The finance platform iplicit is offering the time-saving advantages of accounts payable (AP) automation to its full range of customers in the latest update to its product.
iplicit’s own AP automation features will sit alongside the system’s ability to integrate with third-party applications such as Lightyear, offering a choice of ways to increase accuracy and digitise previously manual processes.
Customers will be able to choose the option that best suits them, ensuring the benefits of AP automation are available to all iplicit users.
iplicit’s offering uses the latest technology to compare incoming invoices with a user’s existing records and find suggested matches.
Paul Sparkes, Commercial Director at iplicit, said: “iplicit’s new accounts payable automation features offer another choice alongside the functionality already offered by our integrations with other vendors.
Different customers have different needs and the construction of our own AP solution ensures that all our users can pick the right offering for them, whether that’s through us or our growing range of partners.”
iplicit’s AP automation has already been rolled out to the first early adopters and will be on wider release in November.
It uses AI Document Intelligence technology to read invoices and seek to match each line item with a recognised supplier and purchase order. The user gets to review and agree the suggested matches before the system creates a purchase invoice, ready for approval by the budget holder.
The accuracy of the automation improves all the time as the system learns from previous matches.
In the case of multi-entity organisations, the software can apply the line items on an invoice to the correct entities in the group.
Sparkes added: “iplicit’s AP automation can look at the data in an invoice, find the supplier and the relevant accounting code and the suggested match is ready straight away for a human to review.
As well as saving large amounts of time when it’s up and running, iplicit’s AP automation can be implemented within an hour, including training.”
iplicit’s award-winning finance software was created to serve organisations which had outgrown entry-level or on-premise systems but were not attracted by expensive ERP (enterprise resource management) systems.
It was named Mid-Market and Enterprise Accounting Software of the Year at the Accounting Excellence Awards the year after its launch and has twice earned gold in the Enterprise Accounting/ERP category of the AccountingWEB Software Awards.
