SoftCo Review

High 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.