New: Non-Touch Invoice Processing From SoftCo
SoftCo released an automated accounts payables (AP) processing technology for non-touch, digitized invoice processing.
The aim is to support home-based AP staff that work in small and large companies that are forced into temporary seclusion.
The novice application called ExpressAP aims to support AP staff working remotely by providing a simple tech-based solution that guarantees automation of all manual processes.
It also provides complete visibility of real-time transactions that promote uninterrupted cash flow and stronger internal controls.
SoftCo promises extreme ease for finance teams with its automated invoice processing and a cloud-based, digitally optimized solution for labor-intensive functions.
In a press release, Susan Spencer, co-founder of SoftCo, confidently mentioned the amplitude of positive change that a finance team will experience with the automation of accounts payables.
According to the co-founder, the non-touch invoice processing will reduce both the time and costs associated with manual invoicing.
The program can be installed within a couple of hours and sufficiently liberates the AP staff from the toils of manual vendor invoice processes, calculations, registrations, queries, management, and export to the client’s ERP.
SoftCo believes the product will promote a secure working environment in an age and time that prohibits hyper-interaction. It will help reduce external costs and prove invaluable in sustaining an unhampered cashflow by strengthening internal controls.
SoftCo claims that ExpressAP provides the same ‘powerful infrastructure’ that’s trusted by millions of users across the globe and organizations such as Primark and the Finnish government.
It’s the most recent innovation in the line of popular smart solutions designed by SoftCo including Procure-to-Pay, Contract Management, and e-Procurement.
- The automated software takes a few hours to install and set up for smooth functioning. Additionally, there is a small monthly fee, without any upfront or capital costs involved
- The automated invoice processing application substitutes cumbersome manual processes with automated cloud-based functioning that includes coding, registration, vendor management, query approval, and invoice export to the client’s enterprise resource planning. Essentially, ExpressAP saves the cost of both time and capital for the customers
- ExpressAP is a safe and hassle-free alternative to traditional invoicing, supply-order, and cash flow. The application is designed to promote and support remote working in strict compliance with the current public norms. SoftCo also guarantees a superb experience over traditional invoicing in the longer run
- The design allows for communication between multiple buyers and suppliers in real-time. For organizations that are looking to upgrade based on greater functionality and enriched value, ExpressAP may be the best leverageable application at the moment. The software boasts a powerful infrastructure that can maximize trade and cash flow and minimize potential rifts caused by external inconveniences. Once live, the software allows for communication between unlimited users
- Its powerful cloud-based invoice automation helps reduce costs related to traditional invoicing by a sound 80%. The automation guarantees 100% paper-less and non-touch invoice processing that includes in-time email approvals and vendor management with an easily navigable portal
- All necessary information is stored in the company’s Compliant Archive. Invoices approved via email or the web app are registered, coded, and routed through credible workflows to the relevant approvers. Those that are rejected are redirected via similar workflows to the relevant party for evaluation. Invoices signed off and dispatched electronically for payment are automatically marked. Reminder notifications are also used to help teams to keep tracks of payments.
Ephesoft’s Semantik Invoice Data Acquisition Offering
In another release, the company announced a new cloud-based data acquisition offering for automated accounts payables processing.
Ephesoft’s Semantic offering is a result of the company’s acknowledgment of the role that cutting-edge artificial intelligence can play when it comes to efficient invoice processes.
Moreover, it can significantly cut down cost and time expenditure for companies and businesses ready to embrace digital transformation.
The primary function of this offering is to collect important information from invoices and direct them through several, related workflow systems.
The information collected is delivered and stored into the related enterprise resource planning, robotic process automation, and enterprise content management to activate downstream processing.
This allows for greater scalability, smoother workflow, and organizational up-gradation in a relatively short time.