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SoftCo AP Automation processes vendor invoices electronically from capture and matching, to invoice approval, and query management. AP Automation replaces manual, paper-based processes and spreadsheets, and removes time-consuming and costly tasks. AP automation enables the finance team to see the status of accruals, handle exceptions, and generate real-time reporting and analytics, ensuring faster month-end close and reduced costs. AP Automation securely stores all financial documents in an ISO 27001-compliant archive, providing a comprehensive audit history and ensuring compliance with business and regulatory requirements.
Organizations receive invoices in both paper and electronic format and manual invoice capture is time-consuming, prone to errors, and costly. The finance team has no visibility over accruals until invoices are registered in the ERP system. SoftCo AP captures invoices in various formats (paper, email, PDF, XML, EDI, etc.) from mobile or desktops. Scanning systems utilize intelligent character recognition (ICR) to read invoice headers and line item data from the invoice resulting in a 300% improvement in invoice processing times compared to manual data entry.
Manually handling 2- or 3-way matching requires the reconciliation of the PO with the vendor invoice, and the goods receipt note. Matching is a highly time-consuming and labor-intensive task, which frequently results in human error or duplicate payments to vendors. SoftCo automates 2- or 3-way matching which delivers up to 80% straight-through processing of invoices, significantly reducing the workload of the finance team. In addition, automatching flags exceptions and duplicate invoices and re-routes them, ensuring that duplicate payment does not occur.
Approval levels in many organizations are complex, with countless business rules to adhere to. This makes it difficult to manage manually, and to ensure that POs are approved in a timely manner by the correct approvers based on the approval matrix. An automated approval workflow ensures that POs and invoices are routed electronically according to the approval matrix and hierarchy, which reduces approval times and enforces company spend policies. Segregation of duties can be enforced by configuring a dual approval requirement before goods and services can be ordered. The workflow can be configured according to a myriad of business rules and complexities to suit the organization.
SoftCo AP integrates with all major finance systems, databases, and ERP systems including SAP, Oracle, Microsoft Dynamics, JD Edwards, Lawson, and Exchequer, via a standard adaptor called SoftCo Connect. This enables efficient, bidirectional ERP integration and allows the transfer of data and documents in any format including PDF, XML, EDI, and various others. ERP integration eliminates the need for the finance team to manually re-key data into multiple systems, reducing the time it takes to process information and the risk of human error. In addition, full ERP integration results in increased processing speed, full visibility, and the provision of accurate data for better reporting and decision-making.
AP Automation provides full visibility over the entire accounts payable process, enabling extensive dashboard reporting of KPIs that are important to the organization. KPIs include invoice receipt to payment time; productivity per FTE; compliance to spend policies; processing cost per invoice; and invoice exception rate. This level of visibility facilitates the timely completion of month-end close and accruals, enables the finance team to focus on value-added work, and provide management with more relevant metrics and reports. Access to accurate data ensures that the finance team is equipped to become more strategic decision-makers within the organization, generating actionable business insights.
SoftCo Vendor Management enables procurement teams to establish and maintain a strong vendor base from on-boarding and validation to on-going maintenance. SoftCo Vendor Management reduces vendor risk and improves relationships while cutting the administrative costs of managing vendors. Preferred vendors can register and update information through SoftCo Portal. The procurement team is notified via email when there is missing or incomplete data (such as anti-money laundering (AML)/anti-bribery and corruption (ABC) documents, and VAT/EIN numbers). Alerts are also sent when time-sensitive documents, such as vendor contracts, need to be reviewed. Approved vendors can submit documents (including invoices) in PDF, EDI, and data files, allowing the procurement team to validate information and the AP team to quickly process invoices.