SoftCo Review

Overview

SoftCo is an on-premise and cloud-based software that offers tools for financial process automation. It is ideal for medium-sized to large enterprises across all verticals. SoftCo AP Automation automates the collection of electronic, email, and paper invoices, 3- and 2-way invoice matching, and routing of invoices to the concerned users for exception management and/or approval. The platform integrates with the enterprise’s ERP platform to match invoices against supplier master info, GRNs, and POs produced in the ERP, and to post sanctioned invoices back to the ERP tool for payment.

SoftCo AP Automation’s analytics module offers role-based dashboards to accounts payable, finance managers, and CFOs, and automatically produces in-depth accruals and spend analysis reports. Optional modules are SoftCo Contract Management, SoftCo Supplier Portal, and SoftCo Procurement.

Benefits

Process Vendor Invoices Digitally

SoftCo’s AP Automation platform allows enterprises to process vendor invoices digitally, from collection and matching, to query management and invoice approval. Finance teams can monitor the status of accruals, manage exception, and produce real-time analytics and reporting. You can securely store financial files, maintain an audit history, and remain compliant with regulatory and business requirements.

Eliminates Repeat Payment

SoftCo AP digitally gathers invoices from desktops or mobile in different formats including EDI, XML, PDF, email, and paper. The scanning module uses ICR (intelligent character recognition to read line info, eliminating human errors and enhancing processing times. 3- or 2-way matching automation lowers the workload for financial squads, and assists to flag duplicate invoices and exceptions to ensure repeat payment does not happen.

Smooth Integrations

The software offers you an automated approval process that follows a configured approval hierarchy and matrix for routing invoices and POs, enforcing your firm’s spend policies. Plus, you can configure a dual approval requirement for ordering services and goods to segregate duties. The platform integrates with all leading databases, ERP tools, and finance systems through the SoftCo Connect adapter for improved processing speed, visibility, and accuracy.

Comprehensive Dashboard Reporting

SoftCo AP offers comprehensive dashboard reporting of important KPIs, such as processing cost per invoice, invoice exception rate, productivity per FTE, compliance to spend policies, and invoice receipt to payment time. The portal’s vendor management features empower procurement teams to maintain a robust vendor base and enhance relationships. Users get notifications and alerts about any missing data, or for the review of a time-sensitive document.

Product Features

Pricing

SoftCo provides pricing details by quote. Contact the vendor directly to procure your custom quote.