Unrivalled Touchless Invoice Processing
SoftCo Accounts Payable Automation processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and query management. SoftCoAP delivers unparalleled touchless automation by incorporating unique Artificial Intelligence (AI) and Adaptive Learning technologies to minimize the number of supplier invoices that require manual intervention. The result is 89% processing savings.
All invoice data is captured using SoftCo’s Optical Character Recognition (OCR) 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 Machine Learning to analyze previously coded invoices and automatically apply the correct coding for new invoices, reducing the reliance on the AP team’s knowledge and delivering coding in seconds rather than minutes. 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 center 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.
Our smart matching technology addresses even the most complex scenarios. The result is 75%+ STP.
Our DNA is AP. We understand our customers issues and solve them with our unique consultative approach.
Powerful capture, smart matching and clever exception handling delivers the lowest processing cost per invoice.
Eliminate paper and fully automate your
invoice data capture process.
Handle all your invoice exceptions and
queries in one place.
Efficiently match your PO invoices to
orders and deliveries.
Fully automate your invoice
Achieve 75%+ straight through processing
with SoftCo Smart Match
Approve invoices on the go via email
or the SoftCo App.
Validate your invoices against your
Seamlessly integrate with any ERP system
to hand over approved invoices for payment.
Revolutionize the approval of your
Maintain full visibility with detailed spend,
accruals, budget, and KPI reporting.
“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.“Brian Conneely, Finance Director, Grafton Ireland
Invoice Data Capture
SoftCo Accounts Payable Automation captures all invoice data, regardless of the format received from your vendors, using advanced Optical Character Recognition technology or via SoftCo’s outsource data capture service.
Automated Scanning and Data Extraction with OCR
SoftCo Accounts Payable Automation uses powerful Machine Learning technology to extract the captured data required for automatic matching. Robotic Process Automation technology routes the data for automatic matching with the corresponding purchase order data.
SoftCo provides a fully managed invoice processing outsource service. Documents are forwarded to a dedicated email address, header data extracted, verified, QA’ed and loaded into SoftCo Accounts Payable Automation. PO based invoices are automatically routed for matching, non-PO invoices are sent to the AP team for coding and onwards for approval.
Powered by advanced Robotic Process Automation and artificial intelligence technology, 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.
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.
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.
The Smart Matching engine applies AI technology to 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 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.
The installment 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.
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.
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 Adaptive Learning techniques and Robotics to automatically determine the correct routing and coding of invoices for an even speedier process.
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, which significantly reduces the reliance on the AP team or Business Users coding knowledge
Smart Route 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.
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.
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.
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.
SoftCo10 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.
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.
Active invoices by status, invoices by exception reason, invoices awaiting approval by user.
Straight-through processing percentage, invoices processed per AP clerk, average business approval time.
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.