AP Automation

AP Automation

Process vendor invoices electronically with ERP integration

4.9/5 (9 reviews)

AP Automation Overview

SoftCo’s AP Automation solution enables organizations to process vendor invoices electronically, from capture and matching, through to invoice approval, and query management. Finance teams can track the status of accruals, handle exception, as well as generate real-time reporting and analytics. Users can securely store financial documents, keep an audit history, and stay compliant with business and regulatory requirements.

SoftCo AP electronically captures invoices from mobile or desktops, and in various formats including paper, email, PDF, XML, and EDI. The scanning system utilizes ICR (intelligent character recognition) to read line data, improving processing times and eliminating possible human errors. 2- or 3-way matching automation reduces the workload for financial teams, and helps flag exceptions and duplicate invoices to ensure that repeated payment does not occur.

The solution provides users with an automated approval workflow that follows a configured approval matrix and hierarchy for routing POs and invoices, enforcing company spend policies. A dual approval requirement for ordering goods and services can be configured for a segregation of duties. The solution offers integration with all major finance systems, ERP platforms, and databases via the SoftCo Connect adapter for increased processing speed, accuracy and visibility.

SoftCo AP provides comprehensive dashboard reporting of crucial business KPIs, such as invoice receipt to payment time; compliance to spend policies; productivity per FTE; invoice exception rate, and processing cost per invoice. Vendor management functionalities in the portal enable procurement teams to maintain a strong vendor base and improve relationships. Alerts and notifications inform users of any missing data, or if a time-sensitive document needs to be reviewed.

Pricing

Starting from
N/A
Pricing options
Free Trial
Subscription
Value for money

Devices

Business size

S
M
L

Markets

Europe, United Kingdom, United States

Supported Languages

English

AP Automation Reviews

Overall rating
4.9/5
100% positive reviews
8
Excellent
1
Very good
0
Average
0
Poor
0
Terrible
Brian C.

Very positive experience. Should have done it sooner. Year 1 return on investment.

Used Daily for 2+ years
Reviewed on 2017/10/23
Review Source: Capterra

Year 1 return on investment. Easy to use for staff at all levels, reduced processing times as well as full visibility over all invoices on the system.

There were of course some teething issues but SoftCo were always on hand to address these straight off and ensure the implementation went smoothly.

Pros

The number 1 thing I like is that the software is easy to use for all levels in our organisation. This ensured that the buy-in from our staff was gained straight away and they could see that it made their jobs easier. The results have been great too. We have achieved a straight-through processing match rate of 75% of all invoices and increased the capacity of our AP team by more than 50%. By automating our AP process, we have reduced our labour costs despite handling an increasing volume of invoices (over 300,000 per annum). We also now have complete visibility over all our invoices in the system which helps greatly at month end.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
David O.

A successful project implementation, delivered on promises and created a positive user experience.

Used Daily for 2+ years
Reviewed on 2017/10/27
Review Source: Capterra

We automated what is traditionally a heavily paper based and manual process through the implementation of user friendly software. All actions are now taken electronically and there is no paper in sight.
We improved the process with the introduction of a pre-approval step so costs are more easily controlled and budget holder awareness is guaranteed before any commitment to spend.

Our AP team now spend more time managing supplier accounts through the review of statements and significantly less time manually processing invoices.

Pros

The software is highly configurable which enables you to self administrate and customise to meet your business requirements as they evolve. The system is very easy to navigate from a user perspective so the training and implementation process can be supported with basic demos and QRGs.

Cons

As a system administrator the softwares configurability encourages core users to suggest change requests quite often. Not a fault of the system but a challenge for the administrators.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Bill P.

SoftCo implementation team always delivers and the product (especially the new version) is excellent

Used Daily for 2+ years
Reviewed on 2017/10/23
Review Source: Capterra

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.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Liam O.

Extremely professional, hands-on integration project team who add value rather than just implement .

Used Daily for 2+ years
Reviewed on 2017/10/26
Review Source: Capterra

Pros

System driven approvals, audit trail = major control positives.
Seamless interface with Accounting system (SAP).
Ease of use for volume users.
Prompt helpdesk resolution.
Standardisation of approvals / payment processes across large , multi divisional organisations.

