Managing supplier invoices is costly. Even the most rigorous Finance Departments waste time and money. Invoices go missing or get stuck on someone's desk; values differ from the purchase order; codes and numbers don’t match up. Authorisers are hard to get hold of and bottlenecks build up. Ultimately, the problems land on the finance team, suppliers are unhappy and copy invoices are circulating. In the worst case, payments are duplicated.
The SoftCo Solution
At SoftCo we understand that core to any Accounts Payable system is the need to improve organisational efficiencies and control, reducing the time spent on managing supplier invoices and availing of early payment discounts. SoftCo Accounts Payable Automation solutions deliver on these core requirements by streamlining the end-to-end Purchase to Pay cycle to reduce organisations' operational costs and assists in their management of financial risk.
With SoftCo Accounts Payable software, invoice data is captured and routed along a pre-determined workflow chain for approvals. Customers are provided with full visibility and control at every stage, generating a consolidated view of the entire process across a large number of financial systems. Our AP solutions integrate seamlessly with existing enterprise and line of business applications, such as SAP and Oracle. Powered by the SoftCo R8 framework, our Accounts Payable Automation solutions provide feature-rich functionality and scalability from a standards based platform. Our solutions can be efficiently rolled out and managed within organisations of all sizes and complexities, maximising efficiencies and providing a strong ROI.
Accounts Payable Automation can be delivered on-premise or via SoftCo Cloud
Businesses’ emphasis on cost control and productivity improvements during the past few years has focused organisation's attention on the need to automate traditionally paper-based, labour-intensive processes. Accounts Payable (AP) departments in particular have come under scrutiny for their reliance on costly and inefficient paper-based processes.
The accounts payable process can be fraught with limitations – invoices are slowly and inefficiently routed around the organisation for coding, posting, approval and payment. Invoices are often lost, manual data entry creates mistakes and there is the potential for duplicate payments to suppliers. The enterprise may also be losing out on the opportunity for early settlement discounts, and for management, accounting for the company’s total procurement exposure is almost impossible.
Effective management of the Accounts Payable process is not about paying early – it is about paying the right amount at the right time with minimum intervention and maximum compliance. SoftCo AP addresses these needs.
Key Features & Benefits:
- Automated AP process stops mistakes & cuts costs
- Approval times are dramatically reduced
- Early payment discounts are met/late payment is avoided
- Increased management visibility and control
- Queries are quickly resolved and suppliers are happy
- Measurable reduction in the cost of managing supplier invoices
- Manage invoice capture and coding including VAT, currencies, general ledger codes
- Rapid invoice routing, whether approved, rejected or on hold
- Total control and transparency over AP approval process
- Integration with existing Enterprise Resource Planning (ERP) software