Solving spend management
Fraxion’s cloud and on-premise software drives efficiencies, optimizes spend and empowers all users – purchasers, finance, procurement managers, accounting and leadership
A cloud procurement system that increases visibility while saving time and money
Paper-based or spreadsheet spend management systems are a thing of the past. It is time to stop manually tracking your budgets and purchasing and automate the process with a cloud-based procurement system. Choosing a spend management system, like Fraxion, that integrates seamlessly with your existing ERP can improve policy adherence, deliver real-time insights, and provide immediate and measurable savings for a rapid return on your purchasing software investment.
The cloud–based cost containment suite delivers the visibility and control to achieve business efficiency and profitability in rapid succession.
Key deployment advantages of cloud-based solutions:
Cloud-based services are scalable; cloud capacity on remote servers can be increased or decreased as your business demands change or grow.
Cloud-based solutions provide robust security measures to back up and restore data, making this vital service accessible to every business, regardless of size.
Automatic software updates
No on-site servers required; Fraxion is responsible for the maintenance, regular software updates and server security measures.
Capital expenditure free
Cloud computing eradicates expensive hardware and database management software requirements.
Broad user adoption
IT resource and project management demands are minimal. A user-friendly, mobile system, accelerates user adoption.
Cloud-based solutions give you the freedom to work from any location. Remote access and mobile device flexibility drives productivity and reduces process delays.
Cloud computing protects sensitive data and manages risk; all data is stored in the cloud and will not be lost through the damage or loss of a laptop or mobile device.
By moving to the cloud you will gain enterprise-level technology, regardless of the size of your business.
Complements the ERP solution
Can run on an existing on-premise or cloud-based ERP without the need to re-invest or a costly reimplementation.
Smooth implementation and easy user experience
Fraxion is designed with user experience in mind, meant to simplify the requisition, PO and expense processes. At the same time, Fraxion provides administrators and accountants the required control they need to maintain compliance and boost efficiency.
Fraxion’s user-interface was carefully designed with intuitive navigation, allowing users to easily create their requisitions through web-based forms. Our award-winning user interface is easy to learn, which means less hand-holding, and minimal training time and costs.
- Administrators can easily setup and configure companies, departments, users, approval levels, and other preferences.
- Non-intrusive, embedded help text on all screens help guide users through the process.
- Interface will only display information based on the security level given to a particular user.
Role-based access allows you to control available content by role and provide designated users the right to view and compare budgets to actual spending without taking up expensive ERP user licenses. Fraxion’s seamless integrations with your ERP limit general user access to your accounting system while still maintaining accurate financial records, trimming the cost and time required for spend management to reach ROI.
Save time and eliminate speed bumps by going paperless
Manual processes take up too much time. Fraxion’s automated, streamlined e-procurement system was designed to take a lot of repetitive, unnecessary steps completely out of the equation.
Imagine a paper-based requisition approval system:
- Somebody fills out a form and physically takes it to their approver.
- That approver, then, would either send it back for more information, approve the request, or pass it on to the next approver.
- Unexpected delays inevitably come up. The next approver happens to be on vacation, files got locked in someone’s office, or worse-are lost completely.
Fraxion removes all of those speed bumps. You have the ability to set up specialized routing rules to ensure the proper people are notified instead of the request getting lost in a sea of papers. Approver out of the office? Set up proxy approvals and out of office delegation for alternate review when standard approvers are unavailable. Or, approve and take action on requisitions directly from your email or from your mobile device from anywhere in the world at any time of day.
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Automate communication and keep stakeholders up-to-date
Streamline your approval process by attaching documents directly to the requisition within Fraxion and setting up automated emails to route communication. Easy-to-setup and flexible notification options keep your team up-to-date throughout the life of a requisition.
There are notifications for virtually every aspect of the requisition process:
- Approval required
- PO creation
- Change order
- Vendor request
- And many more
Automated communications aligns your entire organization - Fraxion makes it easy for accounting and leadership to track the status of a request providing audit trails and detailed, customized reporting. Paper-based systems are frequently accompanied by the question, “Where is this requisition?” Many purchasing managers spend half their day chasing after requisitions, trying to figure out what an approval was for, or where along the process it might be. Now when supervisors ask the status of a project, purchasing managers have all the necessary information at their fingertips.
Increased visibility drives accountability
Your accounting team needs to make sure all the data is collected, every budget is maintained, and reports are accurate.
Users attach documents right to the project within the web-based dashboard, so when the question comes up regarding why something was approved or how the budget is being divided, managers are able to pull up all of the purchase notes and attachments. With Fraxion’s automatic audit trails and centralized supporting documents centralized and easy to find, all the information needed to successfully manage spend enterprise-wide is readily available.
Administrators and organization leaders maintain accountability throughout the entire requisition process: who requested it, who approved it, who bought it, and who got the invoice and actually paid it. Every change to the requisition is tracked within the system, leaving a detailed audit trail to trace events back to individual users.
Any account or transaction that the accounting department might need is a quick search away, with multiple search and sorting criteria including:
- Requisition ID
- PO, receipt
- Invoice number
Then, easily export to Microsoft Excel for reporting. Users can even create and save their own custom, frequently-used reports to save time and overhead. All details are saved into the transaction history for easy access and quick reference at any time. Next time you’re asked why something was approved or not, you’ll be able to hand over all the relevant notes and attachments with ease.
Discover how you can get more visibility and drive accountability in your business
Save money and reduce rogue spending
Now you have real-time access and insight into budgets and spending patterns with an end-to-end overview of all budget information for all your expenses, putting a stop to rogue or fraudulent spending.
Use Fraxion’s budget control capabilities to view the details of pending, committed, and actual data broken down by budget period and GL account or project. Over-budget line items show up in red to quickly alert approvers of over-budget expenses without digging through paperwork. Or, you can optionally hard stop and display a custom message if requests are over budget. Configurable routing rules can save you even more time by routing requisitions for approval based on over-budget status or percent over-budget for greater controls over your spending.
With Fraxion’s browser-based e-procurement system in place, your company will gain full visibility into purchasing. Over time, this will translate into significant cost savings for several reasons:
- With full visibility into the purchase process, it’s much easier to identify fraudulent spending. Additionally, workers will think twice—or even three times—before trying to submit a fraudulent purchase.
- Rogue spending occurs when an employee buys something without going through the proper authorization channels, which can result in forcing your organization to absorb unnecessary expenses. With Fraxion’s e-procurement software on hand, your organization can end rogue spending.
- Gaining insight into your organization's spend does more than just track what employees buy, it also lets you audit spending by department, vendor, or other criteria. This helps you zero in on where to make improvements and determine whether or not you're getting the best deals and taking advantage of every available discount.
With Sarbanes-Oxley legislation, organization leaders find themselves even more responsible for keeping track of all financial statements. Fraxion’s improved financial controls and better oversight aid in becoming SOX compliant by empowering management to establish, maintain, and report on internal purchasing controls, aiding in SOX compliance.
Fraxion helps control corporate spending by allowing purchasing managers to track each requisition from initial creation through receipt and invoice processing, including:
- All spend requests are automatically captured in the database and available for audit.
- Purchase justifications and information requests made by approvers are captured in each transaction.
- Access to authorized vendors is controlled by Fraxion; new vendors are subject to management approval.
- Reports provide valuable insight into all procurement and expense authorizations.
- System security prevents unauthorized expenditures.
Fraxion provides preemptive control on purchasing, ensuring that your purchases are approved before the expenditure is made. For corporations concerned with SOX compliance, Fraxion is a natural fit.