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Tech Lowdown: Lease accounting, project management and AML

This week, our round-up of the latest tech updates includes VAT for groups software, lease accounting, an AML audit service, project management tools, and a partnership programme.  
12th Sep 2019
Marketing manager
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AccountsIQ expands offering with VAT for groups functionality

AccountsIQ is adding new VAT functionality ahead of the start date of Making Tax Digital for VAT groups in October 2019. The new functionality will allow AccountsIQ users to submit consolidated group VAT returns digitally to HMRC under MTD.

The solution eliminates the need to use spreadsheets and bridging software, offering a long term solution after April 2020. After this date, it will no longer be possible to transfer information manually and agents and companies will need to use a digital link between the individual databases of the group and the products used to calculate the VAT owed.

As part of the product launch, AccountsIQ is offering a free event for accountancy practices on 26 September at their office in London. This will be a ‘lunch and learn’ event about group VAT and will also include a progress update on MTD with Caroline Miskin, tax practitioner support manager at ICAEW's Tax Faculty.

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IRIS acquires lease accounting software provider Innervision

IRIS has snapped up lease accounting software provider Innervision. This is IRIS’ fourth acquisition of 2019.

The company, which has a user base in over 100 countries, provides visibility of real-time lease data.

The new global lease accounting standards for IFRS and US GAAP came into effect in January 2019, changing the way leases are recognised on financial statements. “Innervision has an enviable reputation within lease accounting software and the leasing market, particularly for organisations struggling with the complexity and frequency of the new lease accounting standards,” said Kevin Dady, executive chairman of IRIS Software Group.

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Credas unveils new AML audit service

Identity verification business Credas has announced a new service to help accountants carry out verification checks, as required under the 4th money laundering directive. Firms can use the new service to help them identify where any gaps in compliance with a full review of their anti-money laundering processes.

Although the 4th directive has been in place for two years, Credas' CEO Rhys David says AML audit often goes under the radar in many firms.

“Any set of regulations can be quite difficult to decipher if you aren’t altogether familiar with them, so there is often a lot of room for misinterpretation when it comes to understanding what dictates compliance,” said David.

“For that reason, it can be reassuring for accountancy firms if they have an informed industry-expert checking their processes that know the legislation inside and out.”

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Project Financial Management in Pandle Mobile

Pandle has updated its mobile app to introduce project financial management tools, catering for accountants with clients that operate on a project basis. The tool provides visibility on the links between transactions and projects, helping identify areas of overspending and helping accountants report on the financial health of a business with real-time financial data.

Pandle has also added new invoicing and quotation functions on its mobile app, enabling users to copy previous invoices and quotes to avoid having to re-enter information. The tool will also be included in Pandle’s white-label service Brandle.

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Countingup relaunches its accountant programme

Countingup has re-launched its Accountant Programme, which now includes a marketing contribution scheme. The new scheme will be open until 30 November 2019.

In a recent release, the company explained that users who refer their clients will receive up to £4,500 as compensation depending on the number of successfully new open accounts. For the first 10 firms that sign up for the campaign, Countingup will also double the contribution available. Those clients referred by their accountants until the end of November will get six months of free subscription and bank transfers. 

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