SoftCoAP: Features and Capabilities – What’s Included?

Accounts payable teams encounter a variety of challenges on a daily basis. One of the biggest causes of stress among AP teams is using outdated accounts payable software systems that can no longer keep up with modern-day process requirements, especially in terms of speed and accuracy, remote accessibility, and customizability. But while digital accounts payable platforms can address the majority of the problems encountered in manual AP processing, the sheer number of options can be overwhelming, especially for businesses switching to digitized AP systems for the first time.

A smart way of narrowing down the list of options is by checking out the top-rated accounts payable platforms. In this article, we look into the SoftCo pricing model and review the features on offer to help you decide whether this is the right accounts payable solution for you.

Switching to automated AP solutions has been proven to increase the speed and efficiency of the processing cycle. Moreover, using modern accounts payable platforms significantly reduces processing costs. But despite the many benefits AP automation brings, 47% of B2B payments in the United States still rely on manual AP processes, especially when it comes to approvals.

Recent studies reveal that the biggest hindrance to adopting AP automation is the misperception among finance leaders that their current manual systems are enough. Another reason why organizations are not switching to automated AP processes is they do not have enough knowledge of what available AP software solutions have to offer. The understanding of what an AP software solution can do beyond its core functions is an important consideration that goes hand in hand with the cost. This is because, even though digital AP solutions are designed to help businesses optimize efficiency with the help of automation tools, the level of capabilities may differ from one solution to another.

When it comes to the cost, some AP platforms offer pre-packaged subscription plans that may include features your business does not need—or overlap with the accounting system you are already using—but have to pay for anyway. This is where AP solutions like SoftCo come in handy. SoftCo allows its clients to tailor their AP solutions to match their business needs and requirements. And in this post, we will explore the AP automation tools the vendor offers, the SoftCo pricing model, and how these can be helpful in optimizing your accounts payable and procure-to-pay processes.

Overview of SoftCo

SoftCo Accounts Payable Automation solution, or SoftCo AP, is part of SoftCo’s Smart Automation ecosystem that leverages artificial intelligence and adaptive learning technologies. SoftCo AP offers state-of-the-art tools that enable next-level automation of not only the AP process but also as part of other functions such as procurement and vendor management.

As an AP automation platform, SoftCo AP starts right from invoice data capture, which is powered by a cognitive OCR that captures all invoice data regardless of the format. Smart matching and Smart Route functions accelerate matching invoices with the right purchase orders and routing them for approval. You can also fully customize your approval process workflow and have accessible approval options via email or right on the SoftCo AP app. And when it comes to payments, SoftCo AP simplifies this process by consolidating all types of local and international vendor payments in one secure channel. This not only lowers the processing cost but also eliminates fraud risks. Moreover, you can integrate SoftCo AP with the leading ERP platforms available in today’s market.

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When it comes to data visibility, SoftCo AP once again utilizes advanced technology to deliver real-time information on all activities that happen within the platform. A detailed breakdown of reports on invoice status, KPIs, accrual, performance, etc., are all easily viewable on SoftCo AP’s dashboard. You also have a comprehensive view of your financial information, which enables you to keep track of how your overall spending impacts your working capital. SoftCo AP is deployed on the cloud and on-premise. It also has a mobile application that’s downloadable to iOS and Android devices.

What’s included in SoftCo’s quote-based pricing plan?

SoftCo’s accounts payable automation solution comes with the following features to streamline the processing of PO and non-PO supplier invoices:

Invoice Data Capture

SoftCo enables you to capture invoice data in two ways. The first option captures invoice data using advanced OCR technology. This automatically scans PO and non-PO invoices regardless of the format vendors send their invoices. Once scanned, all required invoice data are extracted and captured for invoice matching.

The other way of capturing invoice data is via Outsource Capture. This is an invoice processing service provided by SoftCo where vendor invoices and other relevant documents get sent to a dedicated email address for the data to be extracted. Once all information has been verified and double-checked, invoices are fed into the SoftCo AP app. During this stage, PO invoices are automatically routed for matching. Meanwhile, non-PO invoices are sent to an AP team and go through different steps of verification, coding, and approval.

