Growing biotech organisation Mestag Therapeutics accelerates growth with iplicit
Pioneering biotech company Mestag Therapeutics, whose main goal is to develop new therapies that transform the lives of patients with inflammatory disease and cancer, switched from Xero to iplicit’s award-winning cloud accounting software.
Founded in 2020, Mestag comprises a team of experts in inflammatory disease, cancer, computational biology, and fibroblast biology from world-class institutes in the UK and US.
The organisation’s mission is to lead in developing impactful, precision medicines for patients through its unique understanding of activated fibroblast populations and their influence on immune effector cells.
Why change accounting software?
Mestag has expanded at an incredible rate and required an affordable, flexible, comprehensive true cloud accounting technology solution to support its upward trajectory
Initially, Mestag implemented Xero to fulfil its admin tasks. However, following phenomenal growth, the ambitious company quickly outgrew this entry-level tool, requiring a mid-market Cloud solution, with more sophisticated functionality, that could support Mestag’s acceleration as an organisation.
One of the reasons for choosing iplicit was that Mestag had identified a greater need for end-to-end control in specific areas such as purchase to pay, which it didn’t have access to before. An additional feature that the iplicit solution was able to deliver was project accounting, specifically the ability to have a Trial Balance, by project as standard.
Short implementation time
Over an elapsed timeframe of 10 weeks and just 12 days of implementation consultancy services, Mestag has fully migrated on to iplicit and they now benefit from a range of functionality to support their growth trajectory.
“The team has not only increased efficiency and saved hours in the working week, but there’s also no longer a need for additional, expensive in-house support or external consultancy costs. We’re delighted we made the switch to iplicit.”
Eilidh Goodwin, Director of Finance
The benefits iplicit brings to Mestag Therapeutics
In particular, iplicit’s real-time reporting with unlimited dimensions capability enables the organisation to get management information presented exactly as it requires, showing one version of the truth, at the touch of a button.
iplicit can be accessed by non-finance team staff enabling them to access the key reports that are shared with them, on demand. This means that project managers can self-serve their own project Profit & Loss data and monitor the status of purchase orders that are specific to their projects. This information previously had to be provided by Finance via downloads of data from Xero with manual manipulation of the information to ensure that it was presented in the right format and to ensure accuracy.
"The ability of project managers to self-serve, saves the finance team 2 – 3 days per month."
With seamless Excel integration, iplicit’s cloud-native solution is also helping Mestag to decrease its reliance on multiple spreadsheets, and its intuitive accounting workflow functionality and automated Bank Reconciliation supports the organisation to access information from anywhere, at any time, all under one roof.
“The team has not only increased efficiency and saved hours in the working week, but there’s also no longer a need for additional, expensive in-house support or external consultancy costs. We’re delighted we made the switch to iplicit.” Eilidh Goodwin, Director of Finance, Mestag Therapeutics
Download Mestag Therapeutics case study
Don't Take Our Word For It
Here's What Our Customers Say
Kristian Salter, Chief Financial Officer
"As for why I chose iplicit over the other systems? I would say the API was a key criteria for us; we needed to choose a solution that could integrate seamlessly with other systems – not just the one we’d built but others that we use within the company too."
Jon Anton, Consulting Director
"The final two contenders were Netsuite and iplicit and, from a functionality perspective, I don’t think there was much in it – both systems are very capable.”
A-One Insurance Group
Sarah Smith, Group Operations Director
"The real-time reporting has been business changing. We've been able to consolidate all the businesses at once so we can grab very realistic and up-to-date snapshots at a moment's notice."