IRIS Software Group (IRIS), the number one software supplier to accountancy practices, has announced its Accountancy Suite Spring 2021 release to help accountants work smarter, not harder. This includes enhancements to streamline and reduce errors in business tax submissions, simplify tax reporting for support loans and grants, and make billing clients quicker and easier.
The past year has been significantly challenging, which is why the Spring updates have been carefully designed and delivered in collaboration with hundreds of accountants to ensure they enhance the way accountancy practices run and provide the tools accountants need to face the future, today.
The latest release follows the launch of IRIS Elements and delivers both new product legislative updates and features that support the new tax year, as well as the latest reporting changes for the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS). It also includes new time saving features to help accountants drive more efficiencies in these difficult times, and ensure they have the exact tools they need to run their practices and unlock business potential.
Jonathan Priestley at IRIS Software Group says, “It has been and continues to be a challenging time in all our lives, but especially for accountants whose workloads have dramatically increased in response to COVID-19.
“The changing landscape means accountancy firms need added capability to not only embrace new ways of working, but to be future-ready. They need to have the right tools in place to empower them to grow.
“Our new updates have been designed with accountants, for accountants. In-built automation and streamlining creates productivity, efficiency and speed gains for every type of accountant. We are providing accountants with extra time to focus, the capacity to grow, and the capability to deliver better business outcomes.”
New features include:
IRIS Business Tax
New supplementary page: CT600(L) for Research and Development claims
The new supplementary update in IRIS Business tax will improve accuracy for accountants and help reduce the amount of incorrectly submitted claims by ensuring the process for submitting CT600(L) forms for Research and Development (R&D) tax credit is kept as simple as possible.
IRIS Business Tax’s R&D feature has been updated for mapping CT600(L) to cater for new fields on the supplementary form. While R&D claims now require 40+ fields to be completed on the CT600(L), the updates to IRIS Business tax have streamlined this process and ensured there is no increase in the number of entries required to complete the form.
New update: Tax reporting changes for CJRS and SEISS
The introduction of CJRS and SEISS meant accountants had to adapt their services to meet the rising demand of clients requesting and receiving support loans.
All IRIS tax products have been updated to relieve the stress of this added workload and cater for all the different types of support schemes which are required to be reported on the self-assessment tax return. It also now has the functionality to report incorrectly claimed grants. This takes away the legislation burden from accountants, increases higher value billable work and can cater for more complex niche calculations.
Time and Fees
New update: Timesheet postings on the go
The new update has been added to IRIS Time and Fees to further enhance productivity and efficiency for accountants when managing staff timesheets, recording work in progress and controlling all expenses across the business.
The IRIS Time and Fees update means all users can now apply timesheet postings to their IRIS time ledger, whilst the user is still in their timesheet. This offers a greater degree of flexibility to users who wish to report work in progress postings as soon as they are made. Accountants can now also bill time postings made the same day, to ensure that all clients are promptly and accurately invoiced for the work done when performing day-to-day billing activities.
A full list of annual updates is available on the IRIS website.