Invoice Matching

This feature helps you eliminate the tedious process of manually matching your purchase order invoices. SoftCo utilizes its Robotic Process Automation to activate the Smart Matching engine. This sophisticated technology is powered by artificial intelligence that enables it to accurately match invoices to orders and deliveries even if the extracted and captured invoice data is incomplete.

SoftCo also offers two-way and three-way invoice matching. Two-way matching automatically verifies if the billed quantity and invoice price match the supplier invoice and purchase order. Once matched, the invoice is sent back automatically to the requisitioner for sign-off. Three-way matching, on the other hand, matches invoices with good receipt notes and purchase orders. For the three-way matching, payment can only be processed once the delivery of goods is confirmed.

SoftCo AP automatically matches PO invoices to the criteria of the right orders and deliveries.

Recurring Contracts

Invoices for recurring payments, such as leases, subscriptions, etc., are automatically processed in the SoftCo app and sent for approval without the need for purchase order documents or goods received notes (GRNs). What the app does is match the items in the recurring invoices to the existing contract PO before routing them for approval.

For recurring contracts that have fixed allocated amounts for each month, SoftCo AP has an installment plan feature that allows you to create and allocate a forecast amount per month that invoices should match. There, however, are recurring contracts that allow invoices to lower or even exceed the amount indicated in the contract. For the invoices under this type of contract, SoftCo AP uses tolerance settings, which enable the platform to automatically match invoices that do not match the amount or items in the contract. In cases where the invoices received exceed the set tolerances, the app will automatically send alerts so you can verify the extra charges with the vendors immediately.

Invoice Approval Workflow

SoftCo’s AP approval workflow is fully automated using Smart Route, completely configurable, and highly secured. You can add multiple verifiers and approvers to the workflow to make sure that all invoices are attended to immediately, especially if you are handling a large volume of invoices. Notifications for routed invoices for approval are also automatically sent, as well as follow-up reminders.

During instances when the routed invoice has not been attended to for some time, the system will automatically assign them to another approver to avoid further delay. Approvers can then approve or reject an invoice in two ways. They can do this via the email notification they received for a particular invoice. Another is the more convenient “on-the-go” approval where approvers can handle an invoice right on the SoftCo app.

Smart Route function leverages adaptive learning techniques to automatically determine the appropriate routing for each invoice.

Recurring Contracts

Invoices for recurring payments, such as leases, subscriptions, etc., are automatically processed in the SoftCo app and sent for approval without the need for purchase order documents or goods received notes (GRNs). What the app does is match the items in the recurring invoices to the existing contract PO before routing them for approval.

For recurring contracts that have fixed allocated amounts for each month, SoftCo AP has an installment plan feature that allows you to create and allocate a forecast amount per month that invoices should match. There, however, are recurring contracts that allow invoices to lower or even exceed the amount indicated in the contract. For the invoices under this type of contract, SoftCo AP uses tolerance settings, which enables the platform to automatically match invoices that do not match the amount or items in the contract. In cases where the invoices received exceed the set tolerances, the app will automatically send alerts so you can verify the extra charges with the vendors immediately.

Exceptions and Queries

Invoices that do not automatically match due to exceptions are handled by SoftCo AP by identifying the exceptions and the reasons why these are included in the invoices. The reasons are displayed on an on-screen guide (i.e., exceeded set tolerance, etc.), as well the as recommended steps to resolve the exceptions. As for invoice queries, these are also handled immediately by automatically routing them to the email of the right user who handles these cases. The assigned user will then look into the query and provide the appropriate response either via email or the SoftCo app.

SoftCo AP automatically detects invoice exceptions and displays an on-screen guide on how to resolve them.

