IRIS Software Group Backs Innovative AI Tax Management Firm
IRIS Software Group Makes a Strategic Move in Tax Innovation
IRIS Software Group (IRIS), a prominent global provider of accountancy and payroll solutions, has recently announced its strategic investment in Instead, an innovative AI-driven tax management platform. This collaboration aims to revolutionize how accountants approach tax preparation, allowing them to transition from routine compliance tasks to providing high-value strategic advisory services. This investment not only represents IRIS's commitment to modernizing the accounting industry but also empowers Instead to accelerate its product development efforts and expand its marketing outreach.
Empowering Accountants with AI Technology
Jim Dunham, President and General Manager of IRIS Americas, highlighted the significance of this partnership, stating, "Our investment in Instead marks an important step in supporting meaningful innovation in the market for the benefit of customers. Instead signifies a monumental shift in individual and corporate tax that hasn't been seen for decades, enabling IRIS to lead in offering smarter solutions. This partnership is a true game changer for the industry." Instead’s platform utilizes advanced AI to analyze tax returns and aims to automate an impressive 90% of the tax preparation process, thereby making the entire experience more efficient. This includes the ability to e-file a variety of individual and business tax forms, having secured IRS approval to do so.
Transforming the Tax Preparation Landscape
Furthermore, Instead is actively broadening its operational footprint across the United States, gaining authorization in various states and major cities to provide comprehensive tax filing services nationwide. Andrew Argue, CEO of Instead, remarked, "This investment from IRIS enables us to accelerate our mission of integrating AI into tax preparation and planning, simplifying processes and enhancing accuracy so that accountants can devote more attention to advisory roles." This partnership is set to combine the expertise of both organizations, leading to significant advancements in the tax and accounting ecosystem.
A Collaborative Future for Both Companies
The collaboration between IRIS and Instead is built on a foundation of shared knowledge and complementary skills that promise to challenge traditional approaches to tax and accounting. Together, they aim to create innovative solutions that tackle real issues faced by customers in today’s dynamic fiscal environment. By leveraging their respective strengths, they aspire to speed up product development and fulfill the evolving needs of accountants everywhere.
About IRIS Software Group and Its Vision
IRIS Americas, under the IRIS Software Group umbrella, serves a vast network of accounting firms, including many top CPA firms in the country. Handling payroll services for over 150,000 small to medium-sized businesses, IRIS processes around $18 billion in payroll annually. Over the past ten years, IRIS has strategically acquired multiple North American firms, enhancing its service offerings and bolstering its market presence.
The Legacy of IRIS Software Group
Established in 1978, IRIS Software Group delivers vital cloud-hosted solutions to over 100,000 customers in more than 135 countries. The company is recognized as a trusted partner in the fields of finance, HR, education, and accountancy. By simplifying and automating essential processes, IRIS empowers its clients to achieve sustainable growth while maintaining compliance. Furthermore, the company has been accredited as a 2024 Great Place to Work® across multiple international regions.
A Look at Instead's Innovations
Instead, launched in June of the previous year, has rapidly garnered attention for its revolutionary approach to tax management. As the first platform of its kind to receive IRS approval for e-filing various tax returns, Instead utilizes AI to optimize tax strategies for both individuals and businesses. This allows users to experience significant savings through informed tax decisions and intelligent analysis, highlighting Instead’s commitment to transforming traditional tax work.
Future Plans and Commitments
Looking ahead, both IRIS and Instead are poised to redefine the landscape of tax preparation and accounting. Their strategic partnership stands as a testament to their dedication to fostering innovation that meets the demands of an ever-evolving marketplace. As they continue to expand their capabilities, accountants can expect enhanced resources and support in their pursuit of excellence.
Frequently Asked Questions
What is the main aim of the partnership between IRIS and Instead?
The partnership aims to empower accountants by leveraging AI technology to automate tax preparation and shift focus from compliance to strategic advisory services.
How does Instead's platform benefit accountants?
Instead's platform automates over 90% of the tax preparation process, allowing accountants to focus on offering higher-value advisory services.
What notable achievement has Instead recently accomplished?
Instead became the first platform in decades to earn IRS approval for e-filing individual and business tax forms, dramatically changing the e-filing landscape.
How does IRIS support its commitment to innovation?
IRIS demonstrates its commitment by investing in companies like Instead that are at the forefront of technological advancements in accounting and tax management.
What is the vision of IRIS Software Group?
IRIS Software Group envisions providing innovative operational solutions that simplify and automate complex processes while ensuring compliance and fostering growth for its customers.
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