SoftCo accounts payable automation software promotes efficient best-in-class AP processing by automating workflows that result in higher savings and lower costs. AP automation forms part of the SoftCo procure-to-pay platform that automates the entire financial process, including eProcurement, accounts payable, and vendor management. This platform also features real-time reporting and analytics, including anti-fraud tools. SoftCoAP software is integrated with contract compliance processes for seamless financial management.
As an AP software, SoftCo employs modern technologies in ensuring that full AP automation is achieved through the use of artificial intelligence (AI), advanced document understanding (ADU), and deep learning intelligence. The straight-through processing or touchless invoice processing of SoftCo eliminates manual intervention. This reduces costs and streamlines vendor management by providing full visibility.
The smart matching engine tool of SoftCo facilitates express AP processes while the contract matching tool easily matches payments against supplier contracts. SoftCo clients gain added value from the fast software deployment which is made possible by the fully configurable workflows that can be used on-premise or on the cloud. SoftCoAP is mobile which ensures uninterrupted access to invoice verification and approvals. This platform integrates with more than 200 ERP platforms and other business tools, such as Sage Intacct, SAP Business One, Netsuite, and Dynamics 365 Business Central.
The ecosystem of smart automation solutions provided by SoftCo frees up cash flow and ensures compliance and control over important financial processes and data. An added feature that makes SoftCo stand out from other AP software solutions is the anti-fraud feature that addresses a major pain point among AP teams. This is made possible by the SoftCo document management solution that requires unique login details and restricted permissions.
The Amazon-like user experience is provided by SoftCo10, which is the single, fully-configurable platform of SoftCo. To meet the unique needs of every type of organization, the SoftCo10 platform offers a core set of modules for capturing, workflow matching, archiving, lifestyle management, analytics, and integration. In addition, it has a smart configurator that collates the functionality of various SoftCo solutions without the need for custom development. SoftCo provides custom pricing, which is based on total invoice volume per annum.
Show MoreHigh match rates reduce AP processing costs.
Processing cost is a major paint point in managing accounts payable. SoftCo addresses this through its technology, which is able to facilitate straight-through processing. Through accurate invoice data capture and precise invoice matching, businesses will be able to achieve the lowest processing cost per invoice. To deliver best practice AP automation, the platform starts by capturing and extracting invoice data. Basic validations are built into the system, making invoice data capture efficient.
SoftCoAP software captures all invoice data using advanced optical character recognition (OCR) and uses powerful machine learning technology to extract the captured data. After validating basic data such as invoice number, and supplier name, including line items, the next step is smart matching. Smart matching ensures that the invoice data matches the PO data. SoftCoAP software simplifies the AP process by automating data validation and ensuring that all invoice data matches the PO before proceeding to ERP.
Increased efficiency eliminates AP payment delays.
The capture technologies of SoftCo automate the process of capturing invoice data, including validation and posting to ERP finance systems. By using OCR, SoftCo electronically reads data from scanned documents. In addition, machine learning technology helps in matching data. The touchless invoice processing of SoftCo inspects all PO and non-PO invoices electronically, which results in significant cost savings per invoice.
Both the OCR technology and smart matching engine ensure precise invoice data capture. The matching engine of SoftCo is powered by artificial intelligence and robotic process automation. It makes the AP process highly efficient and removes all the manual elements that often result in errors. Aside from verifying the quantity billed and invoice price, SoftCoAP software makes the matching two-way by returning the invoice to the requisitioner for final sign-off.
Accurate matching improves cash flow.
The highly accurate matching engine of SoftCo speeds up AP processing. SoftCoAP software is built on a simple yet robust validation platform, which ensures that data is accurate for matching. AP teams can set a specific confidence score for the verification of specific accounts, which can be 75%, 85%, or 100%, depending on the user. As accounts continue to deliver high confidence levels, the user has the option to allow complete documents to bypass verification. However, bypassing verification still needs final sign-off.