Non-PO Invoices

Processing invoices without purchase orders involves more complex steps that SoftCo AP is capable of automating with the help of Adapting Learning and Robotics technology. SoftCo AP allows you to configure the app to identify non-PO invoices and automatically assign them to a general ledger and cost center based on the predetermined rules set with your vendors.

The app’s Smart Coding tool uses Machine Learning to apply the appropriate coding to new invoices based on the non-PO invoices coded previously. This not only significantly reduces the processing time but also the time spent on routing non-PO invoices to the right approver. Once successfully routed with the help of SoftCo AP’s Smart Routing, the approvers will receive emails with a summary of invoice details along with action buttons to approve or reject the non-PO invoice.

Payments

SoftCo AP utilizes SoftCoPay to simplify vendor payments without the need for third-party billing and invoicing systems. All you have to do is choose the invoices for payment from your ERP platform and load them to SoftCoPay. SoftCoPay then consolidates all invoices in a single file that you can view before making the decision to hold or approve the payments. Once approved, you can proceed to pay your vendors via check, ACH, virtual card, etc. To further optimize this process for recurring payments, you customize the workflow to schedule payments in advance. This ensures that all invoices are paid on time and avoid additional charges.

Incorporating SoftCoPay into your accounts payable automation process offers other benefits beyond increased efficiency. You can reduce payment costs for ACH and check payments as well as remove wire transfer fees for vendors when you make international or cross-border payments. All payments are also fully encrypted with the help of SoftCo Anti-Fraud, which mitigates security breaches that can happen during payment transactions. Currently, however, SoftCoPay is only available to entities based in the United States.

You can view the different types of payments made via SoftCoPay’s dashboard.

Real-time Reporting/AI Analytics

Having clear visibility of accounts payable activities in real-time gives you better insight into the status of your day-to-day operations and performance. To get a comprehensive view of your overall finance information, SoftCo AP provides the CFO Finance Dashboard where you can see all payable invoices and assess how they can impact your working capital. You can also view the types and status of invoices being processed, such as those that have exceptions, awaiting approval, as well as those that got rejected.

SoftCo AP’s dashboards and analytics also let you know if your team is meeting their KPIs by displaying the number of invoices each AP clerk processes at a given time, the processing percentage, as well as the average approval time for each invoice. Moreover, this feature enables you to generate accrual reports for PO, non-PO invoices, and contract invoices.

ERP Integration

SoftCo seamlessly integrates with more than 200 ERP and finance systems, such as Oracle, Netsuite, SAP, and more. By integrating SoftCo AP with your existing ERP, you can minimize the steps you have to take when transferring payable invoices, so they can be quickly processed for payments. You can also easily monitor the status of each payment and payment remittance, as well as immediate access to proof of payment once successfully processed.

AP Automation in Procurement

SoftCo also provides top procurement software that utilizes SoftCo AP plays in streamlining and automating the P2P finance process, especially in the stages of procurement, PO and non-PO invoice processing, and payment posting to your existing ERP system. By leveraging SoftCo AP, eProcurement cuts down on the time spent on invoices that are complicated to match and process due to incomplete information, such as missing product codes. SoftCo AP also automatically generates up-to-date FX conversion for international invoices, which improves straight-through processing rates.

SoftCo’s Procure-to-Pay modules manages the information in contract-based spend that the AP automation platform uses for contract and invoice matching.

Is SoftCo’s AP automation solution’s quote-based plan for you?

As the SoftCo pricing model shows, quote-based subscription plans benefit businesses in several ways. One of its advantages is you can customize your plan based on your business needs and requirements. SoftCo’s accounts payable automation solution offers these advantages, which enable businesses to get access to the platform’s best-in-class AP automation technologies as part of their accounting tools at a price that suits their budget.

Although the information provided in this article gives you a detailed view of the features and capabilities of SoftCo’s accounts payable automation software, we still highly recommend testing it first, so you can make an informed decision based on firsthand experience. While SoftCo does not offer free trials for this software solution, you can request a demo by contacting the vendor.

By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.