Name: IRIS Financials
Rating: 9 (1 reviews)
Author: IRIS Software Group

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IRIS Financials, developed by IRIS Software Group Ltd, is a unified ledger accounting system designed to cater to the needs of small to large organizations in various professions and industries, including accountancy, financial management, charities, education management, and HR management. According to the vendor, this software solution offers a range of key features that can provide seamless and efficient financial management for businesses of all sizes.

## Key Features

**Effortlessly scalable**: According to the vendor, IRIS Financials is designed to be effortlessly scalable and adaptable to fit around your systems and processes, both now and in the future. It is intended to grow with your organization, accommodating your growth plan at any stage. The software is also designed to seamlessly integrate with your existing systems and processes.

**Compatibility Commitment**: The vendor claims that IRIS Financials is compatible with your current systems and software. It is said to integrate seamlessly with IRIS products and third-party applications such as payroll, HR, asset management, CRM, eCommerce, and stock management. The software is described as flexible and able to work well with the rest of your software and teams.

**Real-time decision making made easy**: IRIS Financials is marketed as a unified ledger system that synchronizes your data, ensuring that everyone views the same data in the format most useful to them. According to the vendor, this feature simplifies data entry and data sharing, eliminating duplication and out-of-date information. The software is said to provide confidence in the information available for better business decision-making.

**Unrivalled flexibility & scalability**: According to the vendor, IRIS Financials is designed to be endlessly configurable to meet your organization's current and future needs. The software is claimed to be adaptable, molding itself to fit your systems and processes. It is intended to grow alongside your organization, adapting to your changing requirements.

**Timesaving Automation**: IRIS Financials allows you to configure workflows to automate complex processes, potentially saving time for your staff. According to the vendor, tasks that used to require manual effort can now be performed automatically. Financial decisions and actions can be automated, with all actions logged within the software and full audit trails available.

**Powerful reporting**: IRIS Financials is said to provide powerful reporting capabilities, enabling you to track stock movements and monitor efficiency. According to the vendor, it offers a centralized data source, unlimited analysis possibilities, and multiple user-defined fields for enhanced reporting capability. All enquiries and reports can be viewed on-screen, printed, emailed, or exported to Excel, potentially saving time and providing actionable insights.

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IRIS Financials

1 in 3 accounting software users find it difficult to choose the right tool. Find the best solution for you.

The Buyer’s Guide to Accounting Software

Software for tracking revenues and expenses and forecasting future revenue.

Education Management

Likelihood to Recommend

Usability

General Ledger and Configurable Accounting

Accounts payable

IRIS Software Group

Financial management solution, including capabilities for general ledger and configurable accounting

This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.

Accounts receivable

This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.

Cash management

The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.

Bank reconciliation

The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.

Expense management

The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.

Time tracking

The software can track billable and non-billable employee time by project.

Fixed asset management

This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.

Multi-currency support

The software supports transactions across multiple currencies.

Multi-division support

The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.

Regulations compliance

The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.

Electronic tax filing

The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

Self-service portal

The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.

Global Financial Support

Account using multiple ledgers, multiple currencies, and multiple entities

Primary and Secondary Ledgers

Record and report across multiple currencies and accounting standards with primary and secondary ledgers

Intercompany Accounting

Automatically balance and reconcile GL for intercompany transactions

Localizations

Meet reporting requirements with country-specific localizations

Journals and Reconciliations

Automate and synchronize ledgers and processes

Enterprise Accounting

Create accounting for disconnected ERP and non-accounting source systems

Configurable Accounting

Configure accounting rules and segments for each chart of accounts

Centralized Rules Framework

Integrate disparate ERP and transactional systems into single ERP instance

Standardized Processes

Centralize financial management to facilitate standardized financial processes

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

Inventory tracking

The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.

Automatic reordering

The software can be set up to automatically reorder a good when it falls below a certain threshold.

Location management

The software can track multiple goods across multiple locations.

Manufacturing module

The software helps track and manage raw materials, work-in-progress items, and finished goods.

Order Management

The ability to process orders, and track them from quote to cash.

Pricing

Users can set up complex and unique pricing requirements.

Order entry

Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.

Credit card processing

The software facilitates credit card processing.

Cost of goods sold

The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.

Order Orchestration

Define and execute order fulfillment processes for products as well as services on the same order.

End-to-end order visibility

Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics

Order exception Resolution

Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

Pay calculation

Pay calculation provides for computation of employee pay with state and federal deductions.

Benefit plan administration

Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

Direct deposit files

Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

Salary revision and increment management

Salary revision is the ability to modify individual employee pay.

Reimbursement management

Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

IRIS Financials

Overview

What is IRIS Financials?