Kevin Whitehouse established Prime Entry in the late 1980s. From his office in Gillingham, North Dorset, and a satellite office in Bournemouth, he works with business owners whose annual sales range from £50,000 to
£4 million. Reflecting his commitment to innovation, Kevin was a finalist in the 2016 Practice Excellence Awards - Technology Champion of the Year category.
To help clients unlock the insight hidden in their financial data and to model scenarios for the future of their business.
IRIS Accountancy Suite KashFlow
KashFlow Payroll IRIS Insight
An IRIS user for twenty years, Kevin has always been keen to adopt technology wherever it will improve client service and increase efficiency by
eliminating time-consuming manual processes.
Latterly, he has started offering KashFlow to his clients. This powerful cloud-based accounting software feeds data from the client’s business into the practice’s IRIS Accounts Production software. Kevin comments, “KashFlow gives busy owner-managers a better grip on the finance side of their business, with complete visibility of their performance and where things might be coming adrift.”
Now Kevin has gone a step further by offering IRIS Insight cloud-based forecasting software. He explains,
“Whereas KashFlow shows you the past and what you’ve done, IRIS Insight shows you the future and where you’re going. It lets us compare budget with actuals and model a range of possible futures regarding sales, costs and profit.”
Explore the impact of business opportunities and threats with your clients
Available anywhere As a cloud solution, IRIS Insight can be accessed remotely by accountants and clients
Connect with your clients Build a closer partnership as your client’s trusted business adviser
Business data flows seamlessly from KashFlow online accounting software into IRIS Insight
Create an automatic forecast in minutes using actuals from KashFlow
Business Advisory Easily provide the plans, reports and advice your clients value
Kevin first encountered IRIS Insight at the IRIS World annual conference and was struck by its potential to save time, effort and cost: “Traditionally, accounts are done on one piece of software and budgeting on another, which is an expensive, time-consuming process. In contrast, IRIS Insight automatically brings in the figures from KashFlow.
If the client has been keeping their numbers up to date on KashFlow, the data flowing into IRIS Insight will also be current and accurate. It’s all
co-ordinated and seamless.”
He continues, “Clients get excited about using IRIS Insight to ask ‘what-if’ questions, such as ‘What would happen if we put our prices up by 10%?’ or ‘How much would cutting our costs by 5% help our cash flow?’ While I prompt them with the questions to explore, it encourages them to think about the future and take ownership of their destiny.”
Clients can see the future direction of their business unfold before their eyes: “There are lots of useful reports and instant KPIs. Information is displayed graphically, with green highlighting the positives and red highlighting areas of concern.”
IRIS Insight in action
Kevin goes on to give a real-world example of a client who was reviewing the products they sell and, after prompting by Kevin, looked at increasing their pricing.
He says, “Using IRIS Insight, the director soon found that by raising the price on just one product by 5%, they can generate an extra £24,000 of profit. They tell me, ‘This IRIS Insight is amazing!’ and they are now experimenting with it to cost out Christmas bundles.”
On a more mundane but equally important level, IRIS Insight helps to ensure there are no nasty surprises down the line, by modelling commitments such as VAT and Corporation Tax.
IRIS Insight can also be used to create a professional ‘bank-ready’ business plan. Kevin observes, “This is a useful exercise whether or not the client is actively seeking funding, as it clarifies their ambitions for the business. A neat feature of IRIS Insight is that it lets you work together on a shared document.”
An integral role in clients’ success Over time, Kevin has streamlined his client base and now supports a select number of enterprising business owners. He works closely with clients to become their expert adviser, someone who understands their business and whom they trust implicitly at a personal level. By enabling exceptional insight and analysis and supporting effective collaboration, solutions such as KashFlow and IRIS Insight are helping Kevin to make a success of his chosen business model.
Reassuringly, despite the high levels of automation in KashFlow and IRIS Insight, there is still ample scope for the accountant to add value, as Kevin emphasises: “No accountant need worry about putting themselves out of a job by offering IRIS Insight or KashFlow. These tools give you an opportunity to offer greater value to your client, by helping them succeed. I still go into the software to read,
interpret and interrogate the data and have the ability to override the figures. I’ll usually do this by sharing my screen with the client over Skype, being ready to query anything that doesn’t make sense. What tools like IRIS Insight do is put the power into the accountant’s hands to transform the client’s business.”
Kevin sums up, “It’s all about giving clients the systems to do the donkey- work, so that we can spend the limited time available to spot any anomalies that deserve further investigation and to model different scenarios. It moves Prime Entry even further away from number-crunching and ever higher up the value chain.”