Tech Lowdown: Circit, IRIS, Clear Books and Revolutby
This week’s roundup features Circit's tech accreditation from ICAEW, IRIS's spring suite, and a partnership from Clear Books and Revolut.
Circit awarded ICAEW technology accreditation
Following independent evaluation, Circit has become the first ICAEW accredited audit confirmations platform.
ICAEW has documented the evaluation results, available to members, to offer transparency in the process, and ensure the critical areas of importance are covered for accounting firms when engaging with Circit.
“We are delighted to welcome Circit as a supplier onto our Technology Accreditation Scheme,” said ICAEW commercial business managers Craig McLellan.
“Circit went through a very rigorous accreditation processes and are currently the only accredited product in our Audit Request Confirmation Software Evaluation Category and our reviewers were impressed with the depth of functionality on offer”.
IRIS launches Accountancy Suite Spring 2021
IRIS Software Group has launched its Accountancy Suite Spring 2021 release:
IRIS Business Tax – new supplementary page: CT600(L) for Research and Development claims
The new supplementary update in IRIS Business tax will improve accuracy for accountants and help reduce the amount of incorrectly submitted claims by ensuring the process for submitting CT600(L) forms for Research and Development (R&D) tax credit is kept as simple as possible.
IRIS Business Tax’s R&D feature has been updated for mapping CT600(L) to cater for new fields on the supplementary form. While R&D claims now require 40+ fields to be completed on the CT600(L), the updates to IRIS Business tax have streamlined this process and ensured there is no increase in the number of entries required to complete the form.
All Tax: Tax reporting changes for CJRS and SEISS
The introduction of CJRS and SEISS meant accountants had to adapt their services to meet the rising demand of clients requesting and receiving support loans.
All IRIS tax products have been updated to cater to all the different types of support schemes that are required to be reported on the self-assessment tax return. It also now has the functionality to report incorrectly claimed grants.
Time and Fees: Timesheet postings on the go
The new update has been added to IRIS Time and Fees to further enhance productivity and efficiency for accountants when managing staff timesheets, recording work in progress and controlling all expenses across the business.
The IRIS Time and Fees update means all users can now apply timesheet postings to their IRIS time ledger, whilst the user is still in their timesheet. Accountants can now also bill time postings made the same day, to ensure that all clients are promptly and accurately invoiced for the work done when performing day-to-day billing activities.
A full list of annual updates is available on the IRIS website.
Clear Books and Revolut Business launch new payment feature
The new integration provides customers with a draft payment facility within Clear Books online accounting software to make quick payments and run payroll with ease using Revolut Business accounts.
The new integration has also been added to Revolut’s Marketplace where Revolut Business customers can get 50% off Clear Books for 6 months when they sign up.
To use this feature, customers can connect Clear Books and Revolut Business accounts, and select the bills in Clear Books that need to be paid. Clear Books sends the bills as ‘draft payments’ directly to their Revolut Business account, for the user to review and approve the payments initiated from Clear Books.
How it works:
1. Click ‘Pay bills’ and select the bills you wish to pay in Clear Books.
2. Review the details of the bills.
3. When you’re ready to pay click ‘Submit draft payment’.
4. Once you click on the ‘Revolut Business account’ link, Clear Books will transfer you directly to your Revolut Business account to quickly review and send the payment.
Users can choose up to 20 bills to be paid at once using a Revolut Business account, with the functionality allowing for over 170 multi-currency payments at no extra cost. The integration is free and supports employee salaries.