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Customer feedback helps shape iplicit updates as it reaches 19,500 users

5th Dec 2023
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iplicit’s mission is to make the complex simple and accessible. Its powerful cloud accounting...
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iplicit’s cloud accounting software has received four major updates containing 23 new features and significant enhancements this year – as well as scores of smaller improvements. 

It has been a big year for iplicit, which now has more than 19,500 active user accounts.  

Its customers have helped drive updates to the product, as have wider market needs and the company’s own understanding of how its software can streamline processes and make life easier for finance professionals. 

Lady using iplicit accounting software
iplicit

Key enhancements this year include: 

AP automation  

iplicit customers now have a choice of ways to make accounts payable processes much less painful and time-consuming. 

Customers can take advantage of iplicit’s own AP automation or its ability to integrate with third party applications such as Lightyear. The choice gives all iplicit users an option that suits them. 

AP automation uses the latest technology to compare each incoming invoice with recognised suppliers and purchase orders. Once these matches are reviewed and authorised by a finance user, the system turns them into purchase invoices, ready for approval by the budget holder.  

Fixed asset management 

iplicit’s fixed asset management module eliminates many hours of work in spreadsheets and handles such tasks as capitalising assets, calculating depreciation and tracking assets across multiple entities in a group.  

Users can import fixed assets from an existing spreadsheet or automatically create them from purchase invoices, cashbook entries or journal postings. Depreciation can be calculated by established methods or according to any rule you create. Documents such as invoices, warranties, photos and manuals can be stored alongside the asset in the system – along with a record of who’s got it. 

Enhanced integration with other software 

iplicit recently introduced integration through iPaaS (integrated platform as a service) platforms such as the hugely popular Zapier and Besyncly. These allow the user to easily link iplicit with their choice from thousands of other applications without the need for development work. 

This is in addition to iplicit’s open API (application programming interface), which allows it to be integrated with any other systems the customer uses.  

Dynamic accounting structures

Many customers need to report the same data differently for different audiences. For example, non-profits need to produce different reports for management, trustees and regulators, while businesses might have to comply with UK and US GAAP requirements. 

iplicit can save many hours manipulating data in spreadsheets by employing pre-configured Chart of Account structures and account packs, including those suitable for the requirements of SOFA, UK GAAP, US GAAP and USALI. 

More bank feed support 

iplicit’s support for the automatic importing of bank statements has been enhanced to cover more UK and EU banks – allowing users to import feeds quickly and easily, drastically speeding up the process of bank reconciliation.  

Expanded intercompany functionality 

One of iplicit’s strengths is the ease with which it deals with accounting for multi-entity groups. 

It has enhanced those features even further, extending the existing bulk receipting feature which allows the receipting of sales documents for multiple legal entities in a single batch. When that batch is posted to the general ledger, the system automatically generates inter-company movement documents to reflect the postings.  

iplicit has continued to double in size – whether measured by user numbers, staff headcount or revenue. iplicit now has users logging in from 85 countries and using 64 currencies. 

Watch their on-demand webinar to find out more on the iplicit functionality releases during 2023 and watch a sneak preview of the functionality highlights they have in store for 2024!