SoftCo, a leading provider of financial automation solutions, is delighted to announce that Topaz has deployed SoftCo AP to replace its manual accounts payable (AP) processes.
SoftCo AP has transformed the way in which Topaz receives and processes vendor invoices, delivering significant cost savings and shorter invoice processing and approval times.
With a turnover of €3 billion and more than 2,000 employees, Topaz operates over 400 petroleum retail stations across Ireland, making it Ireland’s largest fuel and convenience store brand. SoftCo AP has been implemented in Topaz’s centralized finance function in Dublin for the processing of trade invoices, and has been rolled out across the company-owned retail network.
“We chose SoftCo because of their AP expertise and track record in successfully delivering these type of transformation projects. This is an important step in our planning that allows us to scale our finance operations as we continue to grow our business.”Niall Anderton, Managing Director, Topaz
Vendor invoices are captured in SoftCo AP and a 3-way match is performed with the invoice, purchase order, and goods receipt note. Over 80% of invoices are auto-matched and posted to SAP in a fully touchless process that requires no manual intervention. Only the remaining exception invoices are routed for resolution, which has significantly reduced the workload for the accounts payable and retail store teams. In addition to delivering SAP integration, SoftCo AP is also integrated with Topaz’s stock management system, Octane, and provides a fully compliant archive for all Topaz financial documents.
“We are delighted to be working with Topaz, one of the fastest growing retail organizations in Europe. Topaz joins a growing number of leading retailers that have chosen SoftCo including Argos, Primark, Musgraves, and John Lewis.”
Anton Scott, Managing Director, SoftCo
Pictured (right): Anton Scott, Managing Director, SoftCo with Niall Anderton, Managing Director, Topaz.
About SoftCo
SoftCo is a provider of financial process automation software that replaces inefficiencies with solutions that increase productivity, reduce costs, and ensure organizations meet their compliance obligations. SoftCo is a global organization with offices in Ireland, the UK, the USA, and the Nordics. SoftCo is ISO 27001 certified and is a Microsoft Gold Partner.
Article Published: 28/06/2016