IRIS SOFTWARE INTRODUCES MAGIC BANK RECONCILIATION & PENSIONS AUTO ENROLMENT WITHIN KASHFLOW

KashFlow bookkeeping radically improves client accuracy for accountants

KashFlow Payroll is now Workplace Pensions Auto Enrolment ready

UK Accountants and their clients are set to gain even more benefits from using IRIS Software, with the introduction today of two new feature enhancements to its cloud bookkeeping and payroll solutions.

IRIS Software Group is launching the winter release of the IRIS Cloud Suite, which promises to make the bookkeeping, accounting and payroll processes for SMEs even easier. For accountants, the release promises to enhance client collaboration, ensure compliance and improve productivity.

The winter release introduces Magic Bank Reconciliation, which speeds up the KashFlow reconciliation process by automatically calculating the target balance, and flagging transactions already imported into KashFlow as pre-reconciled. All accountants need to do is review, approve or amend the pre-ticked transactions before completing the reconciliation for their clients, saving them time and adding additional value to their client relationship. This not only simplifies the reconciliation process for accountants’ clients, but also enforces good practice by ensuring there is an extra step for accountants to review.

Clients can import their transactions using Automatic Bank Feeds, a feature that includes auto-matching rules that suggest the best matches for these transactions among existing invoices and purchases recorded in KashFlow. Users can also set their own rules to automatically create invoices, purchases and transactions direct from their bank feed.

The winter release also includes a significant investment in KashFlow Payroll, with the introduction of Automatic Enrolment (AE) assessment, to assist business owners in meeting their legal obligation to provide employees with a workplace pension, as set out by the Pensions Regulator. The new assessment capabilities enable small businesses to easily comply with AE requirements and avoid potential fines. The new AE service enables accountants to offer additional services, including assessing their clients’ workforce, automatically enrol qualifying employees and calculate the required employee and employer contribution levels.

Part of the IRIS Software Group, KashFlow is a leader in the online bookkeeping & payroll sector. KashFlow is integrated with the leading Accountancy Practice Software from IRIS, used to produce tax returns and accounts by over half of all UK accountants. As part of the IRIS Cloud Suite for Accountants, KashFlow enables SMEs to collaborate with their Accountant in real time, to ensure they get the most accurate, up to date business advice, while remaining compliant.

Phill Robinson, CEO of IRIS Software, says: “We’ve spent the past four years building our cloud capabilities to help small businesses quickly and easily complete their bookkeeping, accounts & payroll, as well as foster closer working relationships and collaboration with their accountants. We have accelerated our efforts over the last year and are pleased to have the most complete offering in the marketplace. We have been delighted with the level of adoption of our IRIS Cloud Suite, of which KashFlow is the centre piece, with over 170,000 small business subscribers now using KashFlow and IRIS to help run their business.”

Sue Goble, CEO IRIS Cloud Division continues: “We’re seeing exceptional demand for solutions that make business life easier. We’re continually seeking to introduce time-saving features and deeper integration with the IRIS Cloud Suite. In the Winter Release, we’ve introduced Magic Bank Reconciliation into KashFlow, making it far quicker for small business and their bookkeepers or accountants to reconcile their books.”