AP WORKFLOW

Unlock AP efficiency

Streamline purchasing workflows and increase control in your accounts payable process with invoice approval and 3-way matching.

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AP WORKFLOW

Proactive vs reactive spend management

Transform operational spend management. Benefit from efficient electronic invoice matching, eliminating errors and reducing processing time. Our robust invoice approval workflows enable seamless team collaboration, ensuring quick and reliable invoice processing.

Mitigate the risk of lost documentation, overpayment and paying for goods not received. Leverage Fraxion's AP workflow features to optimize financial management, reduce errors, save time, and minimize risks in your accounts payable processes.

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Spend management

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Improve spend visibility and control

Track, approve and manage spending with digital, auditable workflows that ensure spend control and compliance at each step in the purchasing process.

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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 processing

Invoice processing

Invoice processing

  • Minimize the risk of errors and discrepancies by eliminating the manual linking of individual invoice items to corresponding purchase order items.
  • Auto generate invoices from matching invoice data in seconds.
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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

 

dashboard-1

Improve spend visibility and control

Track, approve and manage spending with digital, auditable workflows that ensure spend control and compliance at each step in the purchasing process.

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 processing

Invoice processing

  • Minimize the risk of errors and discrepancies by eliminating the manual linking of individual invoice items to corresponding purchase order items.
  • Auto generate invoices from matching invoice data in seconds.
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

 

  • “

    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

     

  • “

    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
  • “

    “Excellent Procurement software tool that assists you in achieving full procurement compliance.”

    Group Procurement Manager
    Rene A.

    G2 rating-1
  • “

    “Fraxion has helped in terms of streamlining procurement processes. We used to do procurement manually, and ever since Fraxion was implemented, our processes and service delivery have been exceptional.”

    501 – 1000 employees
    Banking

    capterra rating

See AP workflow efficiency in action

Get in touch to discuss your business needs and arrange a customized demo of Fraxion.