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.
Streamline AP processes
Automate the entire AP process and fast-track payments
Have visibility of receiving processes, eliminate over payment and duplicate invoices using three-way matching capabilities
You get paperless simplicity and your AP department benefits from the savings in time that automation affords
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
Configure two or three-way matching requirements per supplier
AP workflow automation
No data recapture required, mitigating risk and ensuring accuracy from requisition to purchase order to invoice
“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