Cons

Bespoke / Automated Reporting Capabilities need to be improved / made more user driven.
Dosent always give Senior Management the KPI / Dashboard information that proves how powerful the product is.
Current version is restrictive in some regards - screen resolution / cursor missing issues, which while not major, cause irritation to users and thus damage the products image.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Pat Q.

Easy to use, easy to implement, flexible, easily integrated. Excellent investment.

Used Daily for 2+ years
Reviewed on 2017/10/26
Review Source: Capterra

Paperless filing at its very best; everything you would expect is delivered.

Pros

Softco excels in a multi company environment. It is simple to find historical information irregardless of how many companies are on the system. Love the integration with our accounting software.

Cons

Can't open on two screens at the same time. Display boxes for account codes could / should be larger.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10

AP Automation Pricing

Starting from
N/A
Pricing options
Free Trial
Subscription
Value for money

Contact SoftCo for detailed pricing information.

AP Automation Features

  • Activity Dashboard
  • Compliance Management
  • Invoice Management
  • Invoice Processing
  • Real Time Data

  • API
  • Accounting Integration
  • Accounting Management
  • Automatic Notifications
  • Billing & Invoicing
  • Customizable Reporting
  • Data Import/Export
  • Electronic Payments
  • Expense Tracking
  • Financial Analysis
  • Multi-Currency
  • Receiving
  • Reporting & Statistics
  • Third Party Integration
  • Workflow Management

Additional information for AP Automation

Key features of AP Automation

  • Approval workflow
  • Automate 2- or 3-way matching
  • Automation
  • Capture and matching
  • Character recognition (ICR)
  • Compliance with business & regulatory requirements
  • Comprehensive audit history
  • Dashboard reporting of KPIs
  • ERP Integration
  • ERP system integration
  • Electronic format and manual invoice capture
  • Generate real-time reporting and analytics
  • Handle exceptions
  • ISO 27001-compliant archive
  • Invoice processing
  • Query management
  • Securely stores all financial documents
  • Status of accruals
  • Vendor management
  • Vendor registration & portal

Benefits

  • AP Automation enables organizations to completely eliminate manual, paper-based processes and spreadsheets with electronic vendor invoice processing.

  • AP Automation helps reduce crucial errors by electronically capturing invoices in various formats, and by utilizing intelligent character recognition (ICR) capabilities.

  • The solution helps reduce the entire finance team's workload by automating 2- and 3-way matching, and flagging exceptions or duplicate invoices.

  • The SoftCo Connect adapter facilitates integration with ERP systems such as SAP, Microsoft Dynamics, Oracle, Lawson, JD Edwards, and Exchequer.

  • Extensive dashboard reporting of KPIs helps improve the level of visibility, equipping finance teams with insights that help develop more strategic decisions.

  • AP Automation FAQs

    Below are some frequently asked questions for AP Automation.

    Q. What type of pricing plans does AP Automation offer?

    AP Automation offers the following pricing plans:

    Pricing model: Subscription

    Free Trial: Not Available

    Contact SoftCo for detailed pricing information.

    Q. What are the main features of AP Automation?

    AP Automation offers the following features:

    • Approval workflow
    • Automate 2- or 3-way matching
    • Automation
    • Capture and matching
    • Character recognition (ICR)
    • Compliance with business & regulatory requirements
    • Comprehensive audit history
    • Dashboard reporting of KPIs
    • ERP Integration
    • ERP system integration
    • Electronic format and manual invoice capture
    • Generate real-time reporting and analytics
    • Handle exceptions
    • ISO 27001-compliant archive
    • Invoice processing
    • Query management
    • Securely stores all financial documents
    • Status of accruals
    • Vendor management
    • Vendor registration & portal

    Q. Who are the typical users of AP Automation?

    AP Automation has the following typical customers:

    Large Enterprises, Mid Size Business, Small Business

    Q. What languages does AP Automation support?

    AP Automation supports the following languages:

    English

    Q. What type of pricing plans does AP Automation offer?

    AP Automation has the following pricing plans:

    Subscription

    Q. Does AP Automation support mobile devices?

    We do not have any information about what devices AP Automation supports

    Q. What other apps does AP Automation integrate with?

    AP Automation integrates with the following applications:

    Oracle Fusion Financial Management, Oracle JD Edwards EnterpriseOne, SAP Financials OnDemand

    Q. What level of support does AP Automation offer?

    AP Automation offers the following support options:

    Online Support, Phone Support