Accountants: how new features in IRIS Elements help you tackle MTD and more

There have been a lot of new developments affecting the accounting industry lately. Top of the list has been new legislation like MTD and the Economic Crime and Corporate Transparency Act.

Of course, the list doesn’t stop there. That means you need all the assistance possible to stay focused on success.

So, how can updates to our cloud accounting software, IRIS Elements, help you?

Let’s look at some of the new features for tax, accounts production and AML. They’re ready for you to use the minute you log in.

Pinpoint MTD obligations with our segmentation tool (IRIS Elements Tax)

MTD will apply to more of your clients each year. Can you easily determine which ones, and when? The more clients you have, and the more income streams they have, the harder MTD gets – you are looking for several needles in a very big haystack.

Unfortunately, you can’t afford to miss any of them.

The new segmentation tool in IRIS Elements makes this a lot easier. No more manual checking. You can immediately see where MTD applies to your client list.

Think of it as a powerful magnet that will pull all those needles out of that haystack.

Armed with this information, you can reach out to clients and start getting them ready.

The MTD segmentation tool in action

How does this tool work in practice? As well as identifying and grouping MTD clients, you can filter them by tax year, turnover, or registration status. This means you always have an overview, timing everything perfectly as MTD rolls out.

Stay compliant, confident, and save time with our IFRS templates (IRIS Elements Accounts Production)

International standards of reporting can be intimidating if your clients run complex businesses. Everything is about providing that perfect level of transparency and clarity. Have you included all the right information, and in the right way? 

Our new templates in IRIS Elements Accounts Production help you create accurate, IFRS-compliant accounts quickly. No headaches, nothing missed.

Our IFRS templates in action

The IFRS templates are available for Enterprise users of IRIS Elements Accounts Production. They come ready with a dedicated chart of accounts and all the disclosures you need.

All the finance team needs to do is follow the steps and fill in the data. From there, Elements prepares the rest.

Spend less time searching for mistakes when preparing accounts (IRIS Elements Accounts Production)

It’s easy to lose a lot of time combing through accounts for missing details or errors.

But what if you had a second pair of eyes built into your software?

With IRIS Elements Accounts Production, that’s our new dynamic issue log.

It flags problems for you, helping you spot and fix gaps before they become serious pitfalls.

How the dynamic issue log makes life easier

The dynamic issue log is available across every product level and for each accounting standard.

It checks your accounts for missing or inconsistent data, flagging anything that needs attention.

Amber issues need a look; red is much more mission-critical. On some occasions, it won’t let you submit accounts until this essential information is added.

Click on an issue and you’re taken straight to the spot where you can resolve it.

Stay up to date with compliance (IRIS Elements Accounts Production)

With IRIS Elements, the software updates that keep you compliant are instant. Behind the scenes, however, our teams are working hard for months to make sure this happens.

So, what compliance updates have been applied recently? For IRIS Elements Accounts Production, they include changes that will keep you aligned with the Economic Crime and Corporate Transparency Act.

We are laying the groundwork for a file-online-only world, one where you must use approved software to work with Companies House. But our updates don’t stop there. For example, from 18 November, ID verification will be needed for many of your clients. This includes new directors, people with significant control, current directors and LLP membership. More ID verification will be rolled out at a later date.

The good news is that IRIS Elements Accounts Production is already prepared for these changes.

How this works in action

Our updates always apply to all IRIS Elements plans. The rest is easy: all you have to do is log in, and the relevant updates have already been applied.

Feel extra assured with our biometric ID checks (IRIS Elements AML)

Sometimes compliance is a step beyond sticking to regulations and avoiding penalties. It can also be about making sure you’re working with good, ethical clients.

This double stress is what keeps so many accountants awake at night when it comes to AML.

So how can you guarantee everything is above board and the client is not using your firm? One way is to train someone on biometric identification to screen new clients.

Another is much easier – you use the latest technology built into IRIS Elements AML.

How does it work?

The feature is accessible in IRIS Elements AML. You trigger the process, and clients get a secure link by email or SMS. They share their driving licence or passport, take a “selfie”, and they’re done.

Find out more about the IRIS Elements updates – and what’s next

Join our on-demand webinar to discover more about the new IRIS Elements features, including our MTD segmentation tool. After that, you’ll hear from experts about how IRIS Elements was built around value… and has the stats that prove it delivers.

Plus, you will also get a sneak peek at what’s coming next.

Click here to view