AP Automation

Streamline your complete purchase invoice process

SoftCo Accounts Payable Automation processes your vendor invoices electronically from capture and matching, to invoice approval and query management for both PO and non-PO invoices. SoftCo AP Automation uniquely incorporates transformative technologies including Artificial Intelligence (AI), Advanced Document Understanding (ADU) and Deep Learning that delivers industry-leading straight-through processing, significant cost savings and meets your organization’s compliance needs. 

Invoice data is captured using SoftCo Capture, our Optical Character Recognition (OCR) technology, or via SoftCo’s outsource data capture service. The SoftCo AI Matching Engine uses artificial intelligence, enabling you to process greater volumes of invoices and achieve greater levels of touchless invoice processing. It handles both 2-way and 3-way matching of invoices to purchase orders and goods receipt notes, non-PO invoices and recurring invoices, such as subscriptions, leasing and rental agreements. Where invoice information is missing or inconsistent with a PO or GRN, the advanced AI Matching Engine utilizes confidence scoring to intelligently complete the match. Intelligent workflow automation ensures efficient resolution of invoice queries and accelerated approvals for faster payment processing.

SoftCo’s automated approval workflows ensure that your invoices are routed to the relevant approvers. Approval notifications and reminders ensure that your notifications are actioned efficiently. The process of approving your invoices is accelerated via signoff by e-mail or the mobile app.

SoftCo Advanced Analytics combines the power of SoftCo 10.4 AP with Amazon QuickSight Business Intelligence Service to provide CFO’s with insights and KPIs for key activities, to facilitate better decision making.

With SoftCo Accounts Payable Automation you:

  • Automatically capture all vendor invoice data.
  • Remove manual data entry, printing, scanning and filing of invoices.
  • Automatically match invoices to PO’s, GRN’s and vendor Contracts.
  • View all invoice exceptions and the associated match fail criteria.
  • Streamline the processing of non-PO invoices.
  • Route invoices for verification and approval.
  • Approve invoices ‘on-the-go’ via email or via the SoftCo app.
  • Achieve 80% straight through processing with 3-way matching.

SoftCo has fulfilled everything that we were looking for, and more. Our query resolution times have reduced by 75%, meaning our AP staff spend less time on reconciliation and more time on value-adding activities.

Brian Conneely, Finance Director, Grafton Ireland

How does SoftCo Accounts Payable Automation work?

Invoice Data Capture

Eliminate paper and fully automate your invoice data capture process.

Invoice Matching

Efficiently match your PO invoices to orders and deliveries.

Recurring Contracts

Validate your invoices against your subscriptions/contracts.

Non-PO Invoices

Revolutionize the approval of your non-PO invoices.

Exceptions and Queries

Handle all your invoice exceptions and queries in one place.

Invoice Approval Workflow

Fully automate your invoice approval process.

ERP Integration

Seamlessly integrate with any ERP system to hand over approved invoices for payment.

Real-time reporting/AI Analytics

Maintain full visibility with detailed spend, accruals, budget, and KPI reporting.

Eliminate paper and fully automate your invoice data capture process

  • Invoice Data Capture

    SoftCo Accounts Payable Automation captures all invoice data, regardless of the format received from your vendors, using advanced Optical Character Recognition technology or via SoftCo’s outsource data capture service.

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  • Automated Scanning and Data Extraction with OCR

    SoftCo Accounts Payable Automation uses powerful Machine Learning technology to extract the captured data required for automatic matching. Robotic Process Automation technology routes the data for automatic matching with the corresponding purchase order data.

  • Read Our Blog

  • Outsource Capture

    SoftCo provides a fully managed invoice processing outsource service. Documents are forwarded to a dedicated email address, header data extracted, verified, QA’ed and loaded into SoftCo Accounts Payable Automation. PO based invoices are automatically routed for matching, non-PO invoices are sent to the AP team for coding and onwards for approval.

Efficiently match your PO invoices to orders and deliveries

  • Powered by advanced Robotic Process Automation and artificial intelligence technology, the SoftCo Accounts Payable Automation matching engine removes all manual elements of invoice matching to deliver an error-free, highly efficient process for all invoice types.

  • 2-Way Matching

    SoftCo Accounts Payable Automation offers 2-way matching of invoices to purchase orders, by automatically verifying that the quantity billed and invoice price is consistent across your purchase order and the vendor invoice. The invoice is automatically returned to the requisitioner for final sign off, ensuring that the invoice for goods and services always matches the value ordered and has received appropriate business sign off.

