Financial Accounting Software Core Features

Backed by over 30 years expertise in successfully delivering Accounting solutions in Ireland and the UK

Core Accounting

A multi-jurisdictional, multi-legal entry, multi-currency comprehensive True-Cloud accounting solution. Designed with the latest in Cloud technology, we have harnessed our many decades of ERP accounting software to really deliver exceptional core accounting functionality in the cloud that will genuinely surprise.

Iplicit is designed for the frustrated legacy/server-based accounting software user, and the entry-level cloud user who is daunted by the leap to massive expensive cloud solutions. iplict offers the perfect sweet spot between cloud technology and end user functionality. We deliver unrivalled flexibility across mid-sized to ERP businesses and Not-For-Profit organisations.

“I really like the way you can make it your own system, tailored exactly the way you want it to work.”

Helen Bristow (Head of Finance)
iplicit user

Multi-currency accounting software key features

  • Multiple currency transactions can be entered and matched in multiple currencies  within one legal entity, or even via intercompany invoice automation  and batch payments.
  • Live integrated exchange rates downloads for accurate reporting and rate adoption.
  • Multiple currency gains and loss allocations and recording
  • Accurate and detailed financial currency and variance reporting – easily produce financial reports across all jurisdictions and currencies.
  • Currency risk management – gain visibility into related currency-related risks
  • End of period currency revaluations, hedge currency revaluations, or currency forecasts.
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Cloud Accounting Features

Customer Quotes and Invoices

Exceptional workflow automation through quotation to order, and delivery to sales invoicing. Incorporate text lines, full stock control SKU’s, timesheets and projects/jobs. Configure recurring invoices from within iplicit itself or receive in from external systems via our powerful API’s.

Purchase Orders and Supplier Invoices

Requisition and order approval workflows tailored to your unique requirements, easy template driven data entry. Fully integrated with our Project, Timesheets & services, SKU product items, text only lines, requisitions and orders can be easily entered, approved and communicated to your suppliers. Easily receive in goods and services and update your available stock. Tag and match through to deliveries, invoices and subsequent seamless supplier payments.

Cash Management and Bank Reconciliation

Why should cash management and bank reconciliations be a time-consuming nightmare.  Why not send electronic payments through iplicit to your bank,  import your bank  or credit card statements, use Machine Learning AI to automate your matching and complete in minutes what used to take hours every month.

Credit Control

Credit Control used to be time consuming and challenging. Manage your collections and debts across your customer base with bespoke credit terms and escalation stages. Easy to use aged debt reporting, automatic reminders, task / reminder scheduling, automated statements and client reminder letters and emails.

VAT Returns

With Multi-jurisdictional VAT at its heart, iplicit easily caters for Irish VAT, UK VAT and even other jurisdictions, all from the one legal entity. The days of having cumbersome VAT reporting or separate software entities for each jurisdiction are a thing of the past.

Expenses and Timesheets

Whether you process expense claims and timesheets for internal staff, external contractors, temporary staff, professional services billing, or volunteers submitting expenses, iplicit caters for the full gambit. Easy approval workflows depending on the individual, their department, project or line manager with full visibility throughout the process, saving submitters and approvers hours every month.

Payments

Separate your payment responsibilities and processes by legal entity, internal or external staff and suppliers, smoothly and efficiently with full workflow approval and multi-currency payments as the heart of iplicit.

Period End Accounts

User definable custom periods to suit how your business operates. Avail of our end of period tools, automated disbursements, smooth roll-over and all without clunky forced period posting and restrictions. A full open period solution giving the best of all worlds for your management needs. Close your periods and years in a fraction of the time it took historically.

Approval Workflows

In todays dispersed world, workflow approvals are more important than ever. Designed with approvals throughout, you can design custom approval processes to suit your projects, departments, line management escalations, legal entities, and evolve as your needs evolve. Route and escalate your approval requests automatically and seamlessly protecting your business and your finances.

Multi-currency and Multi-company Management

Multiple legal entities, multi-currency, and multi-VAT jurisdiction functionality needs to be developed in accounting software at its conception, rather than an after-thought. These pillars are the very foundation of iplicit, and the strength of our design is a game-changer.

We know the frustrations of restricted solutions and have ensured iplicit takes our flexibility to another level. Reduce your complexities and frustrations by managing all your trading entities together. Transact, report ,and reconcile in multiple currencies through all your legal entities as standard.

Streamline Accounts Receivable / Accounts Payable Processes

Designed to facilitate the growing challenges of hybrid remote working where transactions and paperwork need to flow across many locations and businesses need to improve productivity and efficiencies. Our intuitive design is tailored for simplicity, remote connectivity, providing visibility, accountability, and clarity electronically without cumbersome manual intervention. Our fully automated accounts receivable and payable processes provide a clear view of all obligations and exposure, ensuring all departments and colleagues always have full visibility.

Iplicit includes unique templates for all manner of unique transactions aiding speed of data entry and simplicity for users at all levels, driving your processes through to payment, bank reconciliation and management.

For your debt control, preconfigured or tailorable workflows, reminders and scheduled tasks will help automate this essential area of cash flow  through the many stages of debt collection and account reconciliation, reducing time-consuming repetitive manual entry .

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Batch Payments

  • Streamlined payment processing for supplier, contractor, and employee payment processes
  • Multiple filters across, Customer Groups, projects, currencies, and legal entities to help delegate individual or departmental batch payment responsibilities and workflows.
  • Fully auditable workflow approvals to provide confidence and security on your expenditure and approvals
  • Seamless bank integration for payment processing and bank reconciliations.

