AP AUTOMATION

Unlock efficiency with AP automation

Leverage Fraxion's procure-to-pay solution with AI-powered AP automation to reduce time and costs in accounts payable processes.

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AP AUTOMATION

Fraxion AP automation, where efficiency meets precision

Transform the way you manage AP workflows with Fraxion's procure-to-pay solution, featuring AP automation, powered by Microsoft Azure AI Document Intelligence.

Fraxion automates the accounts payable process, from receipt of invoice to data extraction, to approvals and seamless posting to your financial system for payment processing.

The AI-driven tool eliminates the need for manual data entry, allowing you to effortlessly upload, drag and drop, or email invoices, triggering a seamless AP automation process. With the ability to swiftly extract line-item data from both electronic and handwritten invoices, whether single or multi-page, Fraxion ensures your accounts payable processes are fast, accurate, and hassle-free.

Why automate your AP process

To accelerate processes and replace manual and time-consuming tasks associated with invoice processing. By automating the intake and extraction of relevant data, your finance team can significantly reduce errors, improve efficiency, manage risk, and free up valuable time.

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How AP automation works

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Invoice intake

Drag-and-drop, upload, or for added efficiency, have vendors email invoices directly to an inbox linked to Fraxion. Invoices are saved and ready for processing.

 

 

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AI data extraction

Extract line-item level data from single to multi-page invoices within seconds. From the invoice number, line items, tax rates, currencies, and vendor info, to values.

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Review

Quickly verify the accuracy of the extracted data against the original invoice. Fraxion offers visual guides and a confidence rating for easy review and edits, if needed.

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Predictive coding

Unlock predictive invoicing with automatic approver assignment and department and GL coding, leveraging insights from past transactions.

 

 

 

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Invoice matching

Simplify 2 and 3-way matching and ensure accuracy and auditability. Fraxion automatically identifies and flags exceptions, such as quantity errors and pricing variations.

 

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Invoice approval

Ensure the correct level of approval, delegation of authority, and compliance before releasing invoice payments in your financial system. 

 

BENEFITSSSS

INTEGRATION
Seamless ERP integration for enhanced AP efficiency

Fraxion seamlessly integrates accurate data into your financial system, eliminating duplicate entries and minimizing risks. This guarantees a smooth, error-free transfer, boosting efficiency and reducing the likelihood of overpayment and discrepancies.

 

INTEGRATIONS

 

  • “

    Improved invoice processing

    This system helped organize and create a process flow that is now followed by all employees! It really has helped tremendously with our invoice processing

    Sr AP Lead
    Samone T.

    Capterra 4 star

     

  • “

    Risk mitigation and control are the biggest value adds

    "Previously, bookkeepers faced the tedious task of uploading thousands of invoices to another system for approval across all countries. With Fraxion, the new process allows each requester to seamlessly upload their invoices directly into the system. Heads of Departments can then efficiently approve these invoices, fostering a more streamlined and controlled process that caters to the complexities of the entire organization."

    Group Procurement Manager
    Fintech

  • “

    Highly recommended for simplicity, approval management and faster processes

    “We're able to keep our costs down and have the peace of mind that requests are getting the right approvals. Auditing has been smoother since implementing Fraxion. We get great support from the consultants as well. We're really happy with the system and get a good return on investment.”

    Information Technology
    Kelly C.

    capterra rating
  • “

    Fraxion curtails unauthorized spend

    “All items need to be fully approved on Fraxion in order for the purchase order to be generated. We will only make payment if there is a PO for the relevant supplier invoice. This has reduced the amount of unauthorized spend in the business.”

    Group Financial Accountant
    Lauren R.

    G2 rating-1
  • “

    Excellent requisition solution

    “This software has been a huge improvement over our previous system and has greatly enhanced the efficiency of our process. It is easy to use for our Accounting department and end users. We looked at multiple other products but chose Fraxion because it had the strongest requisition ability.”

    Controller
    Steve R.

    capterra rating
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AP automation

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AP automation

Fraxion automates the entire accounts payable process, from receipt of invoice and intake to AI data extraction, to approvals, and posting to your financial system for payment.

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Invoice matching

Invoice matching

Invoice matching

  • Easy receiving capabilities with alerts for over received items. 
  • Electronic 2 or 3-way matching
  • Exception alerts promptly identify discrepancies between invoice and purchase order quantities and unit costs.

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Invoice approval

Invoice approval

Invoice approval

  • Automate invoice approval workflows based on your organization's approval structures and spending thresholds.
  • Stay informed with instant notifications containing direct links to pending invoices, minimizing the risk of delays in the approval process.
  • Once approved, invoices are ready to be posted to your financial system for payment, or seamlessly transferred via Fraxion's integration capabilities.
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AP Insights

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AP Insights & analytics

Analyze and report on:

  • Total value of invoices
  • Total number of invoices within a selected period
  • Average invoice age
  • Variance value
  • Total number of active vendors linked to invoices in a selected time period
  • Invoice spend by month
  • Total value of invoices by vendor for a selected time period

 

AP111

AP automation

Fraxion automates the entire accounts payable process, from receipt of invoice and intake to AI data extraction, to approvals, and posting to your financial system for payment.

Invoice matching

Invoice matching

  • Easy receiving capabilities with alerts for over received items. 
  • Electronic 2 or 3-way matching
  • Exception alerts promptly identify discrepancies between invoice and purchase order quantities and unit costs.

Invoice approval

Invoice approval

  • Automate invoice approval workflows based on your organization's approval structures and spending thresholds.
  • Stay informed with instant notifications containing direct links to pending invoices, minimizing the risk of delays in the approval process.
  • Once approved, invoices are ready to be posted to your financial system for payment, or seamlessly transferred via Fraxion's integration capabilities.
Spend distribution_5_Invoice

AP Insights & analytics

Analyze and report on:

  • Total value of invoices
  • Total number of invoices within a selected period
  • Average invoice age
  • Variance value
  • Total number of active vendors linked to invoices in a selected time period
  • Invoice spend by month
  • Total value of invoices by vendor for a selected time period

 

FAQ

Find out more about AP automation

What is AP automation?

AP automation, or Accounts Payable automation, is the use of a solution to streamline and enhance the processes involved in managing and processing invoices. This includes automating tasks such as invoice capture, data extraction, validation, and approval workflows to reduce manual efforts and improve efficiency and accuracy in the accounts payable department.

How does AP automation benefit businesses?

AP automation solutions offer several benefits to businesses, including increased efficiency, reduced data entry and errors, faster invoice processing, improved accuracy in financial data, enhanced compliance with procurement policies, and better utilization of resources. It also provides real-time visibility into the accounts payable process and helps organizations make informed financial decisions.

Is AP automation suitable for businesses of all sizes?

Yes, AP automation solutions are scalable and can be customized to suit businesses of all sizes. Small, medium, and large enterprises can benefit from AP automation by improving efficiency, reducing costs, and gaining better control over their financial processes.

How does AP automation enhance accuracy in financial transactions?

AP automation solutions use advanced technologies such as artificial intelligence (AI) and machine learning to capture, extract, validate, and match invoice data. This significantly reduces the likelihood of manual errors, ensuring that financial transactions are processed with a high degree of accuracy.

Can AP automation solutions integrate with existing financial systems?

Yes, Fraxion's AP automation solution integrates seamlessly with financial systems and enterprise resource planning (ERP) software. This ensures a smooth and accurate flow of data between different departments and systems within an organization.

See AP automation in action

Get in touch to discuss your business needs and arrange a customized demo of Fraxion's procure-to-pay solution, featuring AI-powered AP automation.