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IRIS beefs up iXBRL tagging in v10.9

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11th Apr 2012
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The April update of the IRIS Accountancy Suite includes a new “second generation” iXBRL tagging tool.

Version 10.9 of the IRIS suite includes enhancements to the accounts production, business tax and personal tax modules, but the developer is continuing to use iXBRL as a spearhead for its marketing campaign.

“IRIS continues to lead the market, as last year 46% of all accounts submitted by third party software were from our customers,” said Phill Robinson, CEO of IRIS Accountancy Solutions. “One year on, where many software providers continue to struggle to offer a solution with the wide range of automated tags and flexibility that their customers need, we are already introducing second generation software that delivers significant new functionality to improve the user experience.”

According to IRIS product director Simon Witkiss, the iXBRL tool includes standardised notes to simplify the tagging process as well as pre-defined data fields into which accountants can enter numeric values. Another option is to define tagging rules and templates within the chart of accounts, so line items within the final accounts will come out with the appropriate iXBRL tags. The software can also tag consolidated group accounts.

“We went back to look at how customers were using [the iXBRL tool] to identify the pain points where iXBRL was wasting the most time. As soon as you start changing things it becomes more complicated - so we made it easier to do so at the beginning of the process, where users might be less skilled, and at the end.”

As with its previous tagging tool, the new IRIS iXBRL program will work with the 2012 versions of the Drummohr and PTP products released today.

Elsewhere, the IRIS suite has been equipped with an “OpenPortal” home page (see above) that positions the usual software navigation signposts alongside RSS feeds and information links, for example to current tax tables, news compiled by IRIS software and status updates from the company’s support team.

The personal tax module includes a number of new functions, including:

  • multiple trade tax computations for limited companies
  • support for companies that deal in land and property
  • Corporation Tax computations for periods that extend beyond one year
  • a new student loan deduction report; and
  • A tool to import dividend data from the company secretarial module.

We have asked IRIS for more details about the product, but until then perhaps AccountingWEB members who have seen the new product can tell us more about it here, or in our IRIS Accountancy Solutions discussion group.

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By Eddystone
18th Apr 2012 13:25

ixbrl
I find the Iris software pretty simple and seamless but just wish it were a bit faster !

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