IRIS Software Group unveils AI-driven tax anomaly detection tool [Yahoo! Finance]
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Source: Yahoo! Finance
The AI-powered tax anomaly detection feature is now accessible to UK accounting professionals using IRIS Elements and IRIS Accountancy Suite at no additional cost. This initial launch forms part of an investment strategy valued in the multi-million-pound range, with the aim of establishing IRIS as an “AI-first” organisation. The tool integrates with Microsoft Foundry, is built on GPT4.1 and offers the ability to compare current year tax returns with previous submissions. It flags potential discrepancies such as unusual changes in income, omissions in dividend or interest reporting, and possible manual data entry mistakes prior to submission to HMRC. With this first phase now available, IRIS plans two further rollouts over the coming 12 months. Once all phases are deployed, it is estimated that approximately six million working hours could be saved annually across IRIS's user base, which processes more than two million personal tax returns each year. IRIS Software Group CE
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