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 Machine Learning technology to minimize the number of supplier invoices that require manual intervention. The result is 89% processing savings.
Benefits of SoftCoAP include:
Precise invoice data capture
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 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 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).
Tipalti provides the world's most powerful global payables automation platform to streamline the entire process of making payments to global suppliers and partners. Tipalti provides one cloud system that includes white-labeled supplier onboarding, W9/W8 tax form collection and validation, payment method and currency selection, global remittance, early payments, payee payment status communications, payment reconciliation, and 1099 / 1042-S tax filing preparation reports.
Learn more about Tipalti"I really couldn't imagine a more effective way of handling our AP than we have now with SoftCo and the SSO.”
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