SoftCo Accounts Payable Automation processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and query management. AI Match, AI Coding and AI Routing are built on proprietary, continuously learning models that we design, train and operate ourselves. Every confirmed match becomes a learning signal, updating interconnected pattern, supplier, organisational and customer models in real time. This is AI-native architecture, not rules-based automation with AI layered on top.
All invoice data is collected using SoftCo’s Capture technology. The Smart Matching engine matches invoice data to your purchase orders and goods receipt notes and automates even the most complicated matching scenarios, such as incomplete data, missing product codes, rounding issues and FX conversions. The result is a 38% improvement in match rate versus standard matching engines.
Smart Coding harnesses AI-driven Machine Learning to analyse previously coded invoices and automatically apply the correct coding for new invoices, reducing the reliance on the AP team’s knowledge and delivering coding a single click. Smart Routing technology determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%.
SoftCoAP assigns your non-PO invoices to an automatic general ledger and cost centre through posting templates that are associated with your vendors. Recurring invoices, such as subscriptions, leasing, rent and utilities, are automatically matched to your underlying contract PO, and SoftCoAP routes them for appropriate approval, without the need for supporting POs or GRNs.
SoftCoAP incorporates anti-fraud functionality that delivers real-world fraud prevention and monitoring. Dashboard reports deliver greater clarity and insight into real-time day-today performance through Financial and Operational KPI reports. SoftCo Advanced Analytics, powered by AWS Quicksight, tracks key trends to provide management with key insights required to manage costs, performance, and effectiveness of operations.
AI-native matching models learn from every invoice, improving accuracy and delivering 90%+ STP
Invoices evaluate and progress automatically based on confidence thresholds, escalating only where needed.
Continuously learning AI models reduce exceptions and manual effort to deliver the lowest cost per invoice.
Use natural language to query invoice data and generate real-time AP insights.
Automatically identify, validate and allocate surcharges with intelligent matching.
Continuously learning models match PO invoices to orders and deliveries.
Invoices progress automatically based on confidence thresholds.
AI Match continuously improves to increase straight-through processing rates.
Approve invoices instantly via email or the SoftCo mobile app.
Automatically validate and match recurring invoices against contracts.
Progress approved invoices seamlessly into secure payment workflows.
Autonomously code non-PO invoices using continuously learning models.
Integrate seamlessly with 200+ ERP systems for real-time handover.
Resolve unmatched invoices faster with intelligent routing and guidance.
Gain full visibility with AI-driven dashboards, KPIs and reporting insights.
“SoftCo has fulfilled everything that we were looking for, and more. Our query resolution times have reduced by 75%, meaning our AP staff spend less time on reconciliation and more time on value-adding activities.“
Instant Supplier Queries
Ask questions like “How many invoices did we receive from Supplier X last month?” or “What’s the average invoice total for Supplier Y?” and receive answers immediately, without needing filters or report builders.
Real-Time Invoice Retrieval
Quickly retrieve detailed invoice records by supplier, time period, or invoice number, helping teams respond to queries faster and make smarter decisions with confidence.
Conversational Intelligence
Copilot understands simple prompts and delivers structured results instantly. From tracking invoice volumes to reviewing trends and outliers, users interact directly with AP data as if speaking to a teammate.
Invoice Data Capture
SoftCo Accounts Payable Automation captures all invoice data, regardless of the format received from your vendors.
Automated Scanning and Data Extraction
SoftCo Accounts Payable Automation uses powerful Machine Learning technology to extract the captured data required for automatic matching with the corresponding purchase order and invoice data. PO based invoices are automatically routed for matching, non-PO invoices are sent to the AP team for smart coding and onwards for approval.
Powered by Smart Matching and the new AutoML Machine Learning model, the SoftCo Accounts Payable Automation matching engine removes all manual elements of invoice matching to deliver an error-free, highly efficient process for all invoice types.
2-Way Matching
SoftCo Accounts Payable Automation offers 2-way matching of invoices to purchase orders, by automatically verifying that the quantity billed, and invoice price is consistent across your purchase order and the supplier invoice. The invoice is automatically returned to the requisitioner for final sign off, ensuring that the invoice for goods and services always matches the value ordered and has received appropriate business sign off.
3-Way Matching
The solution offers 3-way matching of your invoices to your purchase orders and goods receipt notes. This ensures payments are only processed after completion of goods receipting.
Smart Matching
The Smart Matching engine applies Machine Learning technology to even the most complicated matching scenarios, such as incomplete data, missing product codes, rounding issues and FX conversions. SoftCo’s Smart Matching engine delivers 3 times the match rate versus standard matching engines, based on real world data.
For your recurring invoices such as subscriptions, leasing, rent and utilities, SoftCo Accounts Payable Automation automatically matches recurring items to your underlying contract PO, and routes them for appropriate approval, without the need for supporting POs or GRNs.
