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SoftCo AP Automation
What Is SoftCo AP Automation?
SoftCoAP, part of the ecosystem of solutions hosted on the SoftCoAI+ platform, leads the market with processing of PO invoices. SoftCoAP processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and query management. The AI-powered smart matching engine matches invoice data to purchase orders and goods receipt notes and automates matching scenarios, such as incomplete data, missing product codes, rounding issues.
Who Uses SoftCo AP Automation?
SoftCo works with organizations across multiple industries such as manufacturing, aviation, food and beverage, financial services, retail, transport, logistics and renewable energy.
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SoftCo AP Automation
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Reviews of SoftCo AP Automation
SoftCo implementation team always delivers and the product (especially the new version) is excellent
Comments: Moved from paper based to online PO's with significant reduction in staff levels in purchase ledger and almost 100% compliance with payment terms. Much better control of release of payment runs.
Pros:
The product is very easy to use with new in-email approval a huge step forward. Visibility of spend and tracking versus budget is a great feature. GRNI accrual for the finance team is easy. Easy to raise POs, so no excuses. Easy to change routing of approval if a PO has a particular need for customised approval. We use verify (as an option in addition to approve) to ensure that costs coded to particular account codes are reviewed as appropriate to that code before the PO is approved, e.g., Capex.
Cons:
Not cheap, we are a waste management business not a bank, but we have found it good value for money.
Hydro-Gear's Review of SoftCo
Comments: The AP team has settled into a routine and we have seen a significant drop in workload. It was very difficult early on, but we are overall happy with the product now and are continuing to find ways to improve and develop metrics that work for us.
Pros:
Access to information all in one placeThe matching function is accurate and immediately beneficialAbility to route easily for approvals, confirmations, etc...
Cons:
ReadSoft/Capture - throughout implementation, we were very focused on the SoftCo product. When it came to understanding the ReadSoft portion, we were generally told to trust that the system would learn what to do. When we have issues with capture, it is difficult to get black and white answers from SoftCo and to understand exactly what can be done to improve the success. There aren't many views where the coding is viewable.BOL matching was not in place when we started implementation, which we were under the impression was standard. The intuitiveness could be improved for what business users need to do - i.e. folder views with the # in parentheses is unclear, the order of operations that need to be taken to go from details to coding, when there is a balance it isn't clear that users can't approve/move on because of that (the balance in RED is not very noticeable at the bottom of the screen).
Softco Review
Comments: Team was top notch. Sales and implementation.
Pros:
It provides our AP team with a tool for better and faster processing of their invoices.
Cons:
Couple glitches with integration with our ERP.
Softco Review
Comments: Over my experience with Softco has been good. Service to tickets if prompt and we even had our sales rep do an impromptu training session with us just this week! Really felt like he went out of his way to assist us and answer some processing questions for us! We have also received positive feedback about this change for our users on how they review and approve invoices.
Pros:
I have really liked the ability to approve invoices from the email. I am aware of most invoices that I will be receiving for approval, so it is super handy to be able to approve those ones through email.I also have really liked the search feature to be able to see where an invoice is at and who we are awaiting on for approval. So that we can prompt those users when necessary.
Cons:
I think the smart coding is not working for us quite like we anticipated. The hope is that it will be magical and just do everything we need; but I think this will take a bit more time.
AP Softco User advantage
Comments: We now have all of our ap invoices in one place with easy access to all of finance for audit purposes and looking up invoices to see if they are paid. We also have less payment of duplicate invoices..
Pros:
I loved the AI. Other programs didn't really have it. It was all done in other countries with people manually. I loved the layout and the price was more reasonable and got a lot more than the competitors. I also love that it picks up on duplicate invoices.
Cons:
We are not fully automated yet so sometimes it gets the wrong vendor or doesn't find the date or invoice number.
