IRIS Accountancy Practice Solutions Launches Online iXBRL-Tagging Tool for Accountants


3rd of February, 2011 Bookmark and Share
Datchet, U.K. – 1st February, 2011 -- IRIS Accountancy Practice Solutions has announced the immediate availability of IRIS OpeniXBRL, an automated online iXBRL-tagging tool, that is part of its IRIS OpenApps family of cloud-based solutions. IRIS OpeniXBRL is designed specifically for accountants who prepare accounts outside of an Accounts Production system using Microsoft Word, allowing them to submit iXBRL compliant accounts to HMRC ahead of iXBRL mandation on April 1st.

IRIS Accountancy Practice Solutions has already delivered iXBRL compliant Tax and Accounts Production solutions, in April and November 2010 respectively. IRIS customers have already filed over 147,000 iXBRL compliant returns, using these products.

However some Accountants still use Microsoft Word to prepare Accounts, and since Word does not support iXBRL natively, will need to adopt a solution that allows them to add iXBRL “tags” to their documents prior to submission to HMRC.

“For those organisations that are not ready to adopt an Accounts package, or are wedded to Microsoft Word to prepare Accounts, IRIS OpeniXBRL provides a highly productive iXBRL tagging solution” said Phill Robinson, Managing Director of IRIS Accountancy Practice Solutions.

“Incredibly, some of our competitors are asking their customers to export all of their Accounts preparation work from an Accounts Production package, into Word, so that they can then iXBRL tag their work. For those businesses, IRIS OpeniXBRL is a natural choice to add iXBRL to their work for onward submission to HMRC”

IRIS OpeniXBRL, available to accountancy practices exclusively from IRIS Accountancy Practice Solutions, completes the company’s comprehensive portfolio of iXBRL-ready solutions to help practices comply with pending HMRC regulations.

IRIS OpeniXBRL is delivered over the Internet as a secure SaaS (software-as-a-service) cloud-based solution, which means that practices access the solution by connecting using a web browser. This avoids lengthy implementation or product update processes and also means there is no requirement for practices to install any additional software.

IRIS OpeniXBRL is an easy to use tool that utilises an intelligent learning engine to ‘auto-tag’ tables and key text within Microsoft Word based sets of accounts, which are confirmed via a simple review process. This unique feature delivers as much as 90% auto-completion, delivering significant time saving and accuracy benefits over other tagging solutions.

Phill Robinson, Managing Director of IRIS Accountancy Practice Solutions, said: “This application will deliver benefits to all accountancy practices, large and small. Even large practices that have sophisticated applications often find they still have to depend on Word for some of their client’s accounts. Whether you’re already using IRIS products, third party software, or if you are a sole practitioner relying only on Microsoft Word, IRIS OpeniXBRL will complement any existing software without interfering with current processes.”

The launch of IRIS Open iXBRL follows the recent announcement of the IRIS partnership with CoreFiling, the inventor of iXBRL technology in the UK and partner to HMRC. IRIS OpeniXBRL is powered by CoreFiling technology.

Intelligent learning speeds iXBRL conversion
Taking less than half the time of manual ‘drag and drop’ systems, the automated tagging feature will initially tag around 70-90% of any imported Word document. However, because IRIS OpeniXBRL includes a learning engine, it will remember any previous manual tags, which progressively simplifies and speeds up the process of converting to the iXBRL format.

Prior to the launch of IRIS OpeniXBRL, practices had limited options when it came to iXBRL compliance. They could either purchase an accounts production package or install one of the existing on-site tagging tools available in the market place, which are manual and depend on existing IT infrastructure. However, manual tagging is an extremely lengthy process, which would be too time consuming for the majority of practices and would also require the accountant to have a detailed knowledge of the iXBRL taxonomy and which items require tagging.

Robinson added: “IRIS OpeniXBRL removes the need for constant manual intervention and delivers huge time savings to accountancy practices. We are delighted to offer it as part of the IRIS portfolio of products addressing iXBRL. With HMRC’s deadline looming, we believe that this is the best solution for those practices that still rely heavily on Microsoft Word to prepare final accounts. This solution will let them quickly, easily and accurately add iXBRL tags to their documents in an online environment, without having to make changes to their established practices.
“IRIS OpeniXBRL is part of our ongoing commitment to develop cloud and SaaS products which allow accountancy practices to benefit from the most innovative technologies available on the market, without having to make large capital investments on infrastructure and on-premise solutions.”
The solution is available for as few as five sets of accounts with pricing starting at £110 and reducing to as little as £66 per set depending on the volume purchased.

For further information, please call 0844 815 5555, or see www.iris.co.uk/ixbrl

About IRIS
IRIS Software & Services is the UK’s largest privately-held software company. It serves the UK accountancy sector under three brands; IRIS, PTP and Drummohr. It is the market-leading provider of fully integrated software and services to UK accountancy firms. The company has over 14,000 accountancy practices of all sizes and has 40 per cent of the country’s top 50 firms as clients.


Press Contacts:
Emily Gallagher/Michelle Anker
Touchdown PR
Tel: +44 (0)1252 717040
Email: iris@touchdownpr.com
Touchdown PR
IRIS Software & Services is the UK’s largest privately-held software company.