SoftCo Rondo
Delivering efficiency, compliance and control to the Accounts Payable process
The Accounts Payable Challenge
Businesses' emphasis on cost control and productivity improvements during the past few years has focused organizations attention on the need to automate traditionally paper-based, labour-intensive processes. Accounts Payable departments in particular have come under scrutiny for their reliance on costly and inefficient paper-based processes. At the same time, Sarbanes-Oxley has increased senior managers' focus by highlighting compliance risks inherent to manual, paper based processes such as Accounts Payable. To date the investment required to achieve Accounts Payable efficiencies and control have been significant, putting automated solutions within reach of only the largest of organizations. SoftCo Rondo has changed this rule forever providing a fully functional automated Accounts Payable platform to organizations of every size, across every sector at a realistic investment.
The Accounts Payable Pain
The very nature of the manual Accounts Payable process is fraught with limitations - invoices are slowly and inefficiently routed around the organization for coding, posting, approval and payment. Invoices are often lost, manual data entry creates mistakes and there is the potential for duplicate payments to suppliers. The enterprise may also be losing out on the opportunity for early settlement discounts, and for management, accruing for the company's total procurement exposure is almost impossible. Without an automated Accounts Payable process organizations face a number of potential pain points:
- Manual data entry and PO reconciliation
- Inaccurate cost coding with spurious GL and Cost codes
- Paper invoices dispersed throughout the organisation
- Manual invoice approval processes are slow and costly
- Duplicate Invoices can enter the cycle for processing and payment
- Inability to undertake 3-way matching
- Response to supplier queries is slow and ineffective
- Valuable settlement discounts opportunities are lost
- Late payment penalties are incurred
- Increased paper storage and retrieval costs
- Poor visibility of financial accruals and commitments
- Increased exposure to fraud and non-compliance
- Limited control and reporting within the Accounts Payable process
All result in high invoice processing costs, high supplier queries management costs, poor cash flow management, increased exposure to fraud and non-compliance with legal obligations. In addition manual filing makes for slow invoice retrieval for cost centre owners, auditors and the Revenue.
Effective management of the Accounts Payable process is not about paying early - it is about paying the right amount at the right time with the minimum of intervention and the maximum of compliance. SoftCo Rondo addresses these needs.
SoftCo Rondo: the Accounts Payable Solution
Built on proven SoftCo technology, with over 350 existing Accounts Payable customers worldwide and over 40 different ERP and financial systems supported, SoftCo Rondo streamlines the purchase-to-pay cycle by enabling organizations to convert paper invoices into digital images, extracting key data to enhance approval processing, archiving them in a web-based secure repository for rapid retrieval, performing 3 way matches of documents.
SoftCo Rondo routes invoices electronically for budget holder approval, provides finance and AP management full visibility -a bird’s eye view of any invoice, at any stage in the approval process - facilitates immediate answers to supplier queries and identifies non conforming suppliers. The system integrates seamlessly with the organizations enterprise and line of business applications such as SAP and Oracle.
SoftCo Rondo provides organisations of all sizes, across all sectors, with a cost efficient Accounts Payable solution designed to reduce their operational costs and assist in the management of financial risk. Providing full visibility and control at every stage of the Accounts Payable process, SoftCo Rondo provides management with a full and consolidated view of the entire process across a large number of financial systems. Providing feature rich functionality within a web-based platform, SoftCo Rondo can be rolled out and managed within an organization with minimal intrusion and at minimal cost.
SoftCo Rondo delivers the following key benefits:
- Automated capture and processing of supplier invoices (paper & electronic)
- Automated invoice approval, escalation and posting
- 3 way matching across all Accounts Payable document sets
- Consolidation of enterprise Accounts Payable data across multiple GL instances
- Visibility – ability to pinpoint any invoice, any stage in the approval process
- Ensures coding accuracy and conformity
- Ensures approval in accordance with policy and within target timeframes
- Dramatically reduced supplier query response time and effectiveness
- Standard and customised reports across a wide range of Accounts Payable criteria
- Full transactional audit trails with end user authentication
- Integrated archive for all Accounts Payable document sets
- Proven integration with existing finance and ERP systems
Document and Data Capture
SoftCo Rondo captures every type of AP document from purchase invoice to goods received note, purchase order and associated back-up documentation. Using a range of capture options, SoftCo Rondo can handle all document formats including paper, XML and PDF. SoftCo Rondo offers a full range of OCR and leading edge capture technologies to maximise AP efficiencies.
Integration
SoftCo Rondo provides a series of accredited integration options to existing ERP and financial applications. This flexibility enables SoftCo Rondo to manage supplier and GL information from key systems throughout the AP process. SoftCo Rondo ensures organisations are presented with all the relevant AP information from goods receipt to supplier payment.
Supplier invoice processing
SoftCo Rondo provides a feature rich and powerful platform for the end-to-end AP process - from invoice registration to approval for payment. With customisable rules covering PO, Non-Po and Contract invoices, SoftCo Rondo ensures that each invoice follows a strictly defined set of rules prior to payment, providing accountability and audit trails at every stage.
Reporting
SoftCo Rondo enables authorised users to monitor the AP process, reporting on a wide range of criteria from invoice histories, discrepant invoices, to generating customised reports for answering specific queries. In an age of tightening regulatory controls, SoftCo Rondo assists with ensuring compliance and internal controls are met.
Document Repository
SoftCo Rondo is a central document repository for all documents related to an Accounts Payable process supporting three-way matching of orders, proof of delivery and invoices. It also provides a scaleable archive for Supplier Relationship Management (SRM) documents such as contracts, terms & conditions and discount agreements.
SoftCo Rondo Features
- Automated and integrated AP processing environment
- Robust, integrated and scalable document management archive for all document sets
- Customised reporting and approval hierarchies
- Supports secure, permissions based access via browser and windows based clients
- Visibility – ability to pinpoint any invoice at any stage in the approval process
- Full transactional histories and audit trails within the AP process
- Supports all document formats (e.g. Paper, EDI, XML, electronic etc.)
- Multi lingual user interfaces
- Instantaneous image retrieval for 3-way matching, query and discrepancy resolution
- Supports PO, Non-PO and Contract based invoices
- Feature rich AP client for dedicated accounts payable users
- Uniform organisational coding standards
- Certified integrations (bidirectional) to SAP, Oracle and in excess of 40 different ERP / financial applications
- Multi currency and VAT support
- Hierarchical verification and authorisation based on invoice values
- Structured or dynamic workflow routing
For more information, contact us now