How to check return on investment in cloud-native accounting software

It’s fair to say that cloud technology has changed accounting. The question is how much?

Anecdotally, it’s easy to see how this can positively impact day-to-day operations. However, this is important to do size every success if we want to understand return on investment (ROI).

The first way is to calculate how much money you save from the purchase. However, there is still much work to be done to measure the value of cloud technology.

Let’s look at a case study. In our case – because we are an IRIS that talks about cloud native technology – we are the right people to talk about IRIS Elements.

4 ways to evaluate the return on investment of cloud software

Let’s look at cloud-native software from four perspectives: time, risk, growth, and tangible results.

1: Time savings

Time is money, especially in the accounting industry. IRIS Elements drives efficiency by automate and simplify compliance activities. This means that tasks such as preparing year-end accounts and tax reports (and much more) can be done very quickly.

If you want to do more advisory work, then the busyness should take care of itself. In IRIS Elements, this means time-consuming tasks like work and task tracking. This also means being able to auto-complete data fields and send automated communications to clients.

How does our automation compare? Companies using IRIS Elements complete year-end compliance work 64% faster compared to other leading software. Onboarding is faster than the manual process, up to two hours (See section: Scaling cloud-native software with real-world results to see where we got this data from).

2: Risk reduction

If you want to reduce the risk of costly errors and reputation damage, one database will make the difference.

If the same live data is entered into all tasks, you don’t have to do anything twice, and you remain accurate. Everything is much more consistent, from proposals to AML and beyond. In addition to no more conflicting records or duplicate entries, you have a better audit trail and real confidence.

3: Security

If you are not safe, you are at risk. Good software gives you confidence and control. This can end doubt in a way that a spreadsheet cannot.

For example, with IRIS Elements, you have enterprise level security. Because of the way the cloud is built, would-be hackers are always thwarted.

This security extends wherever you go. This is thanks to the cloud-native platform architecture. You can log in from the office, domestically or overseas.

4: Scalability and growth

The best software supports business growth. Whether you want to take on more clients, handle more complex workloads, or scale existing operations, platform adapts.

How does it work in practice? IRIS Elements is packed with features that make scaling easy. Automated workflows handle repetitive tasks, freeing your team to focus on what matters most.

This is where centralized data plays another role. It keeps all information organized and accessible, no matter how big your client base is.

Plus, integrated compliance tools ensure you’re ready for new regulations and standards. As a result, you can confidently expand your service offering and take on new clients; there is much less pressure to hire more staff to handle demand.

This scalability also gives you the flexibility to handle more complex or high-value projects as they arise. This software was created to remove traditional barriers and simplify processes.

Measuring cloud-native software with real world results

IRIS KPO, our outsourced accounting services team, conducted a benchmarking exercise on accounting software. Rather than focusing solely on IRIS products, this review compares processes across UK practices, assessing various compliance platforms, including, but not limited to, IRIS Elements.

Important insight

• Year-end compliance efficiency: Companies using IRIS Elements complete year-end compliance work 64% faster than companies using other leading software, drastically reducing turnaround times for core services.
• Automated job/task management: The platform’s automation features save approximately 100 hours per year for a typical 250-client practice.
• Faster client onboarding: By integrating engagement letters, proposal management, and AML checks in one workflow, onboarding each new client takes approximately 2 hours less than with a manual or fragmented process.

Translating results into financial ROI

• Companies with 100 enterprise clients: This saves about 20 hours annually, equivalent to that to around £2,000 in staff time or billable hours.
• Company with 150 personal tax clients: Saves approximately 15 hours per year, worth more than £1,000.
• Company that accepts 36 new clients annually: saves 75 hoursmeaning it’s worth almost £4,000.
• Task management for 250 clients (plus the 36 clients you already follow): Over 100 hours saved, worth around £8,500 per year.

What value will be obtained You find?

The ROI of cloud accounting software, like IRIS Elements, should go beyond financial savings. Rather, it involves a company’s transformation in the way it operates and grows.

So, next time you consider a software investment, make sure it contributes to the bigger picture.

In other words: how does this empower your team, strengthen compliance and future success?

Explore our cloud-native solutions today.