The Importance of Corporate Social Responsibility within Procurement
SoftCo Blog
by Robert Lynch
7M ago
With customer experience now driving brand loyalty, organizations are beginning to focus heavily on making corporate social responsibility a part of an organization’s procure to pay solution. A company’s ethics are becoming critical differentiators in the global market. As organizations seek to strengthen their social value, they are building capital on traits like fairness, honesty, sustainability, and community. Companies are also searching for innovative ways to turn profits using socially and environmentally responsible methods. Promising to run a business with a higher purpose means that ..read more
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The Importance of Contract Visibility in your Procurement Process
SoftCo Blog
by Robert Lynch
7M ago
Procurement is anything but easy, but contract management promises to make it far less of a hassle. By improving their governance of the data underlying robust legal agreements and staying on top of changes throughout the contract lifecycle, companies improve their ability to source vital business assets without as much of a struggle. One of the keys to an effective agreement management process — and impactful procurement — lies in maintaining contract visibility. In this blog, we will discuss why contract visibility is so critical to your mission and how automated solutions can help you achie ..read more
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1099 Filing Deadline – Best Practices For Accounts Payable Teams
SoftCo Blog
by Robert Lynch
8M ago
January marks one of the busiest times of the year for accounting teams. Companies have a 31-day window to deal with the year-end close, issue W-2s, and meet 1099 reporting requirements. IRS 1099 forms document payments made to a person or a business. Payers send this form to the party paid, the IRS, and, if applicable, the state taxing authority. Issuing 1099s is a crucial part of US tax reporting requirements, so here are the top considerations your accounts payable team needs to understand about 1099 reporting requirements.   What is a 1099 Form? A 1099 form is an informational tax for ..read more
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The Benefits of Implementing Vendor Management
SoftCo Blog
by Robert Lynch
8M ago
For any organization with a large vendor base or complex supply chain, the task of managing vendors can often be a difficult one. The practice of vendor management, however, is something that all organizations, of any size, should look to establish and maintain. Vendor management is an organization’s ability to oversee all contact with third-party vendors. When managed effectively, vendors can help you meet customer demand and streamline your supply chain execution for improved production and profit. There are two important steps involved in carrying out vendor management successfully. Firstly ..read more
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Navigating Complexity: 5 Accounts Payable Challenges in Aviation
SoftCo Blog
by Robert Lynch
9M ago
Due to its substantial invoice transaction volumes and international footprint, the aviation industry presents complex challenges for finance teams. Every day, approximately 100,000 flights take off, and each flight route incurs costs ranging from fuel, airport charges, fixed tariffs, air traffic control charges, handling, and ground maintenance servicing. To account for and pay expenses, companies often rely on manual workflows, paper documentation, spreadsheets, manual data entry, all of which make it impossible to allocate and track costs reliably. After netting losses since the 2020 pandem ..read more
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Discovering the Environmental Benefits of AP Automation
SoftCo Blog
by Robert Lynch
10M ago
Companies adopt AP automation to address the biggest accounts payable workflow challenges, such as a high amount of exceptions during invoice matching and manual approvals that take too long. Accelerating AP operations is crucial to running a profitable business. However, one of the benefits that’s often overlooked is the impact that automation has on environmental goals. The stunning statistics on paper usage may encourage you to question the wisdom of continuing the practice of issuing paper invoices. Paper creates up to 25% of landfill waste, 33% of municipal waste, and 50% of business wast ..read more
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Procurement Market Intelligence – What is it and Why is it Important?
SoftCo Blog
by Robert Lynch
10M ago
Procurement specialists are tasked with sourcing direct materials, ensuring that these materials arrive on time and minimizing costs as much as possible. While striving to accomplish these goals regularly, they are faced with ever-changing external factors, such as economic conditions. These directly impact procurement efforts, and they must be carefully and regularly monitored to ensure that the best procurement decisions are being made.   Understanding Procurement Market Intelligence Before you can comprehensively explore the benefits of procurement market data and analysis, you must un ..read more
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Optimizing your Procurement Process Cycle
SoftCo Blog
by Robert Lynch
10M ago
As a procurement professional, you know the importance of recognizing your company’s needs and responding to them. One of your most important responsibilities, vendor selection can produce an impact that affects your job performance. As you face challenges that may lie outside of your span of control, you need to work with management to get internal approval of the prices and terms that you arrange. A complex set of tasks, the procurement process cycle involves a combination of purchasing and securing.   Looking for Efficiencies The traditional details of your job include executing purcha ..read more
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How AI & Machine Learning is Transforming Finance Automation
SoftCo Blog
by Neil Kelly
10M ago
The growth of ML is such that 82% of organizations demand machine learning skills. Although artificial intelligence (AI) and machine learning (ML) are often used interchangeably, they play distinct roles in enhancing efficiency in financial automation. Skepticism about AI and ML often stems from concern that these technologies will completely replace human decision-making, introducing new issues and pitfalls. In this article, we explore the difference between the two and the significant and hugely transformative application of these technologies to procure-to-pay (P2P) automation.   What ..read more
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Making the Switch to Payment Automation: A Step-by-Step Guide
SoftCo Blog
by Robert Lynch
10M ago
By 2027, the average business will make 1,400 domestic payments each year. Unfortunately, many companies cannot manage this transaction volume and also struggle to handle international payments.   Source Without reliable and efficient payment processes, AP teams encounter challenges especially with a high volume of invoices, such as: Expensive payment options Incorrect and Duplicate payments Lack of audit trail Susceptibility to fraud Automated payments solutions provide a next-generation solution to tackling payment processing challenges. Payment processing is mostly or fully automata ..read more
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