iplicit new features simplify charity finance
Accounting Precision is delighted to acknowledge the recent enhancements iplicit has introduced to simplify the complexities of partial VAT for charity finance teams. These advancements are set to transform the efficiency of financial operations within the non-profit sector and elevates the power of iplicit for charities and non-profits.
Partial VAT calculation has historically been a labor-intensive task for charities engaged in commercial activities, often consuming two to three days of a senior finance member’s time during year-end processes. Recognising this challenge, iplicit has responded proactively to customer feedback by expanding its already robust VAT-related functionality.
Paul Sparkes, Commercial Director at iplicit, highlights the significance of this development, “Calculating and applying partial VAT can be a substantial drain on the resources of a finance team, taking up the time of senior leaders and often leaving budget holders unclear about their financial position.”
“We already knew how highly our non-profit customers valued our partial VAT functionality. In response to their feedback, we’ve extended this further and made iplicit deliver more productivity benefits.”
The new features introduced by iplicit offer charities the flexibility to apply a range of partial VAT rules directly to transactions. This automation ensures that calculations are performed in real-time as data is entered, based on various criteria such as account codes, funds or projects. Consequently, budget holders gain immediate visibility into partial VAT adjustments, enhancing cost control and financial transparency.
At Accounting Precision, we’ve witnessed firsthand the positive impact iplicit’s solutions have on client’s businesses. The continuous innovation and response to user feedback highlights iplicit’s commitment to addressing the unique challenges faced by non-profit organisations.
We wholeheartedly commend iplicit for these advancements and look forward to the positive changes they will bring to the charity sector.
