IRIS Financials launches new features to help Multi Academy Trusts gain financial certainty

2 minutes length
Posted: 29th March 2021

As part of its continued mission to be at the heart of school management, IRIS Software Group (IRIS), one of the UK’s largest software companies, is today announcing a host of new features to help Multi Academy Trusts (MATs) gain further control and clarity on their financial status.

Many senior MAT leaders are struggling to find a single financial view of the multiple education organisations within their MAT or track real-time spending against tightly managed and strict budgets. The new features of IRIS Financials, formerly known as PS Financials, including cloud-based access, automated workflows and user-friendly dashboards, have been launched to help MAT leaders gain clear visibility of their financial status by automating mundane and complex operational tasks to drive success.

Cloud-based and accessible on any device, this latest iteration of IRIS Financials transforms real-time data into revealing graphs, charts and visualisations. It provides MAT leaders with the essential intelligence they need to demonstrate improvements across the Trust and evidence how they are enhancing the life chances of children – regardless of where staff are located. 

IRIS Financials now also enables senior leaders to configure workflows to automate complex processes, such as bank reconciliation and prepayments for the likes of school dinners and class trips. These tasks that have historically bottlenecked staff’s time can now be performed automatically – leaving them free to focus on teaching, not processes. 

No matter how complex the school or Trust’s affairs currently are, or become, IRIS Financials’ new dashboard functionality will enable CFOs and Finance Managers to centralise their finances with ease and view the latest up-to-date information.

The latest iteration of the cloud-based software also uses a unified ledger system that automatically consolidates data from all sources across the MAT – making it easy to rapidly produce accurate and compliant financial statements.

Winston Poyton, Senior Product Director for Education at IRIS Software Group comments, “While the pandemic has caused significant upheaval across the education sector, there is a real opportunity to enact tangible, positive change. Senior leaders in MATs need instant access to intelligence to keep up to date and know what’s needed to improve the education and life chances of children across their Trust. We will continue to develop market leading solutions that provide a single source of truth on academics, financials, staff wellbeing and engagement; so educators can remain compliant with all statutory reporting requirements and grow their organisation with confidence. Our mission is to enable them to deliver education today and tomorrow.”

IRIS Financials is the financial management app in the IRIS Education suite specifically designed to meet the needs of MATs, providing all the statutory reports and financial management information required.