Automated procurement efficiency in education
Centralize processes and connect departments across schools and campuses with the best procurement software for education. Simplify requisitions and approvals, real-time budget tracking, and spend control.
Why schools, colleges, and universities choose Fraxion
Educational institutions face unique challenges with resource allocation, tight budgets, and complex compliance requirements. Manual processes for procurement and financial management inhibit efficiency, lack visibility and control, and can introduce significant risks.
Automating these processes can drive cost savings and efficiency, allowing faculty and staff to focus on core educational responsibilities, empowering schools to achieve their missions with greater ease and effectiveness.
To replace manual process inefficiencies and errors with automated simplicity and cost savings.
To easily track, and manage spending against budgets, projects, grants, and funds.
To meet reporting and audit requirements with complete transparency and accountability.
Finance & administration
Manage operational costs, allocate and maintain budgets, gain process efficiency, and mitigate risks.
Purchasing & procurement
Establish processes, approvals, and policy compliance, manage vendors, and achieve savings.
IT
Get your team up and running on a secure, accessible system and ensure standardized and pre-approved IT procurement.
What our education customers are saying
Educational institutions trust Fraxion as the best procurement software for managing purchasing processes and operational spend. The procurement software automates processes, and empowers staff to get the goods, services, and equipment they need within budget.
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Now we’re just so much more efficient. Spend limits can be set, approvals are expedited, and a complete audit trail is always digitally available for full transparency.
“Before we were filling out forms in triplicate, then we had to get a number of signatures for approval. We primarily use Fraxion for POs and approving expenses. It seamlessly integrates into our MS Dynamics GP system, which helps make our workflow a lot quicker. We’ve eliminated something like 90 percent of our paperwork.”
Charles R. Drew University of Medicine and Science
LaTasha Y, Senior Accountant
Easy purchasing, budget review, and approvals
Replace slow, manual inefficiencies with automated efficiency. Simplify day-to-day purchasing and approval processes for all staff members, in any role. It’s mobile and user-friendly, freeing up your resources to focus on education, rather than administration.
- Easy, mobile purchase requisitioning
- Review budget impact and instantly approve from any device or location
- Manage expense and travel claims for educational tours, field trips, and projects
- Automate multi-level approval workflows
- Automate purchase order (PO) creation from approved requests
- Email POs to vendors within seconds
- Mobile receiving against open purchase orders
- Integrate Microsoft Teams for fast, familiar processes for requests and approvals
Less complexity, more time and productivity
Equip your staff with the tools to purchase goods from the right vendors, at the right price. Gain easy, compliant requisition, approval, and PO processes with approved vendor catalog integrations via PunchOut or PunchIn.
- Ensure that purchasing occurs with your approved vendors
- Get direct access to online catalogs
- Teachers and staff can shop with ease while Fraxion takes care of the requisition, approval, budget and policy controls, and automates POs
- Connect catalogs from Amazon Business, Grainger, Staples, Office Depot, and many more
Easy spend tracking and reporting for budgets, projects, grants, and funds
Track, allocate resources, and report on operational spending with total transparency and accountability. Our solution simplifies the process by centralizing spending data, enabling effortless report generation to meet the needs of boards, state regulations, and federal funders.
- Easily report on spend by budget, project, fund, or grant
- Analyze spending patterns to pinpoint cost-saving opportunities and optimize resource allocation
- Make informed decisions and ensure that budgets are optimized, maintained, and financial resources are utilized effectively
- Maintain clear audit trails and digital records for all procurement activities to ensure transparency and accountability
Automated accounts payable efficiency
Replace hours of manual invoice capture with AP automation. Simplify and fast-track your accounts payable process.
- Instant invoice intake
- Leverage AI for accurate line item level data extraction from multi-page and handwritten invoices
- Simplify 2 or 3-way matching
- Automate invoice approval workflows to streamline operations and ensure compliance
- Easily identify exceptions to eliminate overpayments and duplicate invoices.
- Group multiple approved invoices into batches for payment
FAQs
Frequently asked questions about Fraxion's procurement software for education. Need more information?
We don’t have a procurement department in our school; how will that impact implementation, onboarding, and best practices?
In-house procurement skills are not required. Fraxion is rapidly deployed, and all users can be up and running with minimal training.
We work you to configure chart of accounts, budgets, business rules, and purchasing policies. The system provides the internal controls and automated workflows to achieve spend control, efficiency, and best procurement practices.
Can we manage IT procurement processes in Fraxion?
Yes, Fraxion enables easy standardization of IT procurement processes across locations with centralized control. When submitting purchase or capex requisitions, quoting steps, and multi-level approvals can be configured to manage risk.
You can pre-approve purchase requests for your forecasted IT equipment needs at the beginning of the year, subject to approval structures, supplier authorization, policy, and budget compliance. Education faculty and staff can create purchase orders against that approved request for the volumes they need, as requirements arise throughout the year.
Tracking costs to assets is also possible and useful in determining when it’s more cost effective to replace than to repair equipment.
Can we track expenditure against projects and budgets (E.g., new sporting facilities, campus renovations, etc.)?
Yes, you can track expenditure against projects and budgets, and review available and committed spend in real-time before approving or incurring any costs.
Reporting on spend by transaction, budget, suppliers, and users is also supported by the system.
Book a custom demo
Get in touch with a product specialist and arrange a demo, customized to your organization's needs.