SoftCo Accounts Payable

Delivering efficiency, compliance and control

The Accounts Payable challenge

Businesses’ emphasis on cost control and productivity improvements during the past few years has focused organisations’ 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 is 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.

Without an automated Accounts Payable process organisations face a number of potential pain points:

• Manual data entry and PO reconciliation
• Inaccurate cost coding with spurious GL and cost codes
• Paper invoices dispersed throughout the organisation
• Manual invoice approval processes are slow and costly
• Duplicate invoices can enter the cycle for processing and payment
• Inability to undertake 3-way matching
• Response to supplier queries is slow and ineffective
• Valuable settlement discount opportunities are lost
• Late payment penalties are incurred
• Increased paper storage and retrieval costs
• Poor visibility of financial accruals and commitments
• Increased exposure to fraud and non-compliance
• Limited control and reporting within the AP process

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.

The SoftCo Accounts Payable solution

SoftCo Accounts Payable streamlines the Purchase-to-Pay cycle and provides organisations of all sizes, across all sectors, with a cost-efficient AP solution designed to reduce their operational costs and assist in the management of financial risk. Providing full visibility and control at every stage of the AP process, SoftCo AP provides management with a full consolidated view of the entire process across a large number of financial systems. The solution integrates seamlessly with an organisation’s enterprise and line of business applications, such as SAP and Oracle. Providing feature-rich functionality within a Web-based platform, SoftCo AP can be rolled out and managed within an organisation, with minimal intrusion and at minimal cost.