Are you struggling with inefficiencies and high costs in your current accounting software? Many accounting firms face similar challenges, especially when dealing with platforms like IRIS, which is traditionally a desktop service that is not solely focussed on the accounting sector.
But there’s a solution. Silverfin, a cloud-native platform designed specifically for accountants, provides a seamless, integrated experience that enhances productivity and reduces errors.
Below, you’ll find the key differences between the two platforms and what it’s advisable to consider when deciding to move towards more modern, connected and AI enhanced systems.
What is IRIS?
IRIS Accounting Software is a comprehensive financial management tool for daily accounting tasks and is the largest third-party online filer with the UK Government.
It includes key features such as payroll and practice management and solutions for account production, IXBRL reporting, and unified ledger accounting.
However, IRIS is not solely a tool for accountants. That software also serves other sectors such as HR, Education, and Healthcare.
What is Silverfin?
Silverfin, on the other hand, is a cloud-based platform built for accountants by accountants. Using the latest technology, it transforms traditional accounting processes such as linking working papers to live client data and other core accounting submissions such as Accounts Production and Corporation Tax through automation, seamless integration, and powerful analytics.
It’s designed to enhance productivity, improve service quality, and boost profitability for accounting firms of all sizes.
IRIS vs Silverfin: The Key Differences You Need to Know
While IRIS and Silverfin are similar in some ways, key differences make each platform unique. This guide unpacks each one to help you understand which platform is the best option for your accounting firm.
The User Experience
IRIS is composed of various components (typically acquired from 3rd party software companies) that don’t always integrate well, which can lead to an inconsistent user experience.
Users have often complained that the different tools within the suite do not communicate effectively with each other – such as having multiple customer records for the same business – causing disruptions and inefficiencies in their workflows. This fragmentation can result in duplicated efforts, errors, and a steep learning curve for new users.
Silverfin mitigates these issues with a cohesive platform that seamlessly integrates with accounting tools such as Xero, Sage and Quickbooks, but also offers integrations via open APIs. This ensures a consistent and smooth user experience and a single source of truth for all financial client data, which is able to flow effortlessly between modules, eliminating the need for redundant data entry and minimising the risk of errors.
The unified interface and centralised data management improve efficiencies in accounting firms and make it easier for new users to adapt to the system quickly.
Some Iris users also struggle when maintenance, security and other updates take the platform offline. Cloud first platforms like Silverfin make updates on a continuous basis and in such a way that disruption is less wholesale and infrequent. As such, it’s worth talking to each vendor about availability statistics and their tailoring around core business hours.
For example, Silverfin shares the latest status with customers here: https://status.getsilverfin.com/uptime.
Working Papers Functionality and Connectivity
IRIS lacks built-in working papers functionality, requiring users to purchase additional third-party products like Myworkpapers to fill this gap. This limitation can lead to increased inefficiencies, costs, and fragmented workflows for firms.
For example, when jumping between software solutions, users often face challenges maintaining consistent standards and ensuring seamless data flow. Without a centralised data hub and a single source of truth, tasks become time-consuming and prone to errors.
Silverfin’s platform includes comprehensive functionality for digital working papers. This built-in feature allows users to prepare, review, and manage working papers directly within the Silverfin ecosystem, ensuring a streamlined and integrated workflow.
The standardised templates and automated processes enhance accuracy and consistency, reducing the risk of errors. If users want to extend usage of Silverfin into other schedules, such as Accounts Production or Corporation Tax, the live Working Papers are seamlessly integrated. Additionally, Silverfin’s working papers integration with live client data means that figures are always up-to-date and easily accessible across the platform, improving efficiency and collaboration among team members.
Read more: The Hidden Cost of Excel in Accounting: How Spreadsheet Dependence Fuels Burnout
Automation and AI
IRIS offers automation features to streamline various accounting tasks, helping firms increase productivity. These include automated data entry, compliance checks, and task management through IRIS Elements.
However, its AI capabilities are less advanced than those of newer solutions.
