In this paper, we present several formulas for both the discrete and fractional iterates of an invertible power series $f$, using a new unifying approach based on umbral calculus. Known formulas are extended, and their proofs simplified, while new expressions are introduced. In particular, by employing $q$-calculus identities, we eliminate the requirement for $f'(0)$ to equal $1$ and the resulting general expressions for the iterative logarithm are obtained as well.