100%

control & visibility

over AP process

86%

reduction in invoice

approval times

 

100%

compliance with legal

document retention policies

“SoftCo has transformed our AP process. Invoice approval times have reduced from three weeks to just three days.”

Pat Quirke, Group Finance Director, Mainport Group

Challenge

Mainport’s finance team manually processed over 24,000 vendor invoices annually on behalf of 31 global entities within the Group. After receiving all invoices in paper format on behalf of those entities, the team photocopied them for archiving purposes before posting to each approver for coding and sign-off. The process created challenges in visibility and control, slow invoice approvals, and delayed payment cycles.

Solution

SoftCo Accounts Payable Automation automates the accounts payable process including capture, coding, matching, and approval of vendor invoices for 31 entities. The Mainport AP team automatically route the invoice to the correct approver, at which point the invoices are then approved or queried. Invoices are automatically posted to Mainport’s Microsoft Navision ERP system for payment. The solution is delivered on-premise.

Results

Mainport has reduced operational costs and has achieved complete control and visibility over its AP process. Fully automated and configurable approval workflows have reduced invoice approval time from 3 weeks to just 3 days, with notifications to assigned approvers ensuring that no invoice delayed. SoftCo Accounts Payable Automation has dramatically improved the intercompany journaling process, which allows Mainport to distribute costs per invoice across multiple entities. SoftCo Compliant Archive ensures full compliance with a seven-year legal document retention policy.

Information
  • Industry:Maritime
  • Solution:Accounts Payable Automation
  • Region:Worldwide
  • Employees:200+
  • Invoices:24,000 per annum
  • ERP System:Navision

Mainport are specialist ship owners providing seismic support vessels, tugs and multi-role ships in different parts of the world. The Mainport Group trades in South America, the Middle East, Africa, Malaysia, and the European Union employing over 200 people.

“SoftCo has completely transformed our intercompany accounting which was previously very labour intensive. We can now easily distribute costs per invoice across multiple entities.”

Pat Quirke,
Group Finance Director, Mainport Group

Case Studies

Why choose SoftCo?

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, eBilling and Contract Management processes. Reducing costs, increasing efficiencies and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations and effectively manages all organization data.

Smart Automation

User Experience

Return on Investment

Security & Compliance