CBSO selects iplicit for enhanced financial management

The City of Birmingham Symphony Orchestra (CBSO) has selected cloud accounting software provider, iplicit, to manage its financial operations. CBSO, which entertains over 170,000 individuals annually, conducted a comprehensive evaluation of its options before opting for iplicit's solutions, which were found to meet its accounting needs most effectively.

Operating for more than a century, CBSO includes a 90-strong symphony orchestra and four choirs with over 400 vocalists. The orchestra's global reach is significant, having released around 200 albums and performed at the 2022 Commonwealth Games opening ceremony, which was viewed by over a billion people worldwide.

Sal Munday, Director of Finance and Resources at CBSO, elaborated on the decision. "CBSO went with iplicit because we could see the advantages over other options available to us. The software offers us exactly what we need in terms of functionality—with the option for faster and more efficient processing of our many (and often complex) transactions. For a small team, this was a big benefit."

Luke McKenna, Senior Account Executive at iplicit, expressed enthusiasm about the partnership. "We're hugely excited that CBSO has joined the list of prestigious performing arts organisations that have chosen iplicit as the best product software for running their finance function. That list includes the Edinburgh International Festival, the Scottish Ballet, and the National Theatre of Scotland."

Munday also discussed specific features of the software that would benefit CBSO, such as job costings for concerts and tours, appropriate VAT allocation considering their partial exemption status, swift banking reconciliations and payments, and efficient handling of currency transactions. "The software also supports the purchase ordering needs for budget holders and business users," Munday added.

Iplicit's cloud accounting software aims to assist medium-sized organisations in managing their finances more effectively. The software provider boasts six consecutive years of over 100% growth in annual recurring revenue and continues to attract talent from well-established firms like Sage, Xero, IRIS, and Access.

McKenna highlighted the suitability of their software for performing arts organisations, "iplicit is ideal for handling the challenges faced by the finance teams of performing arts organisations—including multi-entity accounting, partial VAT, project costing, and approval workflows for budget holders. We're pleased to see the product being used by bodies whose work enriches the lives of so many people in the UK."

Munday underscored the positive aspects of working with iplicit. "At the many stages of planning meetings and discussions so far, we have found iplicit to be really engaging and professional, demonstrating an understanding of our business and organisation, and a willingness to work with us and listen to our needs." Munday further stated that the finance team has been impressed with the flexibility and commitment to ensuring a smooth transition from their previous software.

Launched in 2019, iplicit aims to disrupt the accounting software market for medium-sized businesses. Recently, it ranked 18th on the Financial Times' list of the fastest-growing UK companies of 2024. Currently, iplicit supports over 30,000 daily users across 85 countries.