SoftCo Procure-to-Pay automates your entire finance process from procurement to invoice automation and payment posting to your financial or ERP system. The solution is truly global, handling multiple entities and multiple currencies in multiple languages.
SoftCo Procure-to-Pay eliminates manual and duplicate processes and provides you with visibility and control over your corporate spend and accruals for month-end close. The solution fully automates invoice data capture, matching, and approval processes and the resulting reduction in invoice processing times delivers cost savings of up to 80%.
SoftCo Procure-to-Pay boosts your vendor relationships by providing an efficient on-boarding process and full visibility over the status of their invoices. The solution enforces and optimizes pricing agreements with your preferred vendors. SoftCo Procure-to-Pay manages the request, purchase and control of contract-based spend. Agreed vendor contracts are securely stored and managed with automatic alerts for renewals and expirations of your contracts.
SoftCo Vendor Management delivers the benefits of working efficiently with preferred Vendors. Purchasing is optimized, costs reduced and administration eliminated. Vendors have full online visibility of all orders and invoices and queries and disputes are addressed immediately.
SoftCo eProcurement ensures a quick and efficient purchasing process for all operational spend, in full compliance with your organization’s procurement policies. SoftCo eProcurement streamlines capital, recurring and operational spend.
SoftCo Contract Management closely integrates with all SoftCo Procure-to-Pay modules and manages the request, purchase and control of contract-based spend within eProcurement and facilitates contract and invoice matching within Accounts Payable with comprehensive reports on exceptions, status, renewals and overcharges. The solution monitors contract dates, renewals, alerting you when action is needed. All contracts and supporting information is stored in the SoftCo Compliant Archive.
SoftCo Accounts Payable Automation captures all invoice data, regardless of the format received from your Vendors, using advanced Optical Character Recognition technology or via SoftCo’s outsource data capture service. Processing times are improved and keying errors reduced.
The Matching Engine uses advanced Robotic Process Automation technology removing all manual elements of invoice matching delivering an error-free, highly efficient process for all invoice types. 3-way invoice matching against POs and GRN’s delivers up to 80% straight through processing and includes the unique confidence matching algorithm using artificial intelligence to enhance accuracy.
SoftCo Accounts Payable Automation delivers an accelerated,secure invoice approval process with configurable automated workflows. With multiple verifiers and approvers, invoices are routed for approval, automated email notifications are sent, followed by reminders. Un-actioned invoices are routed to an alternative approver, ensuring minimal process delay.
SoftCo Procure-to-Pay integrates seamlessly with all major finance systems, databases, and ERP systems. SoftCo has 30 years’ experience completing hundreds of ERP/3rd party system integrations across multiple industries.
SoftCo gives finance leaders full control and visibility over the entire P2P process facilitating better decision making with information presented in real-time. Powerful graphical reports and analytics present detailed spend, accruals, budget, and KPI’s on procurement, AP, contract management and Vendor management.
SoftCo eProcurement ensures a quick and efficient purchasing process for all operational spend, in full compliance with your organization’s procurement policies. Organizations typically manage three different types of spend – capital spend, recurring spend and operational spend. SoftCo eProcurement streamlines each of these spend categories.
Vendor catalogs and shopping lists are maintained and the powerful vendor punch-out functionality allows the selection of products directly from your vendors’ website and population directly back into your SoftCo shopping cart. Requisition templates create re-usable shopping lists for continuous use.
The solution’s pre-approved spend functionality allows seamless drawdown on pre-approved/capital budgets for projects with agreed preferred vendors. For recurring spend such as subscriptions, leasing, rent and utilities, SoftCo eProcurement provides a contract PO to all vendors referencing the agreed installment/payment plan as per the agreed contract/subscription.
SoftCo Accounts Payable Automation processes your vendor invoices electronically from capture and matching, to invoice approval and query management. The solution manages all PO and non-PO vendor invoices. All invoice data is captured using SoftCo’s Optical Character Recognition (OCR) technology or via SoftCo’s outsource data capture service.
The dynamic matching engine handles 2-way, and 3-way and confidence matching to match your invoice data to your purchase orders and goods receipt notes. SoftCo Accounts Payable Automation assigns your non-PO invoices to an automatic general ledger and cost center through posting templates that are associated with your vendors.
For your recurring invoices, such as subscriptions, leasing, rent and utilities, the solution automatically matches them to your underlying contract PO, and routes them for appropriate approval, without the need for supporting POs or GRNs.
SoftCo Vendor Management delivers the benefits of working efficiently with preferred vendors. Purchasing is optimized, costs reduced and administration eliminated. The solution enhances relations with your key vendors with full online visibility of all orders and invoices and ensures queries and disputes are addressed immediately.
Vendors register on the SoftCo Vendor Portal, self-completing the on-boarding process by adding company and financial information and all supporting documentation, including payment and VAT/TAX data. The automated onboarding guarantees adherence to AML compliance and removes the need to chase vendors for vital information. Registered vendors add their own order and invoice transmission preferences and the Portal enables paper-based vendors to submit invoices.
SoftCo Vendor Management enables preferred vendors to submit all invoices directly from the Portal as they receive purchase orders. ‘PO Flip’ converts received orders into a corresponding invoice that are returned to you immediately. Vendors are notified instantly when you submit a purchase order and track the progress of invoices submitted. There is no need to chase payments and administration is eliminated.
SoftCo Contract Management is tightly integrated with all SoftCo Procure-to-Pay modules and manages the request, purchase and control of contract based spend within the eProcurement module and facilitates contract and invoice matching within the Accounts Payable module. The solution presents comprehensive reports on exceptions, status, renewals and any overcharges.
SoftCo Contract Management also provides a SÄHKE2 certified central repository where all agreed contracts with your vendors are compliantly stored and managed and are instantaneously available for retrieval based on user permissions. All contracts are stored as password-protected PDFs, preventing unauthorized printing and saving of your contracts.
SoftCo Contract Management provides full contract lifecycle management and proactively sets reminders for your expiring contracts or those due for renewal. The solution works seamlessly with the SoftCo Procure-to-Pay modules to configure installment plans ensuring you only receive accurate invoices from your vendors, as per your agreed contracts.