Silverfin takes automation and AI a step further with Silverfin Assistant. This AI-powered tool continuously analyses client data, detects anomalies, and provides actionable insights. It automates repetitive tasks such as data mapping, compliance checks, and reporting, ensuring higher accuracy and efficiency. Silverfin Assistant also aids in training junior staff by identifying and highlighting key areas in client files, enhancing the overall workflow.
By leveraging advanced AI and automation, Silverfin significantly reduces the manual workload, increases accuracy, and enhances decision-making, providing a more seamless and intelligent accounting solution than IRIS.
Read more: The AI Advantage: Why AI and Accountancy Goes Hand in Hand
Other System Challenges
While IRIS has rolled out a cloud-based solution, its legacy systems were not holistically designed to encompass its current reach and this introduces weaknesses and integration challenges. It also requires significant upkeep, diverting resources from developing new features and keeping up with industry innovation.
Additionally, many longer serving customers are being pushed to adopt Iris’ cloud option, Elements, which may not yet have feature parity with the desktop versions.
Silverfin is a cloud-first solution designed from the outset to serve accounting firms and with continuous innovation planned, free from the burden of maintaining outdated technology.
Silverfin provides a seamless transition to cloud-based operations with full feature parity, ensuring that users do not experience any loss of functionality. The cloud-first design also allows for automatic updates, reducing maintenance burdens and enabling the focus to remain on enhancing user experience and developing new capabilities.
Read more: The Limitations of Excel for Accounting: Why It’s No Longer The Go-To Choice for Working Papers
The Cost
One of the biggest differences between Silverfin and IRIS is the overall cost and pricing structure.
IRIS requires a significant investment in money and time for setup and ongoing maintenance. The pricing model is based on the number of users.
Each module requires a separate licence, and firms need to manage the number of concurrent user licences to reduce costs.
Silverfin takes a different approach and uses a flexible per-client file pricing model, not per-user meaning anyone in your firm, our outsourced provider, can work on any file. Customers report that this is particularly useful when undertaking resource allocation – enhanced by the use of best practice schedules that removes the need for specific client familiarity in order to complete core filings. As a scalable solution, your firm can start small and add client files, software modules, and new functionality whenever it needs them.
The pricing tiers also support growth ambitions. With volume discounts on the more client files you add, Silverfin helps you scale and brings down your costs as you grow with us.
This flexible approach means you can simply add modules like Accounts Production, Corporation Tax, or Management Accounts for specific clients or firm-wide features like the Silverfin Assistant for all team members—but only when needed.
Silverfin: The Working Papers Solution for Modern Accounting Firms
Choosing between IRIS and Silverfin for post bookkeeping tasks such as accounts production and corporation tax filings can impact your firm’s efficiency and client service quality. While IRIS offers comprehensive features, its integration limitations and per user pricing pose challenges.
Silverfin offers a more streamlined cohesive platform, advanced AI, and flexible pricing. It is truly cloud based and provides working paper functionality with automation and real-time data.
Ready to see how Silverfin can transform your accounting practice? Request a demo with Silverfin today.
IRIS vs Silverfin: Frequently Asked Questions
Why should I consider alternatives to IRIS in my accounting firm?
Alternatives like Silverfin offer better integration, advanced cloud-based functionalities, modern interfaces, and flexible pricing. These features can significantly improve productivity, reduce costs, and enhance overall workflow efficiency compared to IRIS.
How does Silverfin improve upon the automation features found in IRIS?
While IRIS offers basic automation for tasks like data entry and compliance checks, Silverfin enhances this with advanced AI capabilities through Silverfin Assistant. This tool continuously analyses client data, detects anomalies, and provides actionable insights, reducing manual workload and improving accuracy.
What kind of support can I expect from Silverfin compared to other IRIS alternatives?
Silverfin offers dedicated support with a strong emphasis on customer success. This proactive support approach ensures that firms can quickly resolve issues and maximise the platform’s benefits, often outperforming the support offered by other providers.
