What's new in Fraxion: Invoice batching

We’re pleased to announce the latest feature release for our procure-to-pay suite: invoice batching. This innovative feature enables the grouping of multiple approved invoices into batches for payment, saving time and increasing efficiency when processing payments for statements that include multiple invoices.

Introducing invoice batching

Invoice batching is a powerful feature designed to streamline your accounts payable (AP) process. Users can now group approved invoices into batches, allowing for a more efficient review process before export. This functionality simplifies payment processing by combining multiple invoices into a single batch, ensuring smoother handling of statements with multiple invoices.

The invoice batching feature allows grouping by company, vendor, and currency, ensuring all relevant invoices are processed together. With the capability to release multiple invoice exports daily, this enhancement significantly improves operational efficiency and saves time in accounts payable and accelerates the payment cycle.

Fraxion optimizes the accounts payable workflow, making it easier than ever to manage and process invoices with precision, accuracy, and speed.

How it works

For processors: 

Processors are enrolled in custom workflows, designed specifically for batch processing and review. Effortlessly select and group invoices with a convenient locking feature that prevents multiple invoice batch processors from selecting the same invoices. Once grouped, the batch moves to the review stage, where processors can track the status and audit trail of each batch, providing clear visibility and control throughout the process. 

For reviewers:

In checking the processed batches, reviewers can ensure that all invoice details are accurate before giving their approval. If any issues arise, they can reject the batch, sending it back to the processors for corrections. Approved batches are then exported and closed with all final batches documented for easy future reference.

With customizable vendor settings, designated roles for employees, and secure invoice locking mechanisms, the entire process remains well-controlled. The added ability to export batches with visibility of when the batches were exported and maintain a detailed audit trail of all activities, enhances transparency and control in accounts payable, ensuring efficient and accountable processes. 

The feature is supported by email notifications that alert relevant users to when invoice batches are approved, recalled, or rejected. 

What are the benefits of Fraxion invoice batching?

Time savings: Streamline the payment process by grouping multiple invoices into a single batch, reducing the need for repetitive manual processing and expediting overall invoice handling.

Improved accuracy: The review process for invoice batches ensures that any errors or discrepancies are caught and addressed before the invoices are exported, reducing the risk of payment errors.

Simplified payment processing: Invoice batching is particularly useful for processing payments for statements that include multiple invoices, making it easier to manage and reconcile these payments.

Enhanced monitoring and control: Gain greater oversight and control over the invoicing process with clear, organized batches that are easy to track, manage, and audit, reducing the chance of discrepancies and improving compliance

The new workflow steps provide better visibility into the status and progress of invoices within the batching process. Batches are grouped by company, vendor, and currency, providing clear organization and simplifying the tracking and management of invoices across different entities and currencies.

Efficiency: By grouping multiple approved invoices into batches, the feature streamlines the invoice review process, reducing the time and effort required to process individual invoices.

Multiple invoice exports can be released daily, enhancing the overall throughput of the accounts payable department.

The goal? To optimize and streamline the invoice processing workflow, allowing finance teams to handle large volumes of invoices and their payments more efficiently, accurately, and promptly. 

In summary, these are the key benefits:

For users:

• Time efficiency
• Reduced manual effort in handling multiple invoices
• Accuracy improvements
• Streamlined invoice processing and reconciliations
• Simplified payment processing for multiple invoices
• Visibility and process status tracking

For your business:

• Auditability and control
• Efficiency and time savings
• Accountability and spend management
• Strengthened compliance with invoice processing policies
• Overall cost savings through optimized invoice management and timely payment

Fraxion's procure-to-pay solution includes AP automation, invoice matching and approvals, with AP Insights; to see how invoice batching complements and extends the accounts payable suite, 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.