The London Philharmonic Orchestra cut month-end processing time by 60% with iplicit

The solution

The LPO secured funding from Arts Council England’s Transform programme to modernise its finance system. 

“Covid was a turning point. We knew we couldn’t go back to paper-based processes and remote working brought new challenges,” says Frances. 

“We were introduced to iplicit through Scottish Ballet, which used the software, and we put it on the list of systems to explore.” 

The team whittled the list of systems to explore down to four, and vendors were invited to give demonstrations. Native accounts payable automation and multi-currency capabilities were crucial criteria, as were costs and implementation timescales. 

“With one of the other products we were looking at, we’d have needed another person to do my job while I was running the implementation project,” says Frances. 

“iplicit seemed to be able to roll out the implementation on a reasonable timescale without compromising on functions.” 

The LPO began to record substantial time savings soon after implementing iplicit. 

“We’ve seen a significant reduction in the time it takes to close month-end,” says Frances. 

“Previously, month-end processes could take up most of the following month. Now, we’re looking at getting it down to 7-10 days. We’ve shaved 50% to 60% off the time it was taking. 

“Bank reconciliation is also much quicker, as it is now completed dynamically throughout the month. To run and reconcile a VAT return in iplicit takes about half a day, compared with two or three days in the past.”  

“Previously, month-end processes could take up most of the following month. Now, we’re looking at getting it down to 7-10 days. We’ve shaved 50% to 60% off the time it was taking."   

Frances Slack
Finance Director, London Philharmonic Orchestra

There has been a reduction in manual processes and duplication alongside the increase in speed. “We’ve seen a huge improvement when it comes to payment runs. Previously, we had to reformat and manipulate the payment file prior to upload to the bank. Now, we can generate a file from the finance system and upload it seamlessly. It’s simpler and faster and eliminates the risk of manual errors,” says Frances. 

“AP automation has been a game changer. Scanning and posting invoices is so efficient now.” 

Authorisation for spending and expenses is a seamless process. Budget holders handle approvals within the finance system, ensuring a complete audit trail. 

“Sales invoicing has been transformed,” says Frances. “For example, our education team can see live updates showing which schools have paid for events. In the past, they had to request that information from finance and we then had to prepare manual reports. 

“Since we do a lot of work abroad, iplicit’s multicurrency capability is another big win. We can post invoices in foreign currencies and iplicit calculates the conversions. Previously, we had to manage this manually, taking screenshots of conversion rates and calculating the GBP equivalents. With one of the other systems we looked at, the amount charged for multi-currency capability was too much to justify.”

“To run and reconcile a VAT return in iplicit takes about half a day, compared with two or three days in the past.” 

Frances Slack
Finance Director, London Philharmonic Orchestra

Using more iplicit features 

In the next stage of the project, the LPO intends to introduce comprehensive live information for budget-holders. “Before, the finance system was like this black box; budget holders could only get information via the finance team. Since people outside didn’t have access to information, they kept their own shadow spreadsheets where they logged everything and that information didn’t necessarily always align with what was in the finance system when performing our reconciliations,” says Frances. 

“With iplicit, our budget holders will be able to get a full picture from the system. It will remove duplication and the finance system will be the single source of truth.”  

The team also plans to use iplicit’s dynamic account packs to produce reports tailored for funders. 

“Arts Council England is one of our main funders and we have to report under their income and expenditure headings, which aren’t necessarily the same as the categories we use for our own internal reporting. They also have a different financial year-end from us, which has meant a lot of manual manipulation,” says Frances.

“iplicit’s multicurrency capability is another big win. We can post invoices in foreign currencies and iplicit calculates the conversions. Previously, we had to manage this manually. With other systems, the amount charged for multi-currency capability was too much to justify.” 

Frances Slack
Finance Director, London Philharmonic Orchestra

 Long-term efficiency 

There is no question that the change has meant more efficiency. 

“We’d got to the point where, if we didn’t make some system changes, we’d have needed extra capacity in the finance team,” says Frances. 

“We won’t need that extra capacity and, just as importantly, this change has enabled the team to start taking on different tasks. 

The transformation in the LPO’s finance processes has attracted an outside audience. 

Frances adds: “We reported back to Arts Council England a little while ago and they fed it back to the Department for Culture, Media and Sport as an example of what a change in finance system can achieve.” 

Luke McKenna, Senior Account Executive at iplicit, says: “It has been a profound honour to collaborate with the London Philharmonic Orchestra – a cultural institution whose global influence and artistic excellence are truly unparalleled. 

“At iplicit, we are committed to empowering finance teams with tools that not only streamline operations but also enhance strategic decision-making. Our platform offers robust features such as automated workflows, real-time reporting, and seamless multi-entity management, which are particularly beneficial for complex organisations like the LPO."

“This partnership underscores iplicit's longstanding dedication to the performing arts sector. We take pride in supporting esteemed organisations, including the London Philharmonic Orchestra, the Edinburgh International Festival, Scottish Ballet, and the City of Birmingham Symphony Orchestra, in achieving financial clarity and operational efficiency.”