Partnership “set to cut time and costs by up to 80%’’
Award-winning software businesses iplicit and Lightyear are joining forces to provide an accounts payable solution that can drastically cut the time and costs involved in the manual accounts payable process.
The partnership will see cloud accounting provider iplicit integrate its product with Lightyear’s accounts payable automation system.
The announcement was made ahead of the accountancy and finance conference Accountex London.
Lightyear estimates the arrangements will help organisations cut the time and costs devoted to manual accounts payable processes by 80%.
“We’re excited to launch our partnership with Lightyear.
“It will add to our portfolio of add-on products for iplicit, serving as an extension to our existing automation centre, which is already saving customers multiple working days every month.
“It gives customers a choice around invoicing automation and joins a growing number of partner products for iplicit.”
“Lightyear is proud to announce its partnership with iplicit, bringing together two powerful tools for seamless financial automation.
“By combining Lightyear's real-time data extraction capabilities with iplicit's advanced reporting engine, finance teams now have another efficient solution for integrating our automation software with their accounting software. This will enable our customers to not only drive efficiencies, but also to gain more control and visibility over their financial operations."
iplicit’s true-cloud accounting software is aimed at businesses and non-profits which have outgrown entry-level accounts systems or are being held back by legacy on-premise software.
It features a host of automation features and easy integration with an array of other business systems.
Lightyear provides accounts payable automation software for large SMEs and mid-market businesses which want to move to a digital process.
Benefits of the new partnership include:
Real-time line item data extraction: This feature ensures highly accurate data, using Lightyear’s very own technology - LExA is fed into iplicit’s ledger and its powerful reporting engine.
Automated line-by-line coding of accounts/dimensions: There is no need to manually code each line item on an invoice, saving the accounts team time and effort.
Duplicate flagging and bank check feature: This automatically alerts the user to any duplicate bills that may already be in their approval workflow so an invoice is not paid twice. The bank check feature ensures details on the supplier invoice are correct, keeping users safe from paying fraudulent invoices.
Automatic and instant reconciliation of supplier statements: There is no need to spend time manually reconciling statements. Missing documents are instantly flagged, and Lightyear emails the supplier for a copy.
Automatic price checking feature: Lightyear checks invoices against the user’s agreed supplier pricing.
Lightyear was founded in 2017 by Irish brothers Chris and Roger Gregg. It is used around the world, with support provided free, live and 24 hours a day.
It has won a host of awards and was named 11th among the 50 fastest-growing companies in Ireland in the Deloitte Technology Fast 50 Awards, as well as ranking number one in Northern Ireland.
It took the Small Tech Company of the Year trophy at the Digital DNA Awards 2023, while Chris Gregg was named Founder of the Year.
iplicit was launched into the market in 2019 by a team which included the founders of Exchequer in the 1980s.
Today, it has more than 10,000 users in 72 countries.
iplicit was named Mid-market and Enterprise Accounting Software of the Year at the Accounting Excellence Awards the year after its launch. It secured gold in the Enterprise Accounting/ERP category of the AccountingWEB Software Awards 2021, voted for by thousands of users.
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