The largest provider of accountancy software in the UK, IRIS Software Group, has today unveiled the first incarnation of its new software platform which is set to transform how accountants work.

The next generation adaptive platform will connect client data to the heart of the workflow and integrate a rich inventory of solutions and services. This allows practices to adopt at their own pace through an ecosystem of coexisting desktop, cloud and third-party apps.

JF Sullivan, chief product officer at IRIS Software Group, said: “Accountants are at a tipping point. They face significant developments in the industry driven by the increasing commoditisation of standard compliance services and the changing technology needs of their clients.  They want to evolve into trusted business advisors but this shift can only be achieved if the tools and technology they use supports the change.”

“IRIS Elements frees accountants from non-billable work.  Growth opportunities can be exploited by adding new apps and functionality as the needs of their business evolve. And client data can be mined to provide insight and inform decision making on their clients’ behalf.”

Based in the cloud, IRIS Elements, will automate many compliance tasks, easily synching with other services to instantly check Companies House data, for example, or cross-check identity documentation at the touch of a button.

Included in the first phase of IRIS Elements, unveiled today, is the Anti-Money Laundering (AML) module. This automatically runs eight separate checks including identity validation, electoral roll check and sanctions screening with results available in seconds, making it simple to validate a person’s identity, one of the core tasks accountants perform. Enabling compliance checks to happen in real-time as part of an automated workflow, will help accountants combat fraud and onboard customers from the first meeting so they have more time to focus on the consultancy aspects of their role.

Future modules will take advantage of advanced technologies such as machine learning and AI.  The full development roadmap for IRIS Elements will be agreed in partnership with its 21,000 customers, focusing on the modules most accountancy practices want first.