SoftCo AP Automation
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SoftCo AP Automation
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4.3 out of 5 stars
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4.7 out of 5
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SoftCo AP Automation Reviews & Product Details

Editadmin
DK
Enterprise(> 1000 emp.)
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What do you like best about SoftCo AP Automation?

SoftCo AP automation is an extremely good system for workflow of cases, approval and sign-off. It also has very strong audit capabilities. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

The UI can be cumbersome and processes complex to complete.

Performance can is underwhelming at times and the system requires consistant monitoring and housekeeping, over and above what we'd experience with other systems. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

We use AP Automation for 2 main purposes. Automation of matching of our "Goods For Resale" invoices to which we integration PO and Goods In data from our ERP and presently achieve an automated match of c.75-80%. Given our volumes for this stream of invoicing, c. 500k per annum, its imperative the system is efficient in order to keep the headcount under control. For queries we use AP Automation to mange query resolution workflow and it does this well.

Additionally, for our expense invoices we use AP Automation to mange the workflow, verfication and authorisation of these transactions. The system does this well and has completely removed paper (except in some circumstances with the original vendor invoice) from our internal processes and provided us with clear visibility of each invoice in the approval chain. Review collected by and hosted on G2.com.

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SoftCo AP Automation Overview

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What is SoftCo AP Automation?

SoftCo Accounts Payable Automation processes all PO and non-PO supplier invoices electronically from capture and matching to invoice approval and query management. SoftCoAP delivers unparalleled touchless automation by incorporating unique Machine Learning technology to minimize the number of supplier invoices that require manual intervention. The result is 89% processing savings. Benefits of SoftCoAP include: • Precise invoice data capture • 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 All invoices are captured using SoftCo’s Data Capture technology. The Smart Matching engine matches invoice data to your purchase orders and goods receipt notes and automates even the most complicated matching scenarios, such as incomplete data, missing product codes, rounding issues and FX conversions. The result is a 38% improvement in match rate versus standard matching engines. Smart Coding harnesses Machine Learning to analyze previously coded invoices and automatically apply the correct coding for new invoices, reducing the reliance on the AP team’s knowledge and delivering coding in seconds rather than minutes. Smart Routing technology determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 89%. SoftCoAP assigns your non-PO invoices to an automatic general ledger and cost center through posting templates that are associated with your vendors. Recurring invoices, such as subscriptions, leasing, rent and utilities, are automatically matched to your underlying PO, and SoftCoAP routes them for appropriate approval, without the need for supporting POs or GRNs. SoftCoAP incorporates anti-fraud functionality that delivers real-world fraud prevention and monitoring. Dashboard reports deliver greater clarity and insight into real-time day-today performance through Financial and Operational KPI reports. SoftCo Advanced Analytics tracks key trends to provide management with key insights required to manage costs, performance, and effectiveness of operations. SoftCoPay transforms payments from a cost center to a profit center by optimizing payments, earning rebates, reducing costs and mitigating payment risk. SoftCoPay streamlines payments into a single easy to use workflow regardless of payment type (card, ACH, or check). SoftCo are AP-first & trusted by over 1 million global users including forward-thinking organizations such as Logitech, Primark, PwC, VW, Sunny D and the Finnish Government. SoftCo are SOC & ISO 27001 Certified. SoftCo integrates with 200+ ERPs and has a 100% project success rate.

SoftCo AP Automation Details
Discussions
SoftCo AP Automation Community
Languages Supported
English, Finnish, Swedish
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Product Description

SoftCo Accounts Payable Automation processes supplier invoices electronically from capture and matching, to invoice approval and query management.

Seller Details
Seller
Softco
Year Founded
1990
HQ Location
Leopardstown, IE
Twitter
@SoftCoGroup
2,359 Twitter followers
LinkedIn® Page
www.linkedin.com
132 employees on LinkedIn®
DB
Overview Provided by:
Daragh Byrne

