New FRS: Your Next Steps part III
Scoping out the size of the task
In our previous blog posts on how best to approach the changeover to the new FRS, we’ve looked at how using the right software can make the transition a pain-free process and the new business opportunities that are arising as a consequence.
The next step is to present you with a clear idea of how long the transition process will take for each of your clients, and to do this we’ve created the New UK GAAP Impact Calculator Tool.
With it, you can size up the challenge of your firm’s FRS transition and its potential impact on your business in terms of man-hours required. The tool is free-to-use for both IRIS customers and non-IRIS users alike.
- If you’re an IRIS customer: the calculator will scan your IRIS database to calculate the total client numbers, how many require conversion and will then warn of those it deems to be the most complex to transition
- If you use alternative software: the calculator will run the computation as above based on data entered manually
Once you’ve inputted a number of adjustable assumptions and client information, the tool will then calculate the predicted time it will take to convert your clients.
Your FRS Checklist
We’ve also compiled a handy checklist of additional measures to follow in order to ensure your practice is abiding by best practices throughout the transition:
- If you have multiple sets of accounts to convert, think about doing a pilot with a simple set in order to gain a practical understanding of the information and decision-making required
- Plan how you will resource FRS - do you have the necessary ‘bandwidth’? Can you handle the workload with your existing resources?
- Identify who in your team needs FRS training (both in overview form and in-depth) and allow time for this
- Consider appointing an ‘FRS Champion’, a team member with overall responsibility for driving the change
- Check the extent to which your accounting software could improve efficiency to release time for FRS
This final point is especially pertinent, as IRIS customers report saving an average of 22 hours per month, per employee by using IRIS products in their business. High levels of integration across the IRIS suite eliminate the time spent on duplicate data entry.
Our FRS Hub
The new reporting standards should be considered as completely new accounting frameworks, not just a shift in accounting policy. Here at IRIS, we’re fluent in FRS and have been consistently ahead of the field when it comes to helping customers meet and benefit from these new changes.
Our FRS Hub has been expressly designed to provide you with all the info, knowledge and resources you’ll need to take advantage of the transition, plus a comprehensive range of training opportunities designed to transform you into a fully-fledged FRS master.
In the fourth and final blog in our ‘FRS: Your Next Steps’ series, we’ll guide you through readying your clients and customers for the changes to policy. We’ll also be exploring our full array of training opportunities.