#United States #New York #IRIS Software Group #Instead #AI Tax Management

IRIS Software Group's Strategic Investment in Instead

In a significant move that highlights its commitment to innovation in accountancy, IRIS Software Group (IRIS) has recently made a minority investment in Instead, a pioneering platform that leverages artificial intelligence to revolutionize tax management. This partnership aims to empower accountants by automating tedious tasks and allowing them to focus on strategic advisory roles rather than mere compliance.

Transforming Tax Preparation

Instead is unique in the market, being the first new platform in decades to obtain IRS approval for e-filing individual and business tax forms, including 1040, 1041, 1120, 1120S, and 1065. This milestone is not only critical for the company but also represents a pivotal change in the face of tax management, aiming to automate over 90% of the tax preparation process. The platform analyzes tax returns, implements savings strategies, and streamlines the filing of both federal and state returns, significantly enhancing efficiency for accountants and their clients.

Jim Dunham, President and General Manager of IRIS Americas, emphasized the importance of this investment, stating, "Our investment in Instead marks an important step in supporting meaningful innovation in the market, for the benefit of US customers." He further noted that this collaboration places IRIS at the forefront of innovation, allowing them to better serve the accountancy market by providing smarter, more accessible solutions across the profession.

A Partnership for Progress

By teaming up with Instead, IRIS is not only setting the stage for enhanced operational capabilities within their own structure but is also catalyzing Instead’s growth trajectory. The investment allows Instead to further accelerate product development and expand their sales and marketing efforts, which are essential for reaching more accounting firms across the U.S. The partnership leverages both companies’ strengths: deep domain expertise from IRIS and creative technological solutions from Instead.

Andrew Argue, CEO of Instead, expressed enthusiasm regarding the collaboration, stating, "This investment from IRIS enables us to accelerate our mission - bringing AI-powered tax preparation and planning to the mainstream." He believes that this investment will enable Instead to simplify compliance, improve accuracy, and free up tax professionals to concentrate on providing higher-value advisory services to their clients.

Expanding Reach and Impact

With this investment, Instead plans on expanding its reach rapidly across major U.S. cities and states, ensuring that their AI-powered solutions are accessible to a broader audience than ever before. Furthermore, this collaboration seeks to foster innovation by combining the insights from both companies to tackle real customer challenges, thereby enhancing the overall tax and accounting ecosystem.

IRIS Software Group has a solid track record, serving thousands of CPA firms including many of the largest in the U.S. Their experiences and established relationships with these firms will undoubtedly aid Instead in its aggressive growth strategy.

The Future of Tax Management

As Instead leads the charge in transforming tax work, its platform aims to significantly reduce the time and effort spent on tax preparation while enhancing the accuracy of filings. The proactive approach to tax management that Instead promotes allows for strategic tax planning rather than last-minute compliance maneuvers, which can often lead to missed opportunities for savings.

This strategic investment is not just a milestone for the companies involved; it signifies a profound shift in the approach to tax management, powered by AI. By integrating innovative technology into essential accounting tasks, IRIS and Instead are setting a new standard for the future of the profession, ensuring that accountancy firms can provide value-added services in a rapidly changing landscape.

In conclusion, as the partnership unfolds, the industry will be watching closely to see how these developments not only reshape tax preparation but also redefine the capabilities and services offered by accounting firms across the board.