Softco ap automation overview
SoftCo’s Accounts Payable Automation or softco ap automation makes handling supplier invoices a breeze. Everything from purchase orders to regular invoices is managed electronically, saving you time and money. Thanks to our clever Machine Learning technology, we’ve reduced the need for manual work, resulting in an impressive 89% savings in processing.
We use SoftCo’s Capture technology to gather all the invoice data. Our Smart Matching engine is a true magician, as it matches invoice data to your purchase orders and receipt notes, even in tricky situations. This leads to a 38% improvement in matching accuracy compared to regular systems.
Our Smart Coding feature is like having a coding expert at your service. It uses Machine Learning to analyze past invoices and automatically applies the correct coding to new ones. This means you’ll get your coding done in seconds, not minutes. Plus, our Smart Routing technology ensures invoices go to the right place for approval, saving you 90% of the time it used to take.
Non-PO invoices are automatically assigned to the appropriate general ledger and cost center using templates associated with your vendors. Even recurring invoices, like subscriptions, leasing, rent, and utilities, are matched with their corresponding purchase orders and sent for approval without the need for extra paperwork.
But that’s not all. We’ve got you covered when it comes to fraud prevention, thanks to our anti-fraud features. Our dashboard reports offer clear insights into your financial and operational performance in real-time. And if you need to track trends, our Advanced Analytics, powered by AWS Quicksight, will provide the key insights to manage costs and operations effectively.
Unlocking the Benefits of Automation
Cut Your Costs by 90%
Imagine a world where invoices take care of themselves. No manual handling, no costly errors, and no fraud risks. That’s the magic of Softco ap automation software. It streamlines your processes, reduces expenses, and frees up your cash flow. Supplier invoices are effortlessly captured, matched, approved, and ready for payment on a single platform. SoftCo, a leader in the field, accomplishes this with AutoML Machine Learning, achieving a staggering 90% straight-through invoice processing and super-efficient usability, reducing coding and routing times significantly. Here are some of the many benefits of AP automation:
90% Cost Reduction
100% Visibility & Control
90% Faster Approval Time
70% Fewer Supplier Queries
Meeting Compliance Obligations
Seamless ERP Integration
Real-time Data Insights
Efficient Working Capital Management
Informed Decision Making
Straight Through Processing
Straight Through Processing (STP), also known as Touchless Invoice Processing, means invoices are automatically captured and approved for payment without any manual intervention. This not only saves you money but also eliminates human errors and fraud risks.
In manual invoice processing, the cost is approximately $15.97 per invoice. With low automation solutions, some manual tasks are still required, but it’s an improvement compared to purely manual paper-based processing, costing around $8.78 per invoice.
The real magic happens with high automation. SoftCo’s AutoML minimizes the need for manual intervention, achieving a 90% straight-through processing rate. The cost per invoice in such an environment is just $1.77. For organizations processing 100,000 invoices, this equates to a whopping $1.4 million in annual savings.
Smart Matching is the key to this efficiency. SoftCo’s Smart Matching Engine uses confidence scoring and machine learning to match invoices accurately, even in complex scenarios. This results in a much higher percentage of invoices flowing through the system without any manual intervention.
SoftCo’s machine learning model, AutoML, is the result of three years of research and 50+ million matches. It adapts to each customer’s environment and doesn’t require constant configuration or maintenance. With millions of real data patterns, it maximizes invoice matching results, offering 100% transparency and auditability.
But the benefits don’t stop there. SoftCo’s Recurring Invoice module handles payments against supplier contracts with ease. Pre-Approved Spend sets budgets within predefined limits, improving operational flexibility. Smart Routing technology uses AutoML Machine Learning to speed up invoice routing by 90%. Smart Coding streamlines the coding process with machine learning, reducing the need for human expertise.
Matching is where the real savings happen. The best matching engine, like SoftCo’s with 90% touchless processing, leads to over $10 savings per invoice compared to manual processing. In an organization handling 50,000 invoices annually, this translates to $500,000 in savings.
But don’t take our word for it. Take the Smart Matching Challenge to see how SoftCo’s Smart Matching engine outperforms the competition. It’s all about real automation and real savings.