IRIS is a fantastic piece of software that is suitable for all small firms of accountancy practices. IRIS contains many different modules that are all fully integrated and linked together resulting in less work with no duplication. When an accountancy practice uses IRIS software it comes with a complete after sales and support package, although it is such a user friendly program it is seldom needed (once the users are familiar with the program that is). In addition there are regular updates to iron out any issues that arise.
So what exactly can IRIS do? Why is IRIS such a good piece of software that makes it ideal for the small accountancy practice? The features of IRIS are as follows:
i) The ability to prepare financial statements
One of the fundamental and ‘bread and butter’ services provided by an accountant is that of preparing the financial statements containing all the relevant disclosures required under UK GAAP, Company Law and applicable standards for clients, and this is easily done using IRIS.
By extracting the trial balance from the client, or preparing the trial balance form the basic accounting records the financial statements are prepared by posting the balances to the relevant IRIS nominal codes, and making all the relevant journal adjustments. Once the figures have been entered on to IRIS the financial statements are prepared by simply pressing a button.
Whilst the main frame work of the financial statements is already there, the disclosure notes will have to be input manually however this is simply done through the data screens, which is easy to learn and pick up.
ii) The ability to prepare corporation tax computations and CT600 returns
Corporation tax is another bread and butter service that small firms of accountants provide, and it is something that is easily done on IRIS since it links in with the accounts. Once the accounts are prepared IRIS automatically posts some of the figures, such as the profit or loss before tax, depreciation and specific disallowable expenses to the corporation tax module. This is a fantastic feature as if there are any adjustments to the tax sensitive accounts in the accounts module the corporation tax module is automatically updated, hence there is no duplication of work.
Like all the modules on IRIS, the corporation tax module is intuitive, logical and has a user friendly interface so it is easy to learn. If there are any problems clicking on the help button will help solve the issue quickly and with little fuss.
Once all the figures have been input in to IRIS the software allows the user to print off a corporation tax computation, a corporation tax return and schedules of data (which is a supporting calculation). These schedules are printed off and sent to the client for approval. Once the corporation tax return form CT600 has been approved by the client it is possible to file the tax return with HM Revenue & Customs online through the XBRL system. Online filing is a quick, efficient and cost effective way of filing tax returns and it is something that HM Revenue & Customs are actively pushing and in the future there is the likelihood that paper returns will fizzle out.
iii) The ability to prepare sole trade and partnership accounts
Whilst there are no statutory requirements with regards to sole trade and partnership accounts, it is nice to have an organised, neat and easy to read set of accounts for the tax man, and IRIS does this.
The process is more or less the same as when preparing financial statements, in that the trial balance is posted to the IRIS nominal codes, however the narrative notes and disclosures are not needed. In addition, presenting a neat and well presented trading and profit and loss account and balance sheet to the client looks professional and gives the sole trader or partners something tangible, i.e. a physical set of trading accounts, at the end of the exercise.
iv) The ability to prepare personal tax computations and returns
Personal tax computations and returns are the individual’s equivalent of the corporation tax return and computation. Furthermore, it is another bread and butter service provided by nearly all small firms of accountants therefore IRIS also contains a personal tax module.
The personal tax module is linked to IRIS sole trader and partnership accounts therefore any changes to the accounts results in an automatic update in personal tax for the proprietor or partners.
v) The ability to prepare trust tax computations and returns
IRIS contains a trust tax module that allows the accountant to prepare a trust tax computation quickly, efficiently and with minimum fuss.
vi) The ability to maintain statutory registers
IRIS also has a company secretarial module which allows the accountant to perform all tasks of a company secretary, including maintaining the company registers, preparing the Annual Return, preparing minutes of meetings and preparing dividend vouchers amongst many other things.
Overall, IRIS does everything a small accountant would need and it does it very well. There are many advantages using IRIS with the fact it is fully integrated and linked being the main one. In addition, all of the IRIS modules are logical, easy to learn and have a user friendly interface however if there are any problems there is a fantastic help and tutorial module that is likely to solve issues very quickly. However, any user still struggling with any part of IRIS after searching through the ‘help’ tab can contact IRIS direct and they are very helpful.
Written by yackers1
ACCA qualified accountant who thirives in the world of business and finance
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