SoftCo

SoftCo Accounts Payable Automation processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and payment.

SoftCoAP delivers unparalleled touchless automation by incorporating unique Automated Machine Learning technology to minimize the number of supplier invoices that require manual intervention. The result is 89% processing savings.

Benefits of SoftCoAP include:

• Advanced Smart Capture technology
• 90% touchless invoice processing with Auto ML Matching.
• 89% Faster processing of non-PO invoices with Smart Coding, Smart Routing & AutoML.
• Seamless management of recurring invoices
• On-the-go mobile approval
• Single channel for all payments regardless of type
• Certified ERP integration
• Powerful reporting and analytics

All invoice data is captured using SoftCo’s Advanced Invoice capture technology, "Smart Capture". SoftCo 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 89%.

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 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 tracks key trends to provide management with key insights required to manage costs, performance, and effectiveness of operations.

SoftCoPay transforms payments from a cost center to a profit center by optimizing payments, earning rebates, reducing costs and mitigating payment risk. SoftCoPay streamlines payments into a single easy to use workflow regardless of payment type (card, ACH, or check).