SoftCo AP Automation

About SoftCo AP Automation
SoftCoAP leads the market with 90% Touchless Processing of PO invoices, and 89% faster processing of non-PO invoices. SoftCoAP processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and query management. Delivering unparalleled touchless automation, SoftCoAP incorporates unique Machine Learning and AI technology to minimize the number of supplier invoices requiring manual input. The result is 89% lower processing costs.
SoftCo challenges other vendors to prove their end-to-end automation ability by taking on a sample of customer invoices into their systems. Take the SoftCo’s Smart Matching Challenge and get an in-context demo of how we can help your organization.
SoftCo works with organizations who process 50k+ invoices p.a.
Key benefits of SoftCo AP Automation
Benefits of SoftCoAP include:
• 90% touchless invoice processing with Auto ML Matching.
• 89% Faster processing of non-PO invoices with Smart Coding, Smart Routing & AutoML.
• Seamless management of recurring invoices
• On-the-go mobile approval
• Single channel for all payments regardless of type
• Certified ERP integration
• Powerful reporting and analytics
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Reviews
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- Industry: Environmental Services
- Company size: 201–500 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
SoftCo implementation team always delivers and the product (especially the new version) is...
Reviewed on 2017/10/23
Moved from paper based to online PO's with significant reduction in staff levels in purchase ledger...
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.
- Industry: Automotive
- Company size: 1,001–5,000 Employees
- Used Daily for 1-5 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 8.0 /10
Hydro-Gear's Review of SoftCo
Reviewed on 2023/09/22
The AP team has settled into a routine and we have seen a significant drop in workload. It was...
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).
- Industry: Retail
- Company size: 51–200 Employees
- Used Monthly for 6-12 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 8.0 /10
Softco Review
Reviewed on 2023/09/27
Team was top notch. Sales and implementation.
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.
- Industry: Architecture & Planning
- Company size: 201–500 Employees
- Used Daily for 6-12 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 8.0 /10
Softco Review
Reviewed on 2023/09/15
Over my experience with Softco has been good. Service to tickets if prompt and we even had our...
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.
- Industry: Luxury Goods & Jewelry
- Company size: 1,001–5,000 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 9.0 /10
AP Softco User advantage
Reviewed on 2023/09/27
We now have all of our ap invoices in one place with easy access to all of finance for audit...
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.
SoftCo AP Automation FAQs
Below are some frequently asked questions for SoftCo AP Automation.Q. What type of pricing plans does SoftCo AP Automation offer?
SoftCo AP Automation offers the following pricing plans:
- Pricing model: Subscription
- Free Trial: Not Available
Please contact SoftCo directly to get detailed pricing. The tiered pricing model is based on annual invoice volume levels starting at 50,000 invoices per annum. Features offered are mobile application, customer support, anti-fraud technology, seamless ERP integration, realtime data insights, and capital management.
Q. Who are the typical users of SoftCo AP Automation?
SoftCo AP Automation has the following typical customers:
51–200, 201–500, 501–1,000, 1,001–5,000
Q. What languages does SoftCo AP Automation support?
SoftCo AP Automation supports the following languages:
English
Q. Does SoftCo AP Automation support mobile devices?
SoftCo AP Automation supports the following devices:
Android (Mobile), iPhone (Mobile), iPad (Mobile)
Q. What other apps does SoftCo AP Automation integrate with?
SoftCo AP Automation integrates with the following applications:
Clarity Wave, Dynamics 365, Dynamics 365 Business Central, Epic Construction ERP, Infor Cloud ERP, JD Edwards EnterpriseOne, NetSuite, SAP Business One, Sage Intacct
Q. What level of support does SoftCo AP Automation offer?
SoftCo AP Automation offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live rep), Chat
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