IRIS Accountancy Practice Solutions Signs Strategic Partnership with CoreFiling to Deliver Online iXBRL Tagging of Word Document
Partnership between Accountancy Software Market Leader and Inventor of iXBRL Will Help Practices and Corporates of all Sizes Meet HMRC iXBRL Filing Deadline
Datchet, U.K. – 22nd November, 2010 — IRIS Accountancy Practice Solutions has today announced an exclusive partnership with CoreFiling, the XBRL vendor and inventor of the iXBRL standard.
Under the terms of the agreement, IRIS APS will have exclusive rights to market, sell and support an IRIS-branded version of Seahorse, CoreFiling’s online solution for the iXBRL tagging of Microsoft Word documents. The IRIS-branded solution will be made available to UK accountants in practice and to the UK corporate marketplace. IRIS and CoreFiling will also jointly collaborate on other iXBRL related product initiatives.
The announcement underpins a significant additional capability for IRIS Accountancy Practice Solutions customers, using IRIS Practice Suite, PTP and Drummohr, who need to comply with the HMRC Corporation Tax e-filing and Accounts submission mandate in April 2011 using the new iXBRL file format.
Phill Robinson, Managing Director of IRIS APS said: “We have encountered a growing number of corporates and accountancy firms that still rely heavily Microsoft Word to prepare final accounts. However, Word does not support iXBRL. As a result, these organisations have told us they need a solution that lets them quickly, easily and accurately add iXBRL tags to their documents, so they can meet HMRC’s iXBRL e-filing standards. IRIS and CoreFiling have teamed up to deliver an internet-based solution that lets them do exactly that, in the most efficient way possible.”
IRIS Accountancy Practice Solutions was the first major software vendor to deliver iXBRL tax e-filing capabilities in its IRIS, PTP & Drummohr products. Since the start of the tax year over 100,000 iXBRL-compliant CT600 returns have been submitted using IRIS application software. The same iXBRL-engine is now part of IRIS Accounts Production Suite and PTP Accounts iXBRL edition. As such IRIS already provides the most complete set of iXBRL-ready products in the marketplace a full five months ahead of HMRC mandate.
Marketed as part of the IRIS OpenApps product family of leading edge internet-based solutions, the new Word tagging application will provide a complementary extension to the market-leading iXBRL capabilities in the IRIS Practice Suite, PTP and Drummohr.
John Turner, Chief Executive Officer of CoreFiling, said; “With iXBRL regulations soon coming into effect, our partnership with IRIS Accountancy Practice Solutions will help businesses meet the HMRC e-filing mandate with minimal impact to the way they currently produce their accounts. The arrangement simplifies iXBRL compliance for accountancy practices around the country and we are delighted with the opportunities it presents to both companies.”
Phill Robinson, Managing Director of IRIS Accountancy Practice Solutions adds; “This agreement demonstrates our commitment to ensuring that IRIS customers have access to the very best technology, delivered through the Cloud. Our agreement will initially see us offering a product that perfectly complements the current IRIS iXBRL solutions. This completes the picture for our 14,000+ accountancy practice customers. Combining our solutions with new capabilities from CoreFiling means we are further able to enhance the productivity, efficiency and profitability of our customers.”
Under the terms of this agreement, IRIS APS will gain exclusive rights to collaborate on and resell certain CoreFiling-developed products and solutions to the UK accountancy sector. CoreFiling will continue to sell its innovative enterprise and regulatory solutions to customers around the world.