Recent SoftCo AP Automation Reviews

GD
Gabriel D.Mid-Market (51-1000 emp.)
5.0 out of 5
"Flawless integration"
From the technical side, the integration was flawless from start to end. The entire process of Analyze and implementation we had support and return...
Read more
TM
Tom M.Mid-Market (51-1000 emp.)
4.5 out of 5
"Softco - excellent vendor and system"
Easy to use and intuitive system that has become critical in managing our supplier management and accounts payable processes. The system was compet...
Read more
AA
Alexandre A.Mid-Market (51-1000 emp.)
4.5 out of 5
"From sales team to implementation and support; pleasure of working with"
Honesty and transparency. And the product is solid. We had very minimal technical issues rolling this out and anytime there is a question or an iss...
Read more
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SoftCo AP Automation Media

SoftCo AP Automation Demo - Auto-Match
Auto-Match Summary
SoftCo AP Automation Demo - Contract Matching
Contract Matching
SoftCo AP Automation Demo - Invoice Approvals
Email or on-the-go approvals
SoftCo AP Automation Demo - Exception Handling
Exception handling
SoftCo AP Automation Demo - Customers
Selected SoftCo Customers
Answer a few questions to help the SoftCo AP Automation community
Have you used SoftCo AP Automation before?
Yes

29 out of 30 Total Reviews for SoftCo AP Automation

4.3 out of 5
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29 out of 30 Total Reviews for SoftCo AP Automation
4.3 out of 5
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29 out of 30 Total Reviews for SoftCo AP Automation
4.3 out of 5
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Overall Review Sentiment for SoftCo AP AutomationQuestion

Time to Implement
<1 day
>12 months
Return on Investment
<6 months
48+ months
Ease of Setup
0 (Difficult)
10 (Easy)
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Nick S.
NS
Senior Finance, Systems & Projects Manager
Enterprise(> 1000 emp.)
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What do you like best about SoftCo AP Automation?

SoftCo provided a tailored end-to-end purchase to pay solution that met the requirements of our business in a practical and friendly manner.

SoftCo works. It is simple to use for our internal customers and our suppliers. The helpdesk support is excellent. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

It is a great solution. However, additional enhancements to the supplier portal would be good to make it as simple as possible to use for them so as to minimise contact with our PL team. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

It has automated our purchase to pay process and so has reduced the amount of manual processing so increasing posting accuracy and an improved supplier experience.

We are able to focus on using preferred audited suppliers.

Employees are accountable for the POs they raise. Review collected by and hosted on G2.com.

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AG
Small-Business(50 or fewer emp.)
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What do you like best about SoftCo AP Automation?

The implementation of Softco has removed the need for paper PO's moving around the office for approval. Everything is online and easily traceable. It even allows our overseas colleagues to participate in the approval process where required. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

With some tasks, the number of clicks and positioning of buttons on the screen to complete a task can be a little annoying. Redesign of the front end with data entry in mind. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Replaced our previous paper process. It speeds up the approval rate as approvers no longer need to be onsite.

This has freed up so much time that can be dedicated to other areas of the business. Review collected by and hosted on G2.com.

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TM
Mid-Market(51-1000 emp.)
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What do you like best about SoftCo AP Automation?

Easy to use and intuitive system that has become critical in managing our supplier management and accounts payable processes. The system was competitively priced and the implementation time quite quick.

The implementation team were fantastic to deal with. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

No major dislikes. Reporting and Analytics could be a little stronger but these are bespoke requirements to our organisation. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

It allows use to meet our requirement for a four eyes principle to approve spend within our organisation. Workflow allows for spend to channelled to the correct approver so that there are no delays. Integration with our accounting system leads to a seamless process Review collected by and hosted on G2.com.

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MF
Mid-Market(51-1000 emp.)
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Review source: G2 invite on behalf of seller
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What do you like best about SoftCo AP Automation?

SoftCoAP allows our Accounts Payable team to process Purchase Orders from our ERP efficiently and make sure vendor invoices are paid in a timely manner. The SoftCoAP support team partners with our IT team to troubleshoot and solve any problems that arise. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

Our AP team would like more robust reporting functionality within SoftCoAP. It's possible that this will be addressed in the new version 10.6 Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

The processing of Purchase Orders from our ERP and automating the payment of invoices between SoftCoAP and our ERP.

The ease of use has helped to make our Accounts Payable team more productive. Review collected by and hosted on G2.com.

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Verified User in Construction
UC
Enterprise(> 1000 emp.)
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Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
(Original )Information
What do you like best about SoftCo AP Automation?

The best thing about SoftCo is the instant automation.

