iplicit insights associates - 8.2.24

Insight Associates secure new clients with iplicit as its platform of choice

Garry Mumford, Founder and Managing Director at Insight Associates, discusses what led to their decision to implement iplicit

 

Find out more from Garry Mumford, Founder and Managing Director at Insight Associates, below:

What is Insight’s core business proposition?
What is Insight’s core business proposition

Primarily, Insight Associates delivers a turnkey Outsourced Finance Department; we run the entire finance and accounting functions on behalf of all our clients. We focus upon high growth businesses that are moving quickly and we remove the burden of all the granular day-to-day accounting issues and provide them with actionable management information. Our whole proposition is focused upon adding value, using a pyramid model of accounting and financial management. Removing all the mundane detailed bookkeeping tasks from the bottom of that pyramid; produce management reporting in the middle; and most importantly, advising in a Finance Director capacity at the top.

Most of our clients are under-resourced in the financial area and often inexperienced. They focus on what they do best while we support them at both a foundation and advisory level that optimises the business opportunity for them.
There are plenty of bookkeeping businesses dressed up as outsourced finance facilities, but the reality is that they don’t have the advisory capabilities or the technical infrastructure to be truly connected, and on the pulse with their clients. This is one of our key differentiators and why the technical aspect, the backbone of our offering, is so important to our business model and our client’s businesses.

What led to your decision to change Finance systems?
We were with Exchequer for 15 years and have been an advocate for the system for the vast majority of that time. However, the past few years have seen an acceleration in technical and software offerings available and we felt as though that system wasn’t keeping pace with the market. That being said, having looked around the marketplace, I was surprised to see how little there was on offer, in the way of true SAAS based propositions for the small to medium sized business. Obviously Xero takes care of the very small businesses and the likes of Netsuite and SAP for the very big companies… but for a serious user like us, or businesses with a few ten’s of staff, I couldn’t see anything but a sea of ‘legacy’, ‘on-premise’ offerings. Our client base was becoming increasingly sophisticated with regard to the demand for real-time information and improved ways of presenting this to them. There was a burgeoning need across many clients to feel more in control of the process and information delivery, which is relatively easy to provide in a true cloud-based solution, but quite difficult when having to use RDP (Remote Desktop Protocol) and a hosted on-premise solution.

What was your key criteria for a new system and why did you choose iplicit over the other solutions being considered?
It was a mixture of things really; we knew we had to move to cloud because all other systems are going that way too. We’ve been a Microsoft Office 365 user for many years now and we recognised the value that we’d experience, both for our customers and ourselves, in transitioning to a fully integrated suite of cloud-based services. Our business model is based on acquiring growing companies with increasing needs for a serious finance function. These companies started out much smaller, and have for some time enjoyed true cloud-based solutions such as Xero and Quickbooks. While those applications can’t service their increasing demands, these sophisticated clients took a negative view at the idea of ‘upgrading’ to a system that wasn’t a true cloud offering, even if we did provide significantly improved levels of reporting and management. The perception was it was a backwards move.

An equally important factor in choosing a new system was to evaluate the type of relationship that we would have with the provider. Our finance system is not only the backbone of our business but it’s at the heart of our offering for every single client. It is the very thing that our business proposition is based upon; timely information and effective reporting. Therefore, customer support, client service and trust played a big part in our decision-making.

In recent years we’d felt as though all three of those were missing from our old system provider, and this meant we felt quite adrift when planning our own business direction. We did not know where that technology was going, if anywhere at all.

Consequently, we researched the marketplace and evaluated offerings like Sage 200, Access and Opera… and they all appeared to suffer the same problem; being based on old technology that is on-premise by design, with functionality built ‘around’ each offering rather than ‘within it’. Even the hosted ones didn’t seem to offer a true SAAS proposition. Therefore, we didn’t find much in the market place that was encouraging us to move from a technical standpoint, but we felt we had to do something because of the lack of relationship with what should be our key business partner.

We felt totally stuck and couldn’t see a way forward without spending significantly more on a corporate system that would be far too ‘big’ for our needs. Yet technology had become such a core part of our business that clients were expecting us to ensure the smooth running of the IT infrastructure that connected us. This expectation became increasingly onerous and another factor in forcing us to continue to search for something that could lessen our burden in this department too.

And then we found iplicit!

iplicit

iplicit
iplicit is a high-growth, disruptive cloud-based accounting software designed to bridge the gap for multi-entity and rapidly expanding businesses that have surpassed the capabilities of entry-level systems. With unlimited dimensions, enhanced reporting capabilities, and greater flexibility, iplicit helps organisations that struggle with outdated, legacy, on-premise systems to upgrade to next-generation finance software without sacrificing functionality. The platform seamlessly integrates with other cloud-based applications and offers a migration path from your existing system. Users can enjoy real-time consolidated reporting, task automation, speedy implementation, and a public API to break down data silos. The software was developed by founder Ian Andrews after decades of experience installing high-end ERP systems. He was joined by Rob Steele and Eduardo Loigorri, founders of finance software business Exchequer which installed thousands of UK-based systems during the 1990s and 2000s. iplicit has achieved triple-digit percentage growth each year since its launch in 2019 and now employs around 80 people. User numbers have grown to more than 10,000 in 72 countries and are expected to reach 65,000 in 2025. There are more than 1,000 businesses and non-profit organisations using the software and the figure is expected to reach 5,930 in 2025.