Save content
Have you found this content useful? Use the button above to save it to your profile.
IRIS World 2015 product launch

KashFlow gets payments and management packs

by
6th Oct 2015
Save content
Have you found this content useful? Use the button above to save it to your profile.

The IRIS-owned cloud accounting program KashFlow has been enhanced during the past couple of weeks with new facilities to handle direct debit and card payments, and to generate PDF management reports for clients.

The new modules have been at the centre of announcements at IRIS World events around the country - London last week, Birmingham and Manchester this week, with events in Newport and Edinburgh to follow later in October.

KashFlow Payments has been built around interfaces with third party applications from GoCardless and World Pay that make it possible for businesses to set up and collect direct debit, recurring and credit card payments.

According to IRIS Software CEO, a considerable amount of integration work went into making sure the outside software integrates well with KashFlow and other IRIS tools. “We built our own end-to-end automated processs within IRIS OpenPlatform, using APIs [application programming interfaces] to write data between them.”

KashFlow Payments should meet the needs of most businesses, he added, noting that a recent IRIS survey found that only 30% of businesses were being paid on time. “Rather than simply developing software that raises invoices, we have designed KashFlow Payments to help solve real business challenges by collecting payments on time.”

The new management pack mechanism was added as a standard part of the KashFlow system in late September. Accessed via the accountant’s KashFlow Connect section, the module will output a PDF branded in the firm’s name, showing summaries of the client business’s P&L, balance sheet, total balance, aged creditors and debtors and any zero balance nominal codes.

Once the report is generated, the software sends the client a link to the full document, which is stored in the IRIS OpenSpace online portal. As IRIS product director Stephen Cox put it while demonstrating the new module in London, “It’s pretty straightforward.”

But with accountants everywhere being urged to provide more insight and forward-looking advice to clients, the KashFlow management packs offer a means to start those conversations, said IRIS Software’s CEO.

“Management accounts are a key feature clients are asking for. This first iteration of the product meets that requirement. Accountants can go to clients with a service that delivers higher value,” said Robinson after the launch. “Our customers are catering for clients who aren’t very technically aware.”

While other cloud applications have built-in graphical dashboards to display key performance indicators and a whole battery of third party reporting tools, IRIS and KashFlow are relying on a partnership with GearShift to offer advanced online reporting.

“There are [cloud accounting] vendors who say their product is ‘open’, but they don’t provide deep levels of integration,” Robinson said. “We’re more interested in smaller, high value integration than having thousands of free-range software partners. We can’t validate the quality of their products.”

Replies (2)

Please login or register to join the discussion.

avatar
By thacca
06th Oct 2015 19:51

Management pack
It is poorly formatted, doesn't include any form of comparatives, doesn't include a cash flow statement or ratios. It's dreadful compared to what xero and clear books have.

Thanks (4)
avatar
By User deleted
15th Oct 2015 14:23

Early days ...

... I thought it OK for first effort.

I find it much more helpful to tell KashFlow what enhancements would be useful so they know what users want. They are pretty responsive and will act on sensible suggestions quite quickly as they want to be the best offering available, but can only do that with constructive suggestions and criticism.

If you read the article properly though you will see though that the main thrust is a partnership with gearshift that can cost as little as £6pm, so for £16pm you can have a a bookkeeping system and superb flexible forecasting tool at your fingertips. What would be sensible is for Kashflow to give one free (or heavily discounted) gearshift licence to all Kashflow partners to allow evaluation.

 

Thanks (0)