New IRIS Accounts Office Online spells new revenue opportunity for accountants

The first major product launch since Exchequer Software was acquired by the IRIS Group in March 2005, IRIS Accounts Office Online allows accountancy practices to offer an outsourced accounts office solution to their clients, providing a virtual FD, virtual credit controller, virtual accounts adviser, virtual tax adviser and virtual book-keeper for a fixed monthly fee.

The technology is powered by Exchequer, a multi award winning proven accounting and business system that is currently used by 15,000 companies in 40 countries.

Businesses who use the solution gain comprehensive and professional accounting services at a fraction of the cost - at least 3-5 times less than an in-house resource. On-line access allows clients to view their accounts and reports 24X7 so they can be in constant contact with their financial situation without having to manage their accounts directly.

The solution is securely hosted, scaleable and cost effective and it provides the option for read only access or full data entry. The benefits to both accountants and to clients are extensive:

Accountants

• Increased revenue with higher profit margins
• Monthly recurring revenue - stability of income and cash flow
• Increased numbers of clients
• Utilises existing practice resources
• Provides opportunity for growth and expansion
• Easy to promote and sell
• A move from cost driven to value added service

• Professional accounting services at between 3 and 5 times less
• Access to experts 24X7
• Access online to view accounts
• Peace of mind that accounts are accurate and reflect legislation
• Services can grow or contract to fit with current business requirements
• Option to adopt software and data if decision made to bring accounting function back in-house
• Piloted with a number of accountancy firms, results show possible annual revenue increases of between £2K and £5K for audit work, between £10K and £20K for outsourcing fees and up to 25% in cost recovery rate.

Griffins Accountants in Newbury has found that its clients like the idea of outsourcing their accounting function to the professionals. "Apart from the cost savings benefits, they have 'peace of mind'," says Toby Hollington. He continued: "They like the fact that they are outsourcing to professionals freeing up their time to spend on growing and developing their businesses or as one client using the service said more time to play golf. So many business owners end up doing their own accounts because they won't let go but with professionals looking after them they can and this frees up their valuable time."

Having access to an accounting system that they would not normally invest in, is another added bonus for Toby's clients. Neither do they have to worry about the implementation, maintenance or training as this is provided as part and parcel of the service package. Toby concluded by saying: "We are excited about the concept and although some may seem it as quite a big change, it fits in well with what today's businesses are looking to achieve."

IRIS Accounts Office Online offers a number of benefits beyond core accounts and book-keeping services that include the outsourcing of credit control, banking, pro-active business alerts and automated report scheduling.

Rob Steele, co-founder of Exchequer and Product Director for IRIS Business and Enterprise Products said: "IRIS Accounts Office Online is perfect for fast growing companies that need to be able to focus their resources on business development and expansion and do not require an in-house finance and admin department. Users of the service receive regular management reports with information customised to their individual needs. This allows them access to an up to date picture of business performance at all times."