Overcoming IRIS Limitations With Accounting Outsourcing Services For Complete Compliance

Introduction

Accounting is often referred to as the art of turning chaos into clarity. But even the best tools sometimes fail to deliver the required outcomes.

An Accounting Practice using the IRIS application faced a critical limitation: the software only supported 14 Notes to Accounts for consolidation, while compliance demanded 38 notes. The shortfall put reporting accuracy and compliance at risk—until Corient intervened.

The Initial Problem: What Went Wrong?

The Accounting Practice faced major hurdles:

• IRIS supported only 14 out of 38 required notes.
• Risk of non-compliance with reporting standards.
• Incomplete reporting, leaving gaps in financial disclosures.
• Potential for inaccuracies and regulatory penalties.

Without a fix, the firm could not deliver fully compliant consolidated accounts.

Corient’s First Solution: The Fix

Corient’s experts first collaborated with the IRIS support team to explore potential options. Since the system couldn’t natively handle all notes, Corient introduced a manual addition of critical notes, including:

• Cash Flow Statement
• Fixed Investment in Subsidiaries Schedule
• Equity Instruments

This extended IRIS’s functionality and enabled more comprehensive reporting.

The New Problem: A Surprise Roadblock

While the manual addition worked, it introduced new risks:

• Misalignment between manual notes and IRIS system outputs.
• Potential errors in consolidation due to formatting mismatches.
• Increased risk of inaccuracies in the final reports.

The firm needed a robust, step-by-step solution to ensure compliance and accuracy.

Corient’s Second Solution: Fixing the New Problem

Corient tackled the issue with a structured approach:

• Step 1: Rigorous Quality Checks – Each note was tested against accounting standards for accuracy.
• Step 2: Compliance Mapping – Notes were aligned with regulatory requirements to avoid errors.
• Step 3: Seamless Integration – Manually added notes were optimised to function smoothly with IRIS.
• Step 4: Efficiency Streamlining – Processes were simplified to allow for the direct generation of consolidated accounts within IRIS.

This ensured a complete, compliant, and error-free consolidation process.

The Final Outcome: Success Story

The Accounting Practice achieved a seamless turnaround:

• Comprehensive Reporting: All 38 Notes to Accounts were available within IRIS.
• Full Compliance: The firm met all reporting standards, avoiding penalties.
• Improved Efficiency: Consolidated accounts were prepared faster and with fewer resources.

Client Testimonial

“Corient’s expertise saved us from a major compliance issue. They not only solved the immediate problem but also enhanced our processes for the long term. We can now rely on IRIS for complete, accurate reporting.”

Key Takeaways: Why This Matters for Businesses

• Software limitations can impact compliance, but they can be overcome with the right expertise.
• Adaptability is crucial when working with accounting technology.
• Quality assurance safeguards compliance even when manual intervention is needed.
• Efficiency improves when technology and expertise work together.
• Trusted partners like Corient ensure peace of mind by blending technology with hands-on support.

When systems fall short, expert intervention transforms limitations into lasting success. At Corient, we help firms strengthen operations through  accounting outsourcing services services and ensure compliance in critical areas such as  payroll outsourcing.