Research shows huge projected growth in P2P Pay automation in 2014

Research shows that 2014 will see a significant growth in organisations transforming their AP and Procurement processes with 52% of finance leaders highlighting the need to migrate away from paper based invoice processing as being a top priority.
LEOPARDSTOWN, Ireland - March 4, 2014 - PRLog -- The Purchase-to-Pay (P2P) process is a growing importance within many global enterprises. According to research from Ardent Partners, a leading research and advisory firm, 2014 will see a significant growth in organisations transforming the AP and Procurement in their finance operations.  The research shows that 52% of finance leaders highlight the migration off paper-based invoice processing as being a top driver for them.

This goal is reinforced by Byline Group’s research into Accounts Payable processing which revealed that 96% of invoice processing involves keying data from paper and the average time to process an invoice in a paper based process is up to 12 days.

SoftCo’s P2P solutions streamline the Accounts Payable and Procurement processes, reducing costs and ensuring compliance for over 400,000 users worldwide. Available on premise or via a Cloud platform SoftCo P2P fully integrates with leading ERP system’s including Navision, SAP and Oracle enabling control and visibility throughout the process while reducing invoice processing times by up to 80%.  SoftCo’s P2P customers include Sunny Delight, Argos, Logitech and the Finish Government.

SoftCo P2P solutions incorporate multiple capture services and a supplier portal to enable suppliers to submit invoices electronically. In addition to core functionality (including e-requisitioning, approval workflow and catalogue management), SoftCo’s P2P solutions offer PO to invoice matching and processing improving efficiencies and productivity.

“With SoftCo P2P we now auto match 50% of our AP invoices, saving hundreds of hours of staff time each year.” Craig Eten, Global Accounting Manager, Sunny Delight Beverages Co.

To learn more about SoftCo P2P solutions click here.

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