*SoftCo Straight Through Processing rate versus Industry Average
“We are now automatically matching 80% of all of our supplier invoices.
Brian Conneely, Finance Director, Grafton Ireland
This means they go straight through the process, touchless
without any manual intervention.“
SoftCo are a global organization with 1 million business users worldwide across all industry sectors. We build smart technology delivering fast, straight through and touchless invoice processing. Our ethos is to understand our customers’ businesses, the challenges they face, and deliver solutions to meet and go beyond their expectations. Our solutions are built on a common platform, SoftCo, ensuring that as our customers expand they can seamlessly grow on the SoftCo ecosystem.
By delivering 90% straight through
processing, SoftCo’s customers experience
the highest return on investment.
Straight Through Processing (STP), or Touchless Invoice Processing, is when an invoice is automatically captured and approved ready for payment requiring no manual intervention. The level of Straight Through Processing and the cost of processing a supplier invoice are intrinsically linked. Such ‘touchless’ processing has a significant cost benefit while also removing any risk of human error and fraud.
In a purely manual environment the cost of processing an invoice is $15.97 according to the Institute of Finance & Management (IOFM). With low automation solutions, such as OCR in isolation, there remains manual tasks that need to be completed to move the invoice through the process. Even in this low automation environment there are benefits compared to a pure manual paper-based approach. The average cost to process an invoice in a low automation environment is $8.78 according to the IOFM.
Exponential benefits accrue with High Automation. SoftCoAP incorporates AutoML our unique Machine Learning technology to minimize the number of supplier invoices that require manual intervention. SoftCo’s Smart Matching engine matches the most complex scenarios resulting in a 38% improvement in match rate versus standard matching engines. Smart Routing technology determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%. The average cost to process an invoice in a High Automation environment is just $1.77. This equates to a staggering $1.4m saving per annum for organizations processing 100,000 invoices.
See how much you can save using our simple ROI calculator here:
Select the number of annual Invoices Processed
“In my 45+ years in the workplace, the SoftCo project is the best
Ric Sharpe, Timber Products
implementation experience I’ve had. We feel extremely fortunate
to have SoftCo as our partner.“
Our DNA is AP. Our proven solutions are based on over 30 years’ specialized knowledge in automating financial processes. We uniquely maintain full ownership over every project, from inception through to deployment and go live, ensuring our solutions meet our customer’s needs. This approach and the experience of our team is why customers forge long-term partnerships with SoftCo. Below are some resources to help you understand how AP automation can transform your business.
Contact us now for genuine AP expertise and advice – and with no obligation.
For over 30 years, SoftCo has delivered enterprise software solutions that streamline processes, reduce costs, and ensure full financial control and visibility.
EUROPE
Tel: +353 (1) 294 2420
Fax: +353 (1) 294 2442
Email: dublin@softco.com
Tel: +358 (09) 4241 5834
Email: helsinki@softco.com
UK
Tel: +44 (121) 288 0768
Email: manchester@softco.com
USA
Tel: +1 (857) 208 7284
Email: boston@softco.com
