What’s new in Fraxion: Budget overview

As facilitators of proactive spend management, we understand that giving authorized approvers the ability to access real-time budgets empowers informed decision-making and drives accountability. In our recent release we have further enhanced budget tracking and visibility, providing approvers with clear budget oversight at decision points, making it easier to achieve budget compliance and curb overspending.

Introducing our new budget overview feature:

Budget Overview (1)

With real-time budget visibility, approvers are empowered to make informed decisions by reviewing the potential impact of spend against budgets, before approving requests. 

What are the benefits? Replace multiple spreadsheet budget tracking that occurs after the fact with real-time spend tracking and available and committed budget visibility that enables faster and more astute decision-making when approving purchase requests.

When viewing a purchase request or invoice in Fraxion, the new budget overview feature provides the following data visualizations that assist in the decision-making process: 

●     Budget: Available, committed, and actuals
●     Vendor: Annual spend and spend by selected period 
●     Employee: Vendor spend by employee

These interactive graphs and charts display the budget spent against the cost allocation, spend with the associated vendor, and the vendor spending history of the employee submitting the request or invoice. This budget insight empowers approvers to review and approve with confidence or reject or query requests and invoices when the system flags potential risks.

The goal? To guide and inform decision-making with clear point of decision analytics that provide transparency and real-time insight into the impact of spend before it’s incurred. 

In summary, these are the key benefits:

For approvers

●    A quick and easy overview of departmental budgets by selected periods 
●    Budget visibility on any device, from any location
●    Data visualization that enables faster, informed decision-making
●    Empowers effective budget management
●    Guides spending behavior and measures budget impact before costs are incurred 
●    Time savings and efficiencies

For your business:

●    Real-time budget tracking and visibility
●    Budget compliance
●    Accountable spending
●    Curbs overspending
●    Time savings and efficiencies

To view our new budget overview feature in action, request a custom demo to see practical request and invoice scenarios, relevant to your business requirements. We'd love to show you how you can achieve proactive spend management by empowering approvers with real-time budget visibility that reduces risk and simplifies compliance.

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