  • 3-Way Matching

    The solution offers 3-way matching of your invoices to your purchase orders and goods receipt notes. This ensures payments are only processed after completion of goods receipting.

  • Confidence Matching

    The advanced matching artificial intelligence engine provides confidence matching where there is a missing element in the 3-way match. It analyses all other elements and provides a suggested match profile.

Validate your invoices against your subscriptions/contracts

  • Automatic Matching

    For your recurring invoices such as subscriptions, leasing, rent and utilities, SoftCo Accounts Payable Automation automatically matches recurring items to your underlying contract PO, and routes them for appropriate approval, without the need for supporting POs or GRNs.

  • Installment Plan

    The installment plan feature enables creation of forecasted amounts per month for each of your contracts. As each invoice is processed, against the agreed contract, it is allocated to its correct month.

  • Tolerance Setting

    The solution provides tolerance settings, allowing invoices received to be higher or lower than the agreed contract by a certain predetermined amount, and still automatically match. Automatic alerts are sent for any charges that are outside of set tolerances, which are then queried with vendors.

Revolutionize the approval of your non-PO invoices

  • Indirect Spend

    SoftCo Accounts Payable Automation allows all non-PO invoices to be processed for goods or services where a purchase order has not been issued.

  • Invoice Coding

    The solution is configurable to assign non-PO invoices received to a general ledger and cost center through pre-configured rules with your vendors. Other options include manual or spreadsheet import or selection of a posting template associated with your vendors.

  • Approval Process

    Default approval routes are assigned to your vendor invoices based on rules and templates. Each approver receives a notification email with simple action buttons for ‘approve/reject’ within the email. The email includes the invoice as an attachment, the summary of the invoice header details and status and details of the general ledger and cost center to which the invoice has been coded.

Handle all your invoice exceptions and queries in one place

  • Exception Handling

    SoftCo Accounts Payable Automation provides real-time visibility and detailed analysis over all of your invoices that do not automatically match. This enables efficient resolution of all invoices that need to be re-matched.

  • Query Management

    The solution ensures that all query invoices are actioned immediately. Invoice queries are routed directly to the appropriate user’s email where they respond to the query, while ‘on-the-go’, using email approval or via the SoftCo app

Fully automate your invoice approval process

  • Automated Approval Workflows

    SoftCo Accounts Payable Automation delivers an accelerated and secure invoice approval process with configurable automated workflows. The system allows multiple verifiers and approvers to be added to workflows. As invoices are routed for approval, automated email notifications are sent, followed by reminders. If the invoices remain un-actioned, the system re-routes them to an alternative approver, ensuring minimal delay in the process.

  • ‘On-the-Go’ Approval

    SoftCo’s ‘on-the-go’ approval functionality ensures that it takes just seconds for verifiers and approvers to progress invoices to the next stage. They simply log into the system to action the invoice or action it via email, or through the SoftCo app.

Real-time reporting/AI analytics

  • SoftCo Reporting and Analytics provides real-time information and visibility of all activities within the AP function facilitating better decision making. SoftCo Advanced Analytics provides even deeper insight through the combined power of SoftCo 10 data and Amazon QuickSight Business Intelligence

  • Accounts Payable WIP & Productivity

    The Accounts Payable WIP & Productivity dashboard gives extended insight into the workload and productivity of both AP and Business (Approver) users though identifying bottlenecks and opportunities to make process improvements.

  • AP Automation Dashboard

    The AP Automation Dashboard measures what level of true touchless invoice processing is being achieved, what % of PO invoices match first time and the number of automation tasks the system carried out without needing user intervention. This report also measures and identifies inefficiencies and areas for improvement to help achieve a higher rate of straight-through processing.

  • The Payment Practice & Performance Report

    The Payment Practice & Performance Report measures how efficiently AP departments process invoices and meet agreed supplier payment terms. These metrics assist compliance with mandated reporting requirements (e.g. UK Payment Practice & Performance reporting to BEIS) or simply just ensure that the AP Automation process is delivering the efficiencies and speed of throughput required.

  • Accrual Reporting

    Non-PO invoice accrual report, PO invoice accrual report, contract invoice accrual report.

Proven ERP Integration

  • Key Benefits

    Integrating your ERP system with SoftCo Accounts Payable Automation ensures a seamless handover of approved invoices for payment in real-time. It enables all invoices to be viewed via a link from within your ERP system AP ledger and removes all double data entry through a seamless interface.

  • Proven Experience

    SoftCo has over 30 years of experience successfully integrating with all major finance systems and databases, completing hundreds of ERP/3rd party system integrations across multiple industries.

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