Fraxion
UnclaimedStreamline procure-to-pay processes and gain complete control over business spend for mid-sized finance teams.
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TL;DR - Fraxion
- Automates and simplifies procure-to-pay processes for mid-sized companies.
- Provides complete spend visibility, control, and policy compliance.
- Integrates with ERP/accounting systems and offers mobile accessibility.
Pricing: Paid only
Best for: Enterprises & pros
Pros & Cons
Pros
- Significantly reduces unauthorized spend through enforced approvals.
- Automates complex procure-to-pay workflows, saving time and resources.
- Provides comprehensive spend visibility and analytics for better decision-making.
- Seamlessly integrates with existing finance systems like ERPs.
- Offers mobile access for approvals and requisitions from any location.
Cons
- Specific pricing details are not publicly disclosed, requiring direct inquiry.
- Primarily targets mid-sized companies, which might not be ideal for very small businesses or large enterprises.
- Requires integration with existing systems, which may involve an implementation period.
Key Features
Purchase Requisition-to-PO managementAI-powered AP automationInvoice matching and approvalSpend analysis, insights, and reportingExpense and travel request managementPer diems and cash advancesApproval workflows and budget controlPolicy compliance and audit trails
Pricing Plans
Small business
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Mid-size business
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Large business
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About Fraxion
By Toolradar Team·
Fraxion is a comprehensive procure-to-pay software solution designed specifically for mid-sized finance teams to manage and control operational spending. It automates and simplifies the entire purchasing and accounts payable lifecycle, from initial purchase requisitions to invoice approval and payment. The platform provides robust spend visibility, analytics, and proactive internal controls to ensure policy compliance, budget adherence, and cost savings.
Fraxion helps businesses achieve process efficiency through mobile agility, seamless integrations with existing ERP and accounting systems, and a secure environment. It fosters a culture of accountable spending by providing transactional transparency, centralized digital records, and detailed audit trails. This leads to improved accuracy, reduced unauthorized spend, and a significant return on investment for organizations looking to optimize their financial operations.
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Fraxion FAQ
How does Fraxion ensure budget control and policy compliance throughout the purchasing process?
Fraxion enforces budget control and policy compliance by integrating approval workflows directly into the purchase requisition and order generation process. All items require full approval within the system before a purchase order is created, and payments are only processed against approved POs. This mechanism, combined with real-time spend visibility and audit trails, ensures adherence to internal policies and budgets.
Can Fraxion handle complex expense management scenarios like per diems and cash advances?
Yes, Fraxion's expense management module is designed to handle complex scenarios including expense and travel requests, per diems, and cash advances. It streamlines the submission, approval, and reconciliation of these types of expenses, providing a comprehensive solution for employee reimbursements and travel-related spending.
What kind of integrations does Fraxion support to connect with existing financial infrastructure?
Fraxion supports seamless integrations with various ERP and accounting systems. It also features PunchOut and PunchIn capabilities, allowing users to connect directly to supplier catalogs for streamlined purchasing and to bring order information back into Fraxion for approval and processing.
How does Fraxion's AI-powered AP automation contribute to efficiency and accuracy?
Fraxion's AI-powered AP automation enhances efficiency and accuracy by intelligently processing invoices. It handles invoice intake, extracts relevant data, and performs automated matching against purchase orders and receipts. This reduces manual data entry, minimizes errors, and accelerates the invoice approval and payment cycle.
What specific features does Fraxion offer to improve auditability and transactional transparency?
Fraxion improves auditability and transactional transparency by maintaining centralized digital records of all procurement activities. It provides detailed audit trails for every transaction, approval, and change within the system. This ensures that auditors can easily verify the correctness and compliance of all financial operations.
How does the PunchOut and Catalog feature benefit purchasing agents using Fraxion?
The PunchOut and Catalog feature allows purchasing agents to directly access preferred supplier catalogs from within Fraxion. This streamlines the ordering process by enabling users to select items from pre-approved vendors at negotiated prices, automatically bringing the order details back into Fraxion for requisition and approval, which saves time and ensures compliance with preferred supplier agreements.
Source: fraxion.biz