iplicit’s cloud finance system saves many days each month and provides significantly enhanced reporting
Award-winning cloud accounting platform iplicit is launching in the care homes sector with a pledge to drastically simplify finance tasks and free up large amounts of staff time.
iplicit was designed for users who are outgrowing entry-level finance software and for those who have found themselves stuck with outdated, on-premise systems but cannot afford the expense and disruption required by the likes of Netsuite, Intacct or Dynamics – products that are typically focused on much larger corporations.
iplicit has already won acclaim from thousands of users in other commercial sectors with their specialist offerings.
Due to be unveiled at the Care Show, at Birmingham’s NEC on October 11-12, iplicit’s offering for care home groups has been over a decade in the making and is now ready to address the needs of thousands of finance teams in the care sector.
iplicit CEO Lyndon Stickley said: “Running the finance function for a care home group can be painfully complicated. Many of the team behind iplicit are qualified accountants, so we understand that all too well.
“We realised iplicit was ideally placed to save large amounts of time and reduce overwhelming workloads in the care home sector, in the same way that has won it an army of devoted fans with other vertical markets and nonprofit organisations.
“Our market intel indicates that many care home groups are either stuck with an entry-level cloud accounting system which no longer meets their needs, or with legacy, on-premise accounting software that is unable to connect with other systems in the business and is cumbersome to work with. Many are forced to undertake numerous manual and paper-based processes to produce any useful financial information – which is invariably untimely, because of the work it takes to produce it.
“iplicit offers a simple and affordable way to all the benefits that come from a powerful, yet intuitive cloud accounting solution, including the confidence that highly sensitive data is securely stored on UK servers.
“iplicit’s thousands of users can testify to the fact that it can save days of labour every month for the typical finance team.
“Even more importantly, it provides users with the accurate, real-time financial data that facilitates more effective decision making for the business.”
Tim Bryars, iplicit’s Business Development Manager in the care homes sector, said: “Many care home groups consist of multiple legal entities, all currently using separate copies of software that is either basic or outdated. Bringing together all the data from those systems is a monthly ordeal for the finance team.
“The fact that an individual resident’s care can be funded from multiple sources – including the state, insurers and family members – can present a serious accounting headache. Another complication is the need for suppliers to send invoices that relate to services provided to multiple residents in different homes or different entities in the business.
iplicit’s strengths for care home groups
These are just some of the burdens on finance departments in a sector where margins are tight.
“iplicit is uniquely placed to solve challenges like these and free up staff time to focus on the higher-value work that aids profitability and improves the business.”
Among iplicit’s strengths for care home groups are:
- It provides a “single source of truth” for a multi-entity organisation, allowing the finance team to see all care homes within the group through one central application.
- It allows for “resident accounts” to accommodate multiple sponsors for individual service users.
- It smooths intercompany allocations, so that bills and payments for multiple service users can be easily split and entered into the books correctly.
- Cost control becomes easier thanks to constant real-time data.
- Automation takes the labour out of routine tasks such as processing invoices and approval workflows.
- The system has an open API facilitating integration with the likes of EpicCare patient records system and Fusion Care Home Management software, along with many other systems used in the business.
- Data is stored securely on servers in the UK, with security updates installed smoothly in the background.
To find out more about iplicit and how it can help your care home group, visit the iplicit stand C64 at the Care Show or get in touch to arrange a demonstration.
Learn more about our care and nursing home accounting software.