AP WORKFLOW 

Unlock AP efficiency

Streamline purchasing and vendor management and save time in your accounts payable process with invoice approval and 3-way matching.

 

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Proactive vs reactive spend management

 

Delayed or lost invoices cost organizations thousands of dollars in missed payment discounts and late payment penalties. Manual and paper-based processes are error-prone and labor intensive with high cycle times. How does a modern accounts payable professional manage it all? Simply put, most don’t. Most of the accounts payable professionals we’ve worked with had to make do with overly complicated manual processes and became purely reactionary over the years. Some had to force the requirement of paper-based invoices to make sure they can be managed in one inbox. Others would spend most of their week using their inbox or spreadsheets as a sorting mechanism to ensure everything was tracked. Of course, in each instance, invoices would invariably go missing.

Today, they share in the efficiency-based savings that spend management solutions enable for their procurement peers. Automate the management of AP invoices from vendors, streamline processing and remove paper-based systems. The time savings alone will help recoup wasted hours and help AP get ahead of their workload.

 

Efficiency  Streamline your accounts payable processes

Automate and streamline purchasing and vendor management and invoice approval to fast-track payments.

Save costs  Reduce risk

Create purchase orders from approved requisitions for internal controls over spending and facilitate invoice matching. Gain visibility of receiving processes, eliminate over payment and duplicate invoices using 3-way matching capabilities.

Approval  Go paperless

You get paperless simplicity and your AP department benefits from the savings in time that automation affords.

Cash Advances  Boost profitability

Manage supplier take-on processes and channel spend to drive savings with preferred suppliers. Negotiate bulk discounts, and

early settlement dates to fully leverage your company's purchasing power.

Contracts  Flexibility

Configure 2 or 3-way matching requirements per supplier.

     

AP workflow automation

 

No data recapture required, mitigating risk and ensuring accuracy from requisition-to-purchase order, to invoice.

AP

                            AP 

                                                Approved & in budget

 

“Fraxion allows the business to manage authorization of spend by management and budget owners. Finance is able to obtain reliable information from Fraxion, which is used to update our ledgers and pay suppliers knowing the outputs are approved.”

                                                                                            Sean M, Group Financial Controller, Maitland Group

Customer Testimonial

 

“Before Fraxion, the purchase request, ordering and approval process was largely slow, bureaucratic, manual and paper-based. Fraxion has singularly improved transparency, eliminated 90% paperwork, cut approval times in half and summarily improved productivity in procurement. Fraxion has also allowed the continuation of work processes during the COVID-19 pandemic and has ultimately been a cornerstone to the Technology Support Services Digital Transformation Strategy for Makerere University Walter Reed Project."

Albert Musinguzi - ICT Manager, Makerere University Walter Reed Projectea

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