This is super effective when you have an overdue invoice to clear and can process and get approved quickly. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

Too many buckets to work through sometimes make it challenging to find which bucket an invoice is located in, and This could be improved by reducing the number of buckets or making it more transparent where the invoice is. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Quicker automatic matching. I like that the platform immediately enables auto-matching; the invoices do not need an overnight update. This speeder auto-match has allowed a much smoother transaction process, with fewer invoices having to be manually matched. Our automatic matching has improved from around 55% on our previous platform to about 67%. Review collected by and hosted on G2.com.

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Response from Sophie Dodgson of SoftCo AP Automation
Editedit

Hi,

Sophie from SoftCo here. Can I suggest that you raise a ticket with Customer Support, and they will be able to help you with this issue.

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AW
Finance Systems Analyst
Small-Business(50 or fewer emp.)
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Review source: G2 invite on behalf of seller
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What do you like best about SoftCo AP Automation?

Being able to easily give non finance business users the access to view and approve invoices as required with being able to see the document and also be able to see the history of the approvals Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

Being able to extract out data through reports and review how the team are performing is a real issue for us at the moment, it's not enabled us to easily set KPIs and monitor the team and suppliers we are processing Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Softco has enabled us to easily remote work for any location, the AP team is also 90% paper free and the ability to see any document without having to ask a specific member of the team to get the information is invaluable Review collected by and hosted on G2.com.

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BC
Enterprise(> 1000 emp.)
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Review source: G2 invite on behalf of seller
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What do you like best about SoftCo AP Automation?

Softco AP Automation is quite user friendly and easy to navigate around. It does the basics well and is flexible that you can automate processing. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

Reporting is not flexible and self sufficient. Consultancy is required for small to medium changes post implementation. Post implementation support is limited. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Reducing manual imput of data. Allowing for Straight Through Processing to a high percentage. Complying with internal controls and data retention. Review collected by and hosted on G2.com.

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AA
Mid-Market(51-1000 emp.)
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Validated Reviewer
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about SoftCo AP Automation?

Honesty and transparency. And the product is solid. We had very minimal technical issues rolling this out and anytime there is a question or an issue the Softco team is prompt to reply Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

I honestly do not have any bad comments (and trust me; I'm always the type to find issues with vendors) Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Too many invoices are generated monthly, and matching them would take up to 3 resources full-time. This has allowed us to remove that burden and re allocate those resources on other, more productive tasks Review collected by and hosted on G2.com.

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GG
Sr. Financial Information Systems Analyst
Mid-Market(51-1000 emp.)
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Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about SoftCo AP Automation?

The most helpful functionality within Softco has been the Posting Models and template imports. These are very handy, especially with vendor invoices that have multiple GL Accounts and Cost Center allocations. Softco has also helped a great deal when it comes to month-end accruals. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

Once an invoice has been sent out to be verified or approved, I cannot see the invoice in any folders other than the main search of all invoices. It would be helpful if there was a specific folder of "invoices sent for approval" which would have those all in one place. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

Softco has allowed us to move away from a completely paper-based process that was very much manual. Having all of the vendor invoices in one place that is easily searchable has been a tremendous help for accruals and researching vendor inquiries. Once the invoices are approved and sent to our ERP, they post automatically without human intervention which saves a lot of work for the AP staff. Review collected by and hosted on G2.com.

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Response from Sophie Dodgson of SoftCo AP Automation
Editedit

Dear Gary,

This is Sophie from SoftCo here. Within SoftCoAP there is a feature that gives you the visibility you are looking for. Within the “Monitoring” folder (available to AP Team users) navigate to “Awaiting Approval” and if you select by user this will give you the detail you are after. If you would like to contact our Customer Support team, they can arrange a session to assist you with this.

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RF
Mid-Market(51-1000 emp.)
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Verified Current User
Review source: G2 invite on behalf of seller
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What do you like best about SoftCo AP Automation?

Easy to use very easy to find and process invoices, great support team and overall expericience have been working with softco for over 10 yeas. Review collected by and hosted on G2.com.

What do you dislike about SoftCo AP Automation?

development of the system could be a bit better, usually have to connect softco support for app instabilities. Review collected by and hosted on G2.com.

What problems is SoftCo AP Automation solving and how is that benefiting you?

invoice processing Review collected by and hosted on G2.com.

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SoftCo AP Automation Categories on G2
AP Automation
AP Automation

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