What’s been added to iplicit in 2023 – and how a lot of it was your idea

The calendar year will be over before we know it – as anyone dealing with a December 31 year-end will be all too aware. 

It’s a good time to recap on the new features and enhancements that the iplicit development team has added to the software over the year. 

It has been a huge year for iplicit. We now have more than 19,500 active user accounts. There have been four main updates to the software, containing 23 new features and significant enhancements – as well as scores of smaller improvements and enhancements. 

Our updates are driven by customer feedback, by the wider market needs and by our own understanding of how our software can streamline processes and make life easier for finance professionals. 

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, HubSpot, Salesforce and other lines of business applications. The choice gives all iplicit users options 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 

This was developed in response to feedback from customers and the wider market. 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.  

You 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 item in the system – and you can record who’s got it! 

Enhanced Integration with other software 

It’s important that iplicit speaks to the other business software you rely on.  

We’ve always been proud of our open API (application programming interface), which allows iplicit to be integrated with any other systems the customer uses.  

Recently, we’ve also 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. 

Dynamic Accounting Structures

Many of our 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. If the initials SOFA, UK GAAP, US GAAP and USALI mean anything to you, you’ll probably know how useful this is. 

More Bank Feed support 

We’ve enhanced iplicit’s support for the automatic importing of bank statements to cover more UK and EU banks – allowing you 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. 

We’ve 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.  

And there’s more… 

These are just the big headlines from among the dozens of improvements we’ve introduced in four major updates to iplicit in 2023.  

iplicit has continued to double in size – whether measured by user numbers, staff headcount or revenue. We now have over 19,000 users logging in from 85 countries and using 64 currencies. 

We’re listening 

As many of our case studies illustrate, iplicit is always listening to customer feedback. We pride ourselves on being agile and responsive.  

Many of this year’s new features and enhancements have come from conversations between customers and our UK-based support team. And more of our users’ suggestions are in our roadmap for 2024.  

ON-DEMAND WEBINAR: New functionality of 2023 round-up

Watch our on-demand webinar of the year, where we'll take a look back and showcase the very 'best bits' of functionality released by iplicit during 2023.

We'll also take a look at the iplicit product roadmap to give you a sneak preview of the functionality highlights we have in store for 2024!

This on-demand webinar covers: 

• Accounts Payable Automation
• Fixed Assets
• Expanded Intercompany functionality
• Archive Data enhancements
• Dynamic Account Structures
• Expanded suite of automations
• Integrations
  • API enhancements  - attachments (document management)
  • Zapier connectors
  • Besynchly iPaaS
    
    

A sneak preview of the 2024 functionality roadmap including:

• Our Partner Portal
• Open Banking payment initiation
• Cost Allocation automation