants and bookkeepers,” and a leading provider of innovative software solutions designed to help accountants and bookkeepers grow, thrive, and create lasting value for their clients. As the largest third-party online filer with the UK Government, IRIS boasts HMRC and Companies House acceptance rates of over 98%. Trusted by 93 of the top 100 UK accountancy firms and 28 of the top 30 firms, IRIS serves more than 24,000 UK accountancy practices. Over 9,000 of these firms have adopted IRIS Elements, the company’s fully cloud-based solution, to streamline their operations and securely manage their workflows.

For over two decades, IRIS has provided comprehensive outsourcing services, with a team of over 600 qualified accounting professionals helping clients optimise their schedules by handling audit, bookkeeping, year-end accounts, personal tax, payroll, and iXBRL tagging. IRIS holds industry-leading certifications, including ISO 27001, GDPR compliance, and quality assurance standards like ISO QMS 9001:2015, ISO ISMS 27001:2013, and PIMS 27701:2019.

About IRIS Software Group

Founded more than 45 years ago, IRIS Software Group (IRIS) is a leading global provider of mission-critical software and services and one of the UK’s largest privately held software companies. IRIS is a trusted partner to more than 100,000 customers across 135 countries, empowering finance, HR and payroll teams, educational organisations, and accountancy practices of all shapes and sizes to look forward with certainty and confidence.

IRIS is certified as a Great Place to Work® in the UK, Ireland, India, Canada and the USA and recognised as one of The Times Top 50 Employers for Gender Equality in 2023. IRIS is also recognised as one of the Best Workplaces for Wellbeing, one of the Best Workplaces in Tech and one of the Best Workplaces for Women.

To see how IRIS helps organisations get things right first time, every time, visit www.iris.co.uk, or follow IRIS Software Group on LinkedIn, Twitter and Instagram.

Media contact 

IRIS Software Group
[email protected]

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Joe Depa named as EY Global Chief Innovation Officer to lead its global innovation strategy

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  • Depa will lead on the discovery and deployment of emerging technologies to help address business challenges and shape the future with confidence
  • Brings deep experience in identifying new ways that can practically help business transformation through an innovation mindset and culture shift

LONDON, Nov. 26, 2024 /PRNewswire/ — The EY organization announces today the appointment of Joe Depa as the new EY Global Chief Innovation Officer, effective immediately. Within this role, he will spearhead applied innovation to help improve service delivery and guide EY teams to address and solve business challenges.

Depa joins the EY organization at a pivotal moment, as a range of emerging technologies are reshaping businesses and industries, creating a multitude of new challenges and opportunities. To keep pace, the EY organization is continuing to make significant investments in areas such as artificial intelligence (AI), quantum computing and blockchain, and most recently formed the EY.ai Global AI Advisory Council.

In his new role, Depa will be leading the organization’s global innovation strategy. This will include overseeing efforts to successfully implement emerging technologies for tangible business applications, both internally and across work of EY member firms with clients.

Raj Sharma, EY Global Managing Partner of Growth and Innovation, says:

“At this time of constant disruption, success would require a forward-thinking approach and willingness to make bold decisions, which are at the heart of an innovative mindset. We’re thrilled to have Joe’s deep experience and knowledge around AI and data to lead on our strategic approach to innovation so that EY teams can help clients shape their future more confidently.”

Throughout the last decade, Depa has worked closely with C-suite leaders and boards to bring innovative products and services to market, improve client and employee experiences, and help enhance operational efficiencies through technology. Most recently, he served as the inaugural Chief Data and AI Officer at a leading university and health care organization. At the university, he helped to promote AI literacy, launch a responsible AI governance program and enable a secure data foundation. Prior to that, he acted as Senior Managing Director and Global Lead for Data and AI at a global multinational professional services company, where he led a team of AI strategists and data engineers in developing and implementing new products and services.

Joe Depa, EY Global Chief Innovation Officer, says:

“I’m truly excited to join an organization that is ‘All in’ on its commitment to the transformative potential of emerging technologies. I look forward to working with the EY teams and clients to help empower them to apply innovation in bold, new ways that help create value for clients through data, AI and emerging technologies to make the world a better place.”

A renowned thought leader in the field of AI, Depa has been recognized as one of the “Top 50 Global Leaders” by World Summit AI and has received Fast Company’s “World Changing Idea” award, among other accolades.

For more information, visit: ey.com.

About EY

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EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. 

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence. 

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

EY - Building a better working world

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Fintech Pulse: A Daily Dive into Industry Innovations and Developments

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The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.


Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.


Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.


India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

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India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.


Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.


Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.


Key Takeaways for the Fintech Ecosystem

  1. Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
  2. Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
  3. Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
  4. The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
  5. Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

 

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BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

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The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

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For more information, please visit our website.

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