What’s new in Fraxion: AP automation

We’re excited to announce the latest feature release and optimization to our procure-to-pay suite. Introducing Fraxion AP automation, an AI-powered tool, engineered to reduce the time and costs associated with accounts payable processes.  

Introducing Fraxion AP automation

With the addition of multi-format invoice intake, AI data extraction and review to our invoice matching, approvals, and seamless financial system integrations; Fraxion’s AP automation application will redefine efficiency in the accounts payable process.

The solution eliminates the need for manual data entry, enabling you to effortlessly upload, drag and drop, or email invoices directly to the system. Powered by Microsoft Azure AI Document Intelligence, the tool extracts line-item data from various invoice formats and page volumes within seconds. Fraxion AP automation not only expedites accounts payable tasks but also enhances accuracy, minimizing the risk of errors, exceptions, and overpayment.

How it works 

Invoice intake: Gain effortless invoice handling via multiple input methods for single and multi-page electronic and handwritten invoices. Drag-and-drop or upload documents, or have vendors email invoices directly to Fraxion.

AI data extraction: Extract detailed invoice data within seconds and eliminate the need for manual data entry. Line item level data is extracted and displayed, including the invoice number, line items, tax rates, currencies, vendor details, and values.

Review and verification: Quickly review and verify extracted data, ensuring alignment with the original invoice. Fraxion provides visual guides and a confidence rating for the data extraction.

Predictive coding: Unlock predictive insights from past transactions to automatically assign approvers, departments, and GL account coding.

Following the AP automation process, proceed with invoice processing using Fraxion's established AP workflows for matching and approvals. Finalize your AP process by seamlessly posting accurate data to your financial system for swift payment processing and leverage Fraxion's AI-driven analytics and reporting platform, Insights, to analyze your AP process.

What are the benefits of Fraxion AP automation?

• 80% time savings: Eliminate manual invoice capture, speed up AP cycles and invoice processing, and ensure timely payments.

• 99% accuracy rates: Improve accuracy with AI-data extraction, reduce the risk of errors and the need for costly corrections and reconciliations.
  
  
• Gain complete visibility and spend control in the accounts payable process and eliminate overpayment, duplicate invoices, and paying for goods not received.

The goal? To accelerate processes and replace manual, time-consuming, and error-prone 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.

In summary, these are the key benefits:

For users

• Time efficiency
• Reduces manual data entry
• Accelerates matching and approvals with centralized digital records
• Reduces errors, exceptions, and the need for corrective action 
• Pay invoices with confidence 

For your business

●   Process visibility and efficiency across departments
●   Accountability and spend control
●   Time savings
●   Policy compliance
●   These benefits combined drive cost savings

To see how Fraxion AP automation can improve efficiency and accuracy in your procure-to-pay process, request a demo today. We'd like to show you how you can achieve simplicity and speed in accounts payable, without compromising financial integrity or control.