Credit Control

  • The iplicit Credit Control Suite enhances your essential debt control activity and efficiencies
  • Including fully tailorable and automated debt chase emails, reminders and tasks
  • An easy to use, intuitive design and layout enables all key stakeholders to see their relevant debtors, credit control notes, reminders and complete customer exposure & performance
  • Unlimited levels of analysis, note entry, reminders and scheduled tasks for full visibility and efficiency.
  • Email and dial direct from within iplicit for further efficiency.

Save Days Every Month with Automated Bank Reconciliation!

Iplicit clients have literally saved days each month through direct bank integration and automatic Bank Statement download and import. Using our pioneered Machine Learning AI technology, intuitive matching is easily processed between the bank statements and your iplicit cashbook. Improve as you use, efficiency is key, and your valuable time can be spent on more important areas of the business.

Iplicit really does take the pain, time-wasting, and repetition out of this process, leaving only the exceptions for your manual scrutiny and agreement.

Key Features of our Bank Reconciliation Solution

Fully secure online bank integration

Seamless & automated bank and credit card statement downloads

Save valuable time on bank reconciliation processing and transaction matching

Pioneered Machine Learning AI technology designed to automate the majority of your matching tasks

Seamlessly create adjustments or exception transactions on the fly as you go

Managing Budgets and Forecasts

In today’s climate accurate budgeting and forecasting has never been as critical. Company decisions pivot on the ability to budget quickly and easily and see your full exposure on a wide range of levels. Our integrated budgeting and forecasting features are included as standard with iplicit, and enables true multi-dimensional, multi-legal entity budgets with genuine ease across financials, timesheets, jobs and legal entities to name but a few.

Management and key users can view their budgets, actual values and forecasts live at any time within iplicit without the need to export out to Excel and without time consuming external preparation and reporting. One version of the truth, always.

Flexible Multi-Level Budgeting

Budgeting shouldn’t be a system afterthought. Our multi-dimensional General Ledger enables businesses and organisation in all sectors to design their own general ledger detail and layout, to configure unlimited levels of attributes and analysis levels to truly understand their operations in detail. Our budgeting and forecasting allow you to expand on these powerful General Ledger features to replicate numerous levels of dimensions and analysis from a budgeting perspective.

Why not easily forecast and re-forecast at departmental, area , project or legal entity level and change as your needs evolve?

Our automated workflows enable such re-forecasts to be sent for management approval and once approved the new forecast will be incorporated into the broader full organisational forecast seamlessly.

Managing global Tax with ease

Whether with increasing complexity due to Brexit, or greater global opportunity, many Irish organisations now have tax obligations outside of Ireland. Previously when registered for tax in multiple jurisdictions, this involved separate versions of accounting software, and/or cumbersome complicated reporting fraught with potential risk, human error and time-consuming workarounds.

Our multi-legal entity, multi-VAT jurisdiction solution  manages these complex needs out-of-the-box. This really is a game-changer and provides the security, accountability, and world-class efficiency that you would expect from the most modern of Cloud Accounting software.

We make VAT Compensation Scheme’s & Partial VAT simple

We know the complexity of applying through the Irish Revenue VAT Compensation Scheme for Charities or complying with Revenue or HMRC partial VAT schemes. We automatically calculate the correct and appropriate Vat levels based on user-definable VAT matrixes and easily produce the reporting you need.

Speak to one of our product specialists to find out how iplicit accounting software can benefit your organisation.

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Multi Legal Entities and Consolidated Reporting

Our innovative design of multi-legal entities really delivers exceptional functionality out of the box. Whether to provide unique analysis, or restrict user access, or solio’d data reporting or group consolidations, all are available as standard. Layer in multi-currency functionality and multiple-VAT jurisdictions, the combined strengths really do become apparent. Easy to maintain, with granular security from the ground up, intercompany transactions, reporting and consolidations are made deceptively straightforward and easy to generate and automate.

The iplicit Accounts Payable Automation module  is an AI powered process designed to streamline the workflows of a finance team. It seamlessly scans your incoming emails  containing supplier invoices and reads in each line item on an incoming invoice with a supplier  purchase order or purchase delivery note, or simply creates brand new invoices or credit notes. This means there is no need to manually  enter invoices or search for a purchase order.

For added comfort, you still have the ability to confirm the suggested matches for a true belt and braces approach.

iplicits’ AP automation software examines each incoming supplier invoice line by line. It searches the system’s suppliers transaction records to find likely purchase order, or purchase delivery note matches. Your finance colleagues review the suggested matches and each time one is approved a purchase invoice  or credit note is created in the system. 

Yes, iplicit integrates with Lightyear and TraX straight “out of the box” and can be easily integrated via our API or simple end of day imports with other AP automation software too. This gives the iplicit customer a range of accounts payable options,  and enables you to retain  your current 3rd party accounts payable solutions where they might already be in place.

AP automation suggests matches between invoices and suppliers with exceptional AI learning  to minimise errors or confusion. Rest assured, a human still has to approve them before a purchase invoice or credit note is generated . This means that your AI is doing the lion’s share of the coding and matching work for you and the human still gets to say yea or nay or change accordingly. iplicit’s AP automation software also shows you on screen  how confident it is about any suggested match to a purchase order or a purchase delivery note. It  is constantly learning from global human decisions all the time, so the suggested matches become ever more accurate as you go along, saving even more time through our exceptional recognition.

Yes, iplicit keeps track of who needs paying and when with exceptional reporting  and debt chasing tailored functionality. It can send the appropriate customer reminders and warning letters to aged debtors following your own pre-defined rules, set by you.

Yes, iplicit’s accounts receivable features simplify the essential process of dealing with aged debtors. 

iplicit keeps track of these debts and all notes histories, escalations etc.. and can chase them for you automatically, issuing the appropriate reminders, from a gentle nudge to a legal warning, based on your own internal criteria.

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