Fully automate your entire procurement and accounts payable processes
SoftCo Procure-to-Pay structures, streamlines, and automates your entire finance process from procurement to invoice automation and payment posting to your finance or ERP system. SoftCo’s Procure-to-Pay solution is truly global, handling multiple entities and multiple currencies in multiple languages. It eliminates maverick spending and delivers efficiencies, cost savings and 100% visibility & control over the entire procurement process.
SoftCo Procure-to-Pay software eliminates manual and duplicate processes and provides you with visibility and control over your corporate spend and accruals enabling an accelerated month-end close. The solution fully automates invoice data capture, matching, and approval processes. The resulting reduction in invoice processing times delivers cost savings of up to 90%.
SoftCo Procure-to-Pay software boosts your vendor relationships by providing an efficient on-boarding process and full visibility over the status of their invoices. The solution enforces and optimizes pricing agreements with your preferred vendors. It also manages the request, purchase and control of contract-based spend. Agreed vendor contracts are securely stored and managed with automatic alerts for renewals and expirations of your contracts.
SoftCo Vendor Management delivers the benefits of working efficiently with preferred Vendors. Purchasing is optimized, costs reduced, and administration is eliminated. The cloud-based solution ensures Vendors have full online visibility of all orders and invoices and queries and disputes are addressed immediately.
The SoftCo Matching Engine uses advanced RPA technology removing all manual elements of invoice matching, delivering an error-free, efficient process for all invoice types. The SoftCo Smart Matching engine applies AI technology to even the most complicated matching scenarios, such as incomplete data, missing product codes, and FX conversions to deliver 75%+ match rates.
SoftCo eProcurement (electronic procurement software) ensures a quick and efficient purchasing process for all operational spend, in full compliance with your organization’s procurement policies. SoftCo eProcurement software streamlines capital, recurring and operational spend.
SoftCo Accounts Payable Automation delivers an accelerated, secure invoice approval process with configurable automated workflows. With multiple verifiers and approvers, invoices are routed for approval, automated email notifications are sent, followed by reminders. Un-actioned invoices are routed to an alternative approver, ensuring minimal process delay.
SoftCo Contract Compliance closely integrates with all SoftCo P2P modules. It manages the request, purchase and control of contract-based spend within eProcurement and facilitates contract and invoice matching within AP with comprehensive reports. The solution alerts you for contract expiry or renewals. All contracts and supporting information are stored in the SoftCo Compliant Archive.
SoftCo SmartConnect is a secure, highly configurable cloud-based platform which manages all of the data exchange between your ERP and SoftCo. SoftCo Procure to Pay has over 30 years’ experience integrating seamlessly with all major finance systems, databases, and over 200 ERP’s from the leading industry names to bespoke systems.
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. Processing times are improved, and keying errors eliminated.
SoftCo gives finance leaders full control and visibility over the entire P2P process facilitating better decision making with information presented in real-time. Powerful graphical reports and analytics present detailed spend, accruals, budget, and KPI’s on procurement, AP, contract management and Vendor management.
“As the largest mobile top-up platform in the world it is key for us to remain competitive and receive true value from our suppliers. We have been able to achieve this with our partnership with SoftCo.“Jonathan Rockett, Chief Financial Officer, Ding
Organizations typically manage three different types of spend – capital spend, recurring spend and operational spend. SoftCo eProcurement software streamlines each of these spend categories.
Vendor catalogs and shopping lists are maintained, and the powerful vendor punch-out functionality allows the selection of products directly from your vendors’ website and population directly back into your SoftCo shopping cart. Requisition templates create re-usable shopping lists for continuous use.
SoftCo’s eProcurement solution’s pre-approved spend functionality allows seamless drawdown on pre-approved or capital budgets for projects with agreed preferred vendors. For recurring spend such as subscriptions, leasing, rent and utilities, SoftCo eProcurement software provides a contract PO to all vendors referencing the agreed installment or payment plan as per the agreed contract/subscription.
The dynamic matching engine handles 2-way and 3-way matching to match your invoice data to your purchase orders and goods receipt notes. SoftCo Smart Match applies AI technology to even the most complicated matching scenarios, such as incomplete data, missing product codes, rounding issues and FX conversions, further improving straight through processing rates. SoftCo Accounts Payable Automation assigns your non-PO invoices to an automatic general ledger and cost center through posting templates that are associated with your vendors.
For your recurring invoices, such as subscriptions, leasing, rent and utilities, SoftCo Accounts Payable Automation automatically matches them to your underlying contract PO, and routes them for appropriate approval, without the need for supporting POs or GRNs.
SoftCo Vendor Management solution enhances relations with your key vendors with full online visibility of all orders and invoices and ensures queries and disputes are addressed immediately.
Vendors register on the SoftCo Vendor Management Portal, self-completing the on-boarding process by adding company and financial information and all supporting documentation, including payment and VAT/TAX data. The automated onboarding guarantees adherence to AML compliance and removes the need to chase vendors for vital information. Registered vendors add their own order and invoice transmission preferences and the SoftCo Vendor Management Portal enables paper-based vendors to submit invoices.
SoftCo Vendor Management enables preferred vendors to submit all invoices directly from the Portal as they receive purchase orders. ‘PO Flip’ converts received orders into a corresponding invoice that is returned to you immediately. Vendors are notified instantly when you submit a purchase order and track the progress of invoices submitted. There is no need to chase payments and administration is eliminated.
SoftCo Contract Compliance provides a SÄHKE2 certified central contract repository where all agreed contracts with your vendors are compliantly stored and managed and are instantaneously available for retrieval based on user permissions. All contracts are stored as password-protected PDFs, preventing unauthorized printing and saving of your contracts.
SoftCo Contract Compliance provides full contract lifecycle management and proactively sets reminders for your expiring contracts or those due for renewal. The solution works seamlessly with the SoftCo Procure to Pay software modules to configure installment plans ensuring you only receive accurate invoices from your vendors, as per your agreed contracts. SoftCo Contract Compliance presents comprehensive compliance reporting including reporting on exceptions, status, renewals, and any overcharges.