TrustRadius: an HG Insights company

IRIS Financials

Score9 out of 10

1 Reviews and Ratings

What is IRIS Financials?

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 According to the vendor, this feature simplifies data entry and data sharing, eliminating duplication and out-of-date information.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.

Categories & Use Cases

Top Performing Features

  • Accounts payable

    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.

    Category average: 8.4

Areas for Improvement

Educational Finance Managed!

Use Cases and Deployment Scope

Our multi academy trust uses IRIS Financials to centralize each of our establishments financial data, allowing central staff to gain an insightful overview of of budgets, keep track of purchase orders, and provide account information to auditors in an efficient way. Previously each our our establishments worked in silo and this created an inefficient way of working. IRIS Financials has helped us unify our working practices and build a stronger financial company position.

Pros

  • Payroll
  • Remote Access
  • Reporting

Cons

  • Cost
  • Support
  • Better Integration with HR/MIS

Return on Investment

  • Time savings
  • greater record accuracy
  • greater visibility of budgets

Usability

Alternatives Considered

FMS.next