Welcome to Daily Insight and the first day of Accountex 2018. Today’s big news is UK accounting group IRIS is acquiring Taxfiler, the cloud tax and accounts group focused on small accountancy practices.
Taxfiler, set up in 2012, is a cloud-based monthly subscription service for agents and accountants to submit statutory accounts and tax returns.
The group complements the IRIS portfolio, which includes Keytime, PTP and IRIS, to offer products for every size of business, from agents and small accountancy practices through to national and international firms.
Challenges of small practices
Sion Lewis, CEO of IRIS Accountancy Solutions, says: “Taxfiler is well-established with tax agents and small accountancy practices, and provides an exciting opportunity for us to offer a new generation of professionals tax and accounts compliance in the cloud using a product specific to their needs.
“We recognise the requirements and challenges of small practices are different to those of larger ones and look forward to simplifying the lives of more accountants to help them become more effective and productive.”
IRIS will integrate Taxfiler with KashFlow and OpenSpace to provide small practices and tax agents with a friction free, digital record compliance solution. Regardless of size, IRIS customers can access the best in class products to meet their evolving requirements as the industry embraces Making Tax Digital.
Cloud-based compliance software
Taxfiler founder James Reeves, says, “IRIS’ credentials are without doubt, the best in the industry. Taxfiler is delighted to join the team and with the plans to accelerate product development and focus on best in class customer experience, we look forward to continuing to build the new generation of cloud-based compliance software for small practices.”
“To help practices prosper we’ve created tools to automate internal processes, giving them more time to focus on more valuable advisory services. Using technology also means they can unlock client and practice data and gain comprehensive insights into business performance which results in greater efficiency and the foresight to maximise practice direction.”
It’s shaping up to be a big year for IRIS. The group has hit several milestones, including:
- The first quarterly filing submission in the MTD programme in February.
- Being named as a software agent for HMRC’s MTD pilot.
- The launch of Accountant Go, a practice-branded app designed for accountants to engage and communicate with their clients and provide a single portal to access information and digital tools.
- The acquisition of Star Computers to offer payroll and HR to an even wider audience.
- The acquisition of Taxfiler.
IRIS (stand 620) and Taxfiler (stand 346) are exhibiting at Accountex 2018.
Intuit results beat Wall St expectations
Meanwhile in the US, the surge in self employment has boosted accounting software giant Intuit‘s third-quarter results.
Revenue climbed 15 per cent to $2.92bn beating forecasts for $2.8bn. The gains were driven by its small business and self-employed arm as well as its consumer group division, where its TurboTax software is used to help individuals file US tax returns.
There were 683,000 QuickBooks self-employed at the end of the quarter, compared with the 360,000 a year ago. That helped a 45 per cent increase in total QuickBook subscribers to 3.2m. Net income was up about 25 per cent at $1.2 billion.
Do the math, as they say.