What’s new in Fraxion: Accrual report 

We’re excited to introduce the latest enhancement to our embedded spend analytics tool, Insights: a new accrual report. This detailed report significantly improves Fraxion’s accrual reporting capabilities, providing essential insights for financial planning and ensuring accurate accruals against the correct cost allocation structures.

Introducing the new accrual report

The new accrual report in Fraxion greatly enhances the platform's ability to manage and track accruals, offering a level of detail that is key to accurate financial reporting. This report provides a clear and comprehensive view of all outstanding purchase orders that have not yet been invoiced, ensuring that all accrued expenses are correctly accounted for within the appropriate cost allocations.

Accurate identification of uninvoiced purchase orders: One of the key benefits of the accrual report is its ability to support precise financial planning. The report highlights all uninvoiced purchase order items, including invoices in any current state except canceled ones, even if they haven’t been submitted or processed yet.

By accurately identifying uninvoiced purchase orders, the report helps finance teams anticipate future cash outflows and allocate resources more effectively. This foresight is helpful for maintaining budgetary control and avoiding surprises in financial statements while ensuring compliance by accounting for all liabilities within the correct period.

Customizable reporting parameters: Users can tailor the report based on specific criteria such as date period, cost allocation codes, and descriptions. This flexibility ensures that accruals are aligned with the organization’s accounting practices and requirements.

You can generate reports using filter parameters such as currency, company name, supplier name, cost allocation code, cost allocation description, and date. Additionally, you can search by purchase order reference or purchase order item description.

Detailed insights and audit trail: The report provides detailed insights into the status of purchase orders, including references, item descriptions, and associated values. This level of granularity enables precise accrual calculations and provides a clear audit trail for greater financial transparency and compliance.

What are the benefits?

• A quick and accurate overview of uninvoiced purchase orders.
• Customizable reporting parameters for tailored insights.
• Audit trails for informed resource allocation and financial transparency.
• Improved forecasting: Enables more accurate analysis of accruals by time frames, expense categories, or cost centers, enhancing budget management and planning.

To see how the new accrual report complements our spend management and analytics suite, request a demo today. We’d like to show you how you can achieve simplicity and accuracy in financial planning with Fraxion.