Even for the most complicated matching scenarios, both the smart matching and smart routing engines of SoftCo allow the user to easily identify what is causing the mismatch and initiate simple processes to help fix the mismatched data. These include invoice queries that are routed directly to appointed AP staff that can approve or reject the invoice, with no human interaction required. And since SoftCo is web-based, the approvals can be done from any device or through e-mail.
Facilitates detailed cost accounting for improved financial management.
For non-PO invoices, SoftCoAP software knows how to account for surcharges for transparency and accuracy. The platform also performs validation and matching on subscriptions, contracts, and other recurring invoices. SoftCoAP software ensures that all costs are accounted for and recorded for the optimized management of resources.
The intelligent engine of SoftCo has the ability to capture as many line items as the customer needs. Single purchase orders that reach as many as 40 pages, with 300 lines per page, can be easily captured and matched by SoftCoAP software. The result is increased efficiency, which enhances financial management. It also gives the AP team more time to focus on strategic rather than repetitive tasks.
Speeds up AP processing through configurable automated workflows.
SoftCo ensures minimal delay in AP processing by allowing users to add multiple verifiers and approvers in the system. Once invoices are routed, the platform sends notifications and reminders and proceeds to the alternate approvers to avoid delays. AP teams will find SoftCoAP software as a very meticulous platform when it comes to matching invoice and PO data, and a smart assistant in processing AP as it easily identifies the root cause of mismatched data.
With SoftCo, there is no need for AP teams to retrieve different files to check data from various sources. SoftCoAP automation alerts and notifies the user, and identifies problematic invoice elements right away to speed up processes. It guides the user on how to resolve every roadblock to ensure that accounts payables get processed fast.
Intuitive interface provides a superior user experience.
With over 30 years of seamlessly connecting with major finance systems, SoftCo provides a superior user experience by using modern technologies for straight-through automation. The result is a platform that provides a high automation environment that is able to match the most complex documents.
Show MoreKeeping in mind companies have their own business requirements, it is only rational that they abstain from adopting a one-size-fits-all, ideal business program. At any rate, it would be futile to stumble on such an app even among branded software solutions. The right thing to do should be to jot down the different chief aspects which require deliberation including essential features, price terms, technical skill levels of staff members, organizational size, etc. The second step is, you must follow through your research to a full extent. Have a look at some SoftCo evaluations and scrutinize the other software products in your list in detail. Such comprehensive research makes sure you circumvent poorly fit software products and select the one which meets all the features your business requires.
Position of SoftCo in our main categories:
SoftCo is one of the top 50 Online Accounting Software products
SoftCo is one of the 20 Procurement Software products
Each company has different requirements and needs a software that can be customized for their size, type of employees and buyers, and the particular industry they are in. For these reasons, no system can offer perfect features off-the-shelf. When you search a software system, first be sure what you want it for. Read some SoftCo Accounts Payable Software reviews and ask yourself do you want basic features or do you need advanced functionality? Are there any industry-specific functionalities that you are seeking? Get the answers to these queries to assist your search. There are plenty of elements that you need to mull over and these include your finances, specific business needs, your company size, integration needs etc. Take your time, try out a few free trials, and finally select the platform that provides all that you require to improve your company competence and productivity.
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SoftCo pricing is only by quote. Interested parties may contact the vendor for customized pricing based on their needs. Additionally, they may request a demo first.
We realize that when you choose to buy a Accounts Payable Software it’s vital not only to find out how experts rank it in their reviews, but also to check if the actual users and enterprises that purchased it are genuinely happy with the service. Because of that need we’ve created our behavior-based Customer Satisfaction Algorithm™ that collects customer reviews, comments and SoftCo reviews across a vast range of social media sites. The data is then presented in an easy to understand form indicating how many people had positive and negative experience with SoftCo. With that information at your disposal you will be ready to make an informed business decision that you won’t regret.
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SoftCo integrates with more than 200 ERP systems and other business tools, including the following:
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