iplicit Unveils Major AI-Powered Finance System Upgrade and New UI

iplicit has launched its most significant product update since 2019, introducing AI-driven reporting and flexible budgeting tools designed for the UK and Ireland mid-market. For fintech professionals, the release signals a shift toward natural language processing in core accounting, allowing finance teams to generate complex management packs without technical expertise or external data modelling.

What was announced

Unveiled at the Digital Accountancy Show (DAS) in London, the update includes over 90 platform improvements and a completely redesigned user interface. Central to the release is Insights Build Your Own, a new capability within the iplicit Insights suite. This tool allows users to create custom reports and dashboards using natural language queries or manual data modelling. Crucially, all AI-generated outputs remain traceable to source transactions within the platform’s existing permission structures, ensuring data integrity and verification by the finance team.

The release also introduces a flexible budgeting tool. Users can now build budgets based on up to three attributes simultaneously, with data entered manually or imported via Excel. This tool includes active budget checking, which factors in committed balances alongside posted balances. It provides automated warnings on purchase orders and requisitions when a line is projected to exceed budget, and allows administrators to block documents that exceed set limits.

The new UI features a "spotlight search" and a dedicated home page for high-frequency tasks like VAT returns, bank reconciliations, and expenses. The design update includes a new colour palette and typography aimed at improving accessibility. These features are rolling out to iplicit’s 50,000 daily users across 103 countries, with the reporting tool currently in beta and wider availability to follow.

"In more than 30 years in accounting and finance software, the main reason people change their system has stayed the same: they want better reporting, better insights and better data. Insights Build Your Own is designed to let finance teams create the reports they need in plain English, without technical expertise, and it can transform the time it takes to create management packs. It is an area we have invested in heavily, and we are looking forward to working with our early adopters."

Paul Sparkes, Chief Product Officer at iplicit.

The companies involved

iplicit is a cloud-native finance software provider specifically targeting the mid-market in the UK and Ireland. Since its market launch in 2019, the firm has positioned itself as an alternative to legacy ERP systems, focusing on AI-powered automation and real-time analytics. The company’s growth is supported by a network of over 70 partners, which includes prominent UK accountancy practices such as BDO, Moore Kingston Smith, and Forvis Mazars.

The platform’s ecosystem is further bolstered by integrations with fintech leaders like GoCardless and Pleo, facilitating streamlined payment and expense management for its users. iplicit’s current reach extends to over 50,000 daily users globally, reflecting its rapid scaling within the mid-market segment. By focusing on the specific needs of finance teams that have outgrown entry-level software but find enterprise-level ERPs too cumbersome, iplicit has carved out a significant niche in the digital accounting landscape. The firm continues to operate as an independent entity, focusing on deep integration and AI-enabled financial insights through its flagship iplicit AI Pulse platform.

What FF News has reported before

FF News has closely followed iplicit’s trajectory as it challenges established ERP incumbents. In May 2026, the firm reached a major milestone when iplicit Launches AI-enabled Analytics and Reporting Suite as Centrepiece of Expanding AI Platform, which laid the groundwork for the current "Build Your Own" reporting features. The company has also been aggressive in its physical and strategic expansion; earlier this month, we covered how iplicit Expands to Newcastle to Challenge Legacy Finance Software Giants. Beyond product development, iplicit has focused on its ecosystem, as seen when iplicit Partners with Crezco to Become First mid-market Accounting Platform Offering Embedded Payments to UK Customers and the appointment of an Ex-SAP Channel Leader as VP of Partnerships in late 2025.

What this means

This update places significant pressure on legacy ERP providers that have struggled to integrate AI beyond simple chatbots. By embedding natural language reporting directly into the core finance system, iplicit is addressing the "reporting gap" that often forces mid-market firms to export data into third-party BI tools. The move toward "plain English" queries suggests a democratization of data that could reduce the finance department's reliance on IT for custom reporting. However, the industry remains cautious about AI accuracy; the success of this rollout will depend on whether iplicit’s "traceable to source" promise can truly eliminate the hallucinations often associated with generative AI in financial contexts.