With increasing pressure to become more effective and productive, a new analytics tool for large accountancy practices promises to provide comprehensive insights into business performance, resulting in greater efficiency and the foresight to maximise strategic direction.

IRIS Accountancy Solutions has launched IRIS Analytics in response to partners in practice requiring greater insight into the practice performance.

Issues such as the lack of visibility in client billing, job costs and staff productivity are preventing practices from truly understanding what’s working well and where improvements to service provision can be made. Without insights into key financial, operational and productivity KPIs, partners may miss changing environments and will be unable to respond.

Nick Gregory, Chief Product and Marketing Officer at IRIS says, “Most firms recognise the need to gain a better understanding of their business performance but lack the tools to achieve this. The ability to obtain comprehensive insight into business performance enables practices to identify issues early, drill down into the detail, develop strategies to address them and ensure the business achieves its goals. Analytics can also be used to highlight gaps in a firm’s offerings, allowing the practice to develop new services to support the next generation of clients.”

IRIS’ view of analytics is supported by an ACCA technology report, ‘The race for relevance – technology opportunities for the finance function’[i] where it highlights the importance of the tools. “Analytics can help companies to see patterns in their data that enable them to predict issues and triggers before they happen, instead of being forced to react to them after the event. It speeds up finding answers to problems, eliminating data silos and ‘democratising’ data itself.”

The information within IRIS Analytics is provided in graphical representation with the ability to drill down for detailed analysis. Partners also have access to historical data allowing comparison to prior performance, set targets for future success and assess achievements against them.

IRIS Analytics is the latest solution to help accountancy practices embrace digital transformation as a catalyst for change. Its best in class tools manage the entire business, from attracting and managing clients through to added value consultancy and practice productivity.

For further information visit:
https://www.iris.co.uk/iris-solutions/accountants-in-practice/iris-analytics/

[i] http://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/the-race-for-relevance/pi-race-for-relevance.pdf