SoftCoAP

SoftCo Accounts Payable Automation processes all PO and non-PO invoices electronically from capture and matching to invoice approval, query management and payment. SoftCoAP delivers unparalleled touchless automation by incorporating unique AI technology to minimize the number of supplier invoices that require manual intervention.

SoftCoAP is part of the ecosystem of SaaS solutions built on the SoftCoAI+ platform. SoftCoAP uses advanced AI to process all PO and non-PO invoices electronically from capture and matching to invoice approval, query management and payments. SoftCoAP delivers 90% touchless invoice processing by incorporating unique AI technology to minimize the number of supplier invoices that require manual intervention. The result is 89% processing savings. With over 33 years’ experience, SoftCo ranks highest in independent customer satisfaction surveys. Operating from the US, Finland, the UK and Ireland, SoftCo has over a million users worldwide including PwC, Snap-on, Volkswagen, Primark, Logitech, Sunny Delight, Cambridge University and the Finnish Government. SoftCo are SOC 1 & 2, ISO27001 and SAHKE2 certified.

All invoice data is captured using best-in-class AI-technology.The Smart Matching engine matches invoice data to your purchase orders and goods receipt notes and automates even the most complicated matching scenarios, such as incomplete data, missing product codes, rounding issues and FX conversions. The result is a 38% improvement in match rate versus competitor standard matching engines.

Smart Coding harnesses Machine Learning to analyze previously coded invoices and automatically apply the correct coding for new invoices, reducing the reliance on the AP team’s knowledge and delivering coding in seconds rather than minutes. Smart Routing technology determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 89%.

SoftCoAP assigns your non-PO invoices to an automatic general ledger and cost center. Recurring invoices, such as subscriptions, leasing, rent and utilities, are automatically matched to your underlying PO, and SoftCoAP routes them for appropriate approval, without the need for supporting POs or GRNs.

SoftCoAP incorporates anti-fraud functionality that delivers real-world fraud prevention and monitoring. Dashboard reports deliver greater clarity and insight into real-time day-today performance through Financial and Operational KPI reports. SoftCo Advanced Analytics tracks key trends to provide management with key insights required to manage costs, performance, and effectiveness of operations.

Benefits of SoftCoAP include:

• • Precise invoice data capture
  • 90% Straight Through processing with SoftCo AI-powered matching engine. 
  • 89% Faster processing of Non-PO invoices with Smart Coding & Smart Routing.
  • Seamless management of recurring invoices 
  • On-the-go mobile approval
  • Single channel for all payments regardless of the type
  • Certified ERP integration
  • Powerful reporting and analytics