SoftCo Procure-to-Pay Reviews & Product Details

SoftCoP2P is a cloud-based and on-premise software that provides solutions in financial process automation. It is designed for midsize to large companies across all industry sectors. SoftCoP2P facilitates the creation of product catalogs, requisitioning, and PO generation for indirect spend. The solution’s AP Automation module SoftCoAP processes supplier invoices electronically from capture and matching to invoice approval, query management and payment. The solution manages all PO and non-PO vendor invoices. All invoices are captured using SoftCo’s Data Capture technology or via SoftCo’s outsource data capture service. The dynamic matching engine handles 2-way, 3-way and AI Smart Matching to match invoice data to purchase orders and goods receipt notes. SoftCoAP assigns non-PO invoices to an automatic general ledger and cost center through posting templates that are associated with suppliers. For recurring invoices, such as subscriptions, leasing, rent and utilities, the solution automatically matches them to the underlying contract PO, and automated approval workflows ensure that invoices are routed to the relevant approvers. Approval notifications and reminders ensure that notifications are actioned efficiently. The process of approving invoices is accelerated via signoff by email or the mobile app. SoftCo SmartConnect integrates seamlessly with over 200 ERP’s including Microsoft, Oracle, SAP, Infor, Sage and multiple industry specific and even bespoke ERP’s. SoftCo SmartConnect integrates three key elements; Finance, User data and Payment data. SoftCo SmartConnect supports secure data exchange with the ERP or Finance system via its JSON RESTful web service or via data file in any standard format, for example XML, Text, JSON exchange over sFTP or VPN connection. 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). The analytics module in SoftCoP2P provides role-based dashboards to CFOs, finance managers, and accounts payable, and automatically generates detailed spend analysis, and accruals reports. Optional modules include SoftCo Supplier Portal and SoftCo Contract Management.