Instalment Plan
The instalment plan feature enables creation of forecasted amounts per month for each of your contracts. As each invoice is processed, against the agreed contract, it is allocated to its correct month.
Tolerance Setting
The solution provides tolerance settings, allowing invoices received to be higher or lower than the agreed contract by a certain predetermined amount, and still automatically match. Automatic alerts are sent for any charges that are outside of set tolerances, which are then queried with vendors.
When invoices are received, SoftCo Capture identifies the surcharge that appears on the invoice. SoftCoAP simplifies and accelerates the processing of these charges regardless of the way in which they are presented on the invoice or the specific scenario in which charges are applied.
Expected Surcharge
SoftCoAP automates the identification and matching of the surcharge appearing on the invoice and Purchase Order.
Unexpected Surcharge
SoftCoAP captures, identifies, codes, and distributes these charges appropriately even when this additional charge (Duty, Freight, Environmental etc.) is not reflected on the Purchase Order.
SoftCo Accounts Payable Automation allows all non-PO invoices to be processed for goods or services where a purchase order has not been issued. Smart Coding and Smart Routing utilize Machine Learning Technology automatically determine the correct routing and coding of invoices for an even speedier process.
Invoice Coding
The solution is configurable to assign non-PO invoices received to a general ledger and cost center through pre-configured rules with your vendors. Other options include manual or spreadsheet import or selection of a posting template associated with your vendors. Smart Coding’s Machine Learning analyses large volumes of previously coded invoices to automatically apply the correct coding for new invoices with just one click, which significantly reduces the reliance on the AP team or Business Users coding knowledge.
Approval Process
Smart Routing automatically determines the correct routing of invoices for approval. The consistency and predictability of Smart Routing reduces the time taken to correctly route invoices by up to 90% versus manual routing. Each approver receives a notification email with simple action buttons for ‘approve/reject’ within the email. The email includes the invoice as an attachment, the summary of the invoice header details and status and details of the general ledger and cost center to which the invoice has been coded.
Exception Handling
SoftCo Accounts Payable Automation provides real-time visibility and detailed analysis over all of invoices that do not automatically match. Once an exception is identified, clear reasons and on-screen guidance are presented to the user on how best to resolve the exceptions, in turn significantly accelerating the process.
Query Management
The solution ensures that all query invoices are actioned immediately. Invoice queries are routed directly to the appropriate user’s email where they respond to the query, while ‘on-the-go’, using email approval or via the SoftCo app.
Automated Approval Workflows
SoftCo Accounts Payable Automation delivers an accelerated and secure invoice approval process with configurable automated workflows. The system allows multiple verifiers and approvers to be added to workflows. As invoices are routed for approval, automated email notifications are sent, followed by reminders. If the invoices remain un-actioned, the system re-routes them to an alternative approver, ensuring minimal delay in the process.
‘On-the-Go’ Approval
SoftCo’s ‘on-the-go’ approval functionality ensures that it takes just seconds for verifiers and approvers to progress invoices to the next stage. They simply log into the system to action the invoice or action it via email, or through the SoftCo app.
SoftCo incorporates extended anti-fraud functionality that delivers real-world fraud prevention and monitoring. The fraud prevention and detection controls provide a continual real-time risk assessment of all invoices.
Fraud risk approval workflows ensure suspected cases are subject to appropriate internal approval. By applying AI, abnormal behaviours are identified and allocated fraud scores or risk weightings, which are then used to ensure the necessary actions are taken to protect against fraud at all stages of the P2P process.
One Simple Payment Workflow
Both domestic and international payments are revolutionized with SoftCoPay via one single channel. By delivering a single payment file, multiple manual processes are consolidated into one secure and efficient process, lowering costs, and removing the risk of fraud and error.
Comprehensive Cross-border Currency Facility
SoftCoPay processes payments in 145+ currencies to over 200 countries enabling SoftCoPay customers to settle against GBP, USD, CAD, and EURO accounts among others.
Key Benefits
Integrating your ERP system with SoftCo Accounts Payable Automation ensures a seamless handover of approved invoices for payment in real-time. It enables all invoices to be viewed via a link from within your ERP system AP ledger and removes all double data entry through a seamless interface.
SoftCoAP provides real-time information and visibility of all activities within the AP function through various dashboard reports to deliver greater clarity and insight into real-time day-to-day performance. SoftCo Advanced Analytics, powered by AWS Quicksight, tracks key trends to provide management with vital insights required to manage costs, performance, and effectiveness of operations.
CFO Finance Dashboard
A holistic view of finance information enabling decision making on spend and a single view of all payable invoices impacting working capital.
Status Reporting
Active invoices by status, invoices by exception reason, invoices awaiting approval by user.
KPI Reporting
Straight-through processing percentage, invoices processed per AP clerk, average business approval time.
Accrual Reporting
Non-PO invoice accrual report, PO invoice accrual report, contract invoice accrual report.
Payment Practice & Performance Reporting average number of days invoice receipt to payment, payment to terms, payment by days, average time to pay.
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