KashFlow and IRIS

FAQs

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0344 576 2027

Why is IRIS buying KashFlow?

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A. The IRIS vision is to connect accountants, businesses and their employees, enabling them to efficiently manage their financial and compliance requirements to achieve success. 

IRIS has helped accountants and SMEs with their compliance requirements through its traditional application software for over 30 years, building up a market leading position for accountancy and payroll solutions.

Over the last three years IRIS has developed and delivered the most advanced set of cloud solutions enabling accountants and their SME customers to collaborate with one another even more closely.

Our rapidly growing IRIS OpenApps family of products now have 60,000 SME and accountancy cloud subscribers, improving the ways in which SMEs run their businesses and how they collaborate with their accountants.

Bookkeeping is a core requirement of all small businesses and so IRIS has decided to extend its range of IRIS OpenApps solutions through the acquisition of KashFlow, to offer fully integrated bookkeeping for SMEs and compliance applications operated by their accountancy providers.

This is a logical next step for IRIS which has rapidly delivered a complete suite of cloud-based solutions for SMEs and accountants. These include:

• IRIS OpenTax – tax preparation software for accountancy firms
• IRIS OpenPayroll – bureau class payroll for SMEs and accountants
• IRIS OpenPayslips – electronic payslip delivery to employees of SMEs
• IRIS OpenSpace – online document collaboration between SMEs and accountants
• IRIS OpenAudit – UK’s first online audit solution for accountants

The acquisition of KashFlow helps to complete the product suite, with a complete set of cloud-based bookkeeping solutions for SMEs which fully integrate with their accountants systems for true real-time collaboration.

If I use IRIS OpenBooks today, will I need to migrate to KashFlow?

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No. IRIS continues to have a relationship with FreeAgent, and will continue to supply its IRIS OpenBooks products to existing customers. A new agreement has recently been signed with FreeAgent that ensures that we will continue to supply IRIS OpenBooks to existing customers that want it for as long as they continue to consume it as a solution. However, we do believe that given FreeAgent’s heritage it is more often a solution for the contractor market place, and that KashFlow has broader appeal in the general SME space. As such our primary bookkeeping solution for accountants will be KashFlow.

Will this acquisition change the price of KashFlow products?

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We have no current plans to increase the price of the KashFlow offering and better still, with increased investment and integration into our adjacent suite of applications, the value our customers receive will increase. www.kashflow.com/pricing

What happens to KashFlow customers?

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Nothing changes. KashFlow customers will continue to enjoy the benefits of KashFlow in the same ways that they always have. KashFlow customers should have no concerns about this change.

As one of the UKs leading software firms IRIS enables KashFlow to accelerate its plans for product investment and growth.

IRIS is financially secure, with £60m in revenue (to April 2013), 10% growth, and strong EBITDA margins. It is backed by HgCapital, one of the leading private equity firms in the UK.

KashFlow customers that are also IRIS customers should expect to benefit from closer integration between the two product sets in time. As well as having the opportunity to consider other cloud products from one provider, including IRIS OpenPayroll, IRIS OpenPayslips, IRIS OpenTax, IRIS OpenAudit and IRIS OpenSpace.

What does this deal mean for the IRIS relationship with FreeAgent?

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IRIS will continue to provide its current IRIS OpenBooks product in partnership with FreeAgent as before. But the deal with KashFlow will enable IRIS to extend its product range and provide even greater functionality across its services.

The IRIS relationship with FreeAgent has been in place for over three years, and a number of its customers use the IRIS OpenBooks solution. After this deal, the FreeAgent partnership remains in place, and IRIS remains a minority investor in FreeAgent.

However, FreeAgent’s heritage is in supplying bookkeeping solutions to the contractor or sole trader market, IRIS believes that KashFlow has broader appeal to a wider section of the SME market space.

IRIS also believes that under its ownership, it can develop deeper levels of integration between KashFlow and both its on-premise and cloud-based solutions. As well as offering sophisticated tools for accountants to collaborate with their SME customers, in ways that they could not be achieved by other competitors in the market place.

Great, where can I sign up to try KashFlow?

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Visit www.kashflow.com to sign up for an unlimited 14 day free trial.

I still need to know more, how do I enquire about this at IRIS?

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For accountants, please call 0844 576 2027 or email kashflow_accountants@iris.co.uk

For SMEs, please call 0844 576 2025 or email kashflow_sme@iris.co.uk

 

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