A year in review: iplicit’s 2023 achievements
As a dedicated iplicit partner, we take a look at the enhancements introduced to the cloud accounting software in 2023.
iplicit’s 2023 achievements, many being updates and enhancements as a result of user feedback, underscore iplicit’s commitment to addressing the evolving needs of finance professionals.
AP Automation
To streamline accounts payable processes, iplicit introduced AP automation capabilities. Users can now use iplicit’s native AP automation or integrate with third-party applications like Lightyear. This functionality leverages advanced technology to match incoming invoices with recognised suppliers and purchase orders, converting them into purchase invoices ready for budget holder approval.
Fixed asset management module
Responding to market demands, iplicit launched a fixed asset management module designed to eliminate manual spreadsheet work. This feature facilitates asset capitalisation, depreciation calculations, and asset tracking across multiple entities. Users can import assets from existing spreadsheets or create them automatically from various entries, with the flexibility to apply standard or custom depreciation methods.
Enhanced integration with iPaaS technology
Recognising the importance of seamless software integration, iplicit adopted iPaaS (integrated platform as a service) technology. This allows users to connect iplicit with thousands of other applications through platforms such as Zapier and Besyncly without the need for extensive development work. Such integrations enable automation of routine tasks, further enhancing operational efficiency.
Dynamic accounting structures
To accommodate diverse reporting requirements, iplicit introduced dynamic accounting structures. This feature enables users to employ pre-configured Chart of Account structures and account packs, facilitating compliance with standards such as SOFA, UK GAAP, US GAAP, and USALI. This enhancement reduces manual data manipulation, ensuring accurate and tailored reporting.
Expanded bank feed support
iplicit expanded its support for automatic bank statement imports to include more UK and EU banks. This enhancement allows for quicker and easier bank feed imports, significantly speeding up the bank reconciliation process.
Enhanced inter-company functionality
Building on its strength in multi-entity accounting, iplicit extended its inter-company functionality. The enhanced feature allows for the receipting of sales documents across multiple legal entities in a single batch, with automatic generation of inter-company movement documents upon posting to the general ledger.
Continuous growth and commitment
In 2023, iplicit’s impressive growth continued, with the organisation doubling in size across user numbers, staff headcount and revenue. The platform now supports over 19,500 users across 85 countries, utilising 64 different currencies.
This consistent expansion underscores iplicit’s commitment to delivering innovative solutions that meet the dynamic needs of finance professionals.
A proud partnership
At Accounting Precision we are proud to partner with iplicit and bring these advancements to our clients. The 2023 updates not only enhance the strength and functionality of iplicit’s software, but also empower our clients to achieve greater efficiency and accuracy in their financial operations.
For a comprehensive overview of these updates and to explore how they can benefit your organisation, you can read the full article on iplicit’s blog
