IRIS releases streamlined IFM for mid-market firms

Accounting practice management solutions provider IRIS announced the release of IRIS Firm Management Core, a pre-configured streamlined version of the company’s IRIS Firm Management platform made specifically for mid-market U.S. CPA firms. 

 IFM Core users will have access to features such as integrated time tracking, billing, financial management, and compliance tools. It also sports enterprise-grade visibility and KPIs, as well as integrations with Microsoft Business Central and Axpium. The solution is designed to be operational in just two to three weeks, and deliver measurable returns within the first 30-60 days of implementation.

Jim Dunham, president and general manager of IRIS Americas, said in an email that the full IFM platform lies beneath IFM Core, but the more complex features “growing firms don’t need yet” have been toggled off. So while technically the platform has the same advanced enterprise capacities available when users need them, they’re not “cluttering their interface when they don’t.” 

“The key difference is configuration. IFM Core comes pre-configured with standard fields, labels, and workflows so firms can go live in weeks rather than months. Our Standard and Advanced packages offer user-defined fields and extensive customization options for firms with specialized processes. IFM Core delivers the core functionality growing practices need: practice management, time tracking, client relationship management, and compliance tools — all in an integrated platform designed for immediate deployment,” he said in an email. 

IFM Core is designed as an entry point solution, he added, saying that it provides time tracking, client management, and compliance capabilities out of the box. He said he expects that most firms will find IFM Core meets their needs as they scale, as it delivers about 80% of functionality that drives productivity, and “has the ability to expand through our growing integration ecosystem as and when firms need it.”

He said that the full IFM platform is priced based on specific firm requirements and customization needs. The new IFM Core, he said, has a more accessible price point due to its streamlined nature.  

“It’s important to note that IFM Core offers significant savings compared to other practice management solutions in the market, primarily because it eliminates the setup complexity and lengthy implementation timelines that drive up total cost, meaning firms can see ROI in as little as 30 days post set-up,” he said.