IRIS Live product updates: The rundownby
Following IRIS Live, Maddy Christopher caught up with IRIS chief evangelist Steve Cox to get a rundown of the new IRIS product releases.
Currently at pilot stage, the new version of IRIS Analytics centralises all financial data across an organisation, linking the organisation's data across all IRIS systems, eg IRIS financials.
The improved analytics operates via a web browser, where any member of finance team or stakeholder with access can see a visual representation of the financial data in a dashboard view. They can then drill down for more granular data all the way back to the source information.
“When you re looking at data, specifically financial data, you want to make sure the data has truth and hasn’t been manually entered,” IRIS chief evangelist Steve Cox told AccountingWEB. “So it's the single truth behind analytics.”
Analytics is aimed at companies, charities and multi-academy trusts (education) and a full launch of IRIS Analytics is planned for January 2021.
Invoice Matchers arrives as part of IRIS’s plans to automate all data inputs. As invoices come in through IRIS, IRIS Invoice Matcher automatically reads and pairs them with the relevant financial records.
“It’s around capturing the correct information at the point of entry,” commented Cox. Utilising latest OCR and machine learning techniques, it scans invoices and matches them to records held within a financial management system. The information is then tracked all the way through and automatically input into the system.
“There's no need for manual intervention. Yes, you can go and have a look. But ultimately, we're trying to remove human error.”
Invoice Matcher is a cloud-based solution partnered with data systems and OCR leader Kofax, which allows it to plug into a variety of other solutions. Invoice Matcher is set for an imminent release.
Fully Managed Payroll
IRIS is now offering managed payroll services under FMP for a full range of business sizes, ranging from micro-businesses to global international businesses.
“IRIS Fully Managed Payroll release is about bringing all of those services under a single umbrella,” said Cox. “With the different furlough and redundancy rule changes, payroll is a really complex area.
“The government are providing daily updates at five o'clock when most people are trying to switch off their machines, which means that payroll clerks have to then go and think right, what does that mean for tomorrow's run that we have to go and do.
“More and more businesses are going down the route of doing weekly payroll, as contracts become more flexible, fully managed payroll takes all of that headache away, all we need to know is who the employees are, and when they need pay. And they can provide the data to us, we do everything for them.”
Fully Managed Payroll incorporates technology from a mixture of IRIS solutions and acquisitions such as Payroll Professional, Ernie IQ and FMP and has been fully launched.
HR Professional and Payroll integration
HR Professional can now plug into IRIS Payroll solutions allowing information to be automatically transferred between the two systems, removing any duplication of data.
The integration improves the accuracy of payroll runs by removing manual data entry through automating processes. The integration also improves GDPR compliance by limiting access to payroll data and enhancing security.
“If you make a change in your HR system, it is pulled though to payroll to be processed automatically. Changes through furlough, redundancies, contract and hour changes etc, only have to be made once – usually in the HR system where employee data is stored.
My ePay Window
Payroll professionals running Bureau’s can now securely deliver payslips, P60s and other documents to customers and employees digitally through My ePay Window.
MyePayWindow also integrates with IRIS Payroll Professional, Earnie, IRIS Payroll Business, IRIS Bureau Payroll and IRIS Payroll for Accountants.
“It reduces dependencies on alternative solutions because they're now all integrated with this single delivery mechanism,” said Cox. “It allows better control and visibility over the patient, but also in a simpler user interface which offers a more comfortable customer journey to deliver the payslips for employees.”
IRIS Virtual Payroll Assistant (VPA)
Still in pilots, the Virtual Payroll Assistant (VPA) automates client payrolls, keeps track and provides full oversight of all payroll processing activity. VPA automates data calculation required for payroll such as automatic enrollment calculations, RTI delivery and payslips for multiple businesses, timescales and patient deliveries.
VPA also works out the work required and who is required to carry it out and review it whilst offering visibility to customers on where work is being carried out and potential bottlenecks. The tool integraties with the epayslip delivery (My ePay Window) to automate through changes to payslip delivery.