{"id":37033,"date":"2022-04-25T06:19:40","date_gmt":"2022-04-25T05:19:40","guid":{"rendered":"https:\/\/softco.com\/the-benefits-of-ap-automation\/"},"modified":"2024-04-10T12:29:38","modified_gmt":"2024-04-10T11:29:38","slug":"the-benefits-of-ap-automation","status":"publish","type":"page","link":"https:\/\/softco.com\/uk\/the-benefits-of-ap-automation\/","title":{"rendered":"The Benefits of AP Automation"},"content":{"rendered":"\n
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AP Automation Benefits<\/h1>\n\n\n\n

Reduce your costs by 90%<\/p>\n\n\n\n

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The Smart Matching Challenge<\/a><\/div>\n\n\n\n
ROI calculator<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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According to Institute of Finance Management (IOFM)<\/a>, 62% of invoices received by organizations are still manually handled. Manual processing takes time, requires costly personnel, lacks visibility and introduces the risk of errors and fraud. Accounts Payable (AP) automation software<\/a> empowers businesses by eliminating manual tasks, streamlining processes, reducing costs and freeing up cash flow. Supplier invoices are swiftly captured, matched, approved and ready for payment through a single platform with full visibility, compliance and control over the complete AP process. SoftCo leads the market in delivering the highest automation, driven by our unique AutoML Machine Learning which delivers 90% straight through invoice processing and the smartest usability which dramatically reduces the time to code, route and handle exceptions. Below are just some of the benefits of AP automation:<\/p>\n<\/div><\/div>\n\n\n\n

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\"Economy<\/figure><\/div>\n\n\n

90% Cost
Reduction<\/h4>\n<\/div>\n\n\n\n
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\"Eye<\/figure><\/div>\n\n\n

100% Visibility
& Control<\/h4>\n<\/div>\n\n\n\n
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\"Clock<\/figure><\/div>\n\n\n

90% Lower
Approval Time<\/h4>\n<\/div>\n\n\n\n
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\"Query<\/figure><\/div>\n\n\n

70% Less
Supplier Queries<\/h4>\n<\/div>\n\n\n\n
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\"Tick<\/figure><\/div>\n\n\n

Achieve Compliance
Obligations<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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\"Money<\/figure><\/div>\n\n\n

Mitigate
Fraud<\/h4>\n<\/div>\n\n\n\n
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\"Arrows<\/figure><\/div>\n\n\n

Seamless ERP
integration<\/h4>\n<\/div>\n\n\n\n
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\"Economy<\/figure><\/div>\n\n\n

Realtime
Data insights<\/h4>\n<\/div>\n\n\n\n
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\"Money<\/figure><\/div>\n\n\n

Working Capital
management<\/h4>\n<\/div>\n\n\n\n
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\"Pen<\/figure><\/div>\n\n\n

Informed decision
making<\/h4>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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By delivering 90% straight through <\/strong>
processing<\/strong>, SoftCo\u2019s customers experience
the highest return on investment.<\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n

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What is Straight Through or Touchless<\/em> Processing and how does it benefit organizations?<\/span><\/h2>\n\n\n\n
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\"Processing<\/a><\/figure><\/div><\/div>\n\n\n\n
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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 \u2018touchless\u2019 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<\/strong> according to the Institute of Finance & Management (IOFM).<\/a> With low automation solutions, 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 <\/strong>according to the IOFM.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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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\u2019s Smart Matching engine matches the most complex scenarios resulting in 3 times <\/strong>the match rate versus standard matching engines. Smart Routing<\/strong> and Smart Coding<\/strong> 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<\/strong>. This equates to a staggering $1.4m saving per year for organizations processing 100,000 invoices.<\/p>\n\n\n\n

See how much you can save using our simple ROI calculator here:<\/p>\n<\/div>\n\n\n\n

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See how much you can save with SoftCo AP<\/div>\n

Select the number of annual Invoices Processed<\/p>\n

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