Fraxion Spend Management Features

Creation of expense reports takes little time and is intuitive for new users

Provides various methods to easily capture receipts digitally and can automatically parse receipts to create expenses report entries. Methods may include mobile photos, desktop drag and drop, etc.

Enables easy entry of expenses in other currencies and converts to expense report currency

Creates travel itineraries based on booking

Can easily capture receipts, parse receipts and convert/assign them to a report from mobile device

Provides standard connectors for popular Finance, Payroll, HRMS and CRM systems

Routes Timesheets, Invoices, Expense reports through approval process. Easy to maintain and administer

Sends automatic reminders to employees that have not completed expenses reports and/or timesheets

Enables administrators to create rules that enforce compliances of corporate time and expense policies

Grant access to select data, features, objects, etc. based on the users, user role, groups, etc.

Access pre-built and custom reports and dashboards.

Application Programming Interface - Specification for how the application communicates with other software. API's typically enable integration of data, logic, objects, etc. with other software applications.

Enables users to view and transact business with the same content in multiple languages and currencies.

Software is consistently available (uptime) and allows users to complete tasks quickly because they are not waiting for the software to respond to an action they took.

Allows software to be easily used on multiple mobile devices include phone and tablet devices.

Offers embedded AI/machine learning

Provides workflow for complex approval structures

Consolidates procurement data from multiple systems such as ERP systems and supply chain suites.

Define rules and workflows that managers can use to approve different kinds of spending.

Align spending across various departments such as procurement and accounting.

Use historical spend data to create benchmarks per company or department.

Identify savings opportunities per activity, department, or at the company level.

Manage workflows and business processes for procurement.

Maintain a repository of content such as catalogs and other documents.

Define requisition rules for various types of procurement.

Manage workflows and business processes for procurement.

Maintain a repository of content such as catalogs and other documents.

Define requisition rules for various types of procurement

Identify and assess suppliers for different products and services.

Create and manage purchase orders for products and services.

Include features for procurement invoicing and e-invoicing.

Identify and assess suppliers for different products and services.

Electronically create and manage purchase orders for products and services.

Include features for procurement invoicing and e-invoicing.

Improve visibility into procurement activities across the company.

Monitor the performance of procurement operations.

Analyze procurement spending and identify future trends.

Provide benchmarking options for comparison with peers

Deliver reports for compliance purposes

Track invoices based on due dates to identify overdue payments

Ability to compare AP automation metrics with other companies

Monitor KPIs such as time to process an invoice or erroneous payments

Monitor KPIs such as time to process an invoice or erroneous payments

Improve visibility into procurement activities across the company.

Monitor the performance of procurement operations

Analyze procurement spending and identify future trends.

Monitor KPIs such as time to process an invoice or erroneous payments

Consolidate information from multiple sources or multiple entities

Classify information by category, supplier, or supplier

Integrates with ERP systems general ledgers for transfering of AP transaction data

Provide features to capture invoices such as import or scanning

Allow suppliers to submit invoices using an online portal

Deliver a central repository of AP documents, such as POs and invoices

Provide features to capture and record invoices, such as import or scanning

Deliver a central repository of AP documents, such as POs and invoices

Ability to match AP invoices to POs, contracts, or payments

Include workflows for approvals and invoice processing

Comply with local and global tax regulations for collections

Include workflows for approvals of invoices or payments

Process multiple invoices without human intervention

Match invoices with purchases and sales orders, as well as with payments

Ability to match AP invoices to POs, contracts, or payments

Include workflows for approvals and invoice processing

Comply with local and global tax regulations for collections

Provide integration with accounting and financial management software

Integrate with payment gateways and enterprise payments software

Deliver integrations with accounting modules of ERP systems

Provide integration with accounting and financial management software

Deliver integrations with accounting modules of ERP systems

Provide integration with accounting and financial management software

Deliver integrations with accounting modules of ERP systems

Use criteria to add or remove suppliers to/from approved lists.

Capture and maintain documents related to suppliers and their products or services.

Compare goods received with purchase orders and document variations

Allows users to evaluate supplier performance using standard and custom KPIs.

Provide features to compare suppliers and choose the best option for various activities.

Create and manage supplier profiles that include contact and pricing information.

Identify the services and products provided by suppliers, as well as certifications.

Track history of all interactions and business transactions with suppliers.

Reduces future risks through root cause analysis and process improvement

Reduces frequency of errors, identifies risk and improves efficiency

Scores suppliers and employees based on risk factors

Identifies and recoups funds and prevents errors from happening again

Offers reporting to aid in minimizing future lost profits and process breakdown

Approve, reject, or query historical payment transactions to identify anomalies

Includes a library of audit-tested filters to identify AP outliers that are outside company policy

Conducts a post-audit analysis of large volumes of data to identify historical payment errors and automatically generate claims

Detects and prevents a wide range of overpayment errors

Detects and prevents a wide range of duplicate payments

Enables automatic checks of new vendors being set up in the system to combat potential billing schemes

Generates comprehensive data needed to conduct a thorough investigation

Provides continuous, proactive fraud monitoring across multiple systems and data formats

Constantly evaluate AP transactions to optimize workflows

Strengthens process controls by using analysis to proactively reduce errors before they happen and detect fraud risk

Report on spend transactions as they happen in real time

Reports that allow the user to sort and filter by vendor, team, GL, department, etc.

The ability to export reports in various formats, such as excel, CSV, and Google Sheets

Report on and track spending against budgets

Reports on the status of invoices or payments

Run reports on customer credit

Tracks all transactions, from issuing invoices to payment reminders to receiving payment

Real-time notifications for fraudulant and/or duplicate spending

Integrates with accounting or similar platforms

Integrates with ERP systems

Integrates with Corporate Performance Management platforms

Manages credit limits based on customer credit scores, payment history, or other financial metrics

Creates or imports invoices

Collects different payment types and manages payment terms

Offers customizable approval processes for all types of transactions

Reconciles payments to invoices to ensure matching

Ability to break down and plan multi-step processes

Makes informed choices based on available data and objectives

Anticipates needs and offers suggestions without prompting

Makes informed choices based on available data and objectives

Capability to perform complex tasks without constant human input

Works across multiple software systems or databases

Works across multiple software systems or databases

Improves performance based on feedback and experience

Anticipates needs and offers suggestions without prompting

Capability to perform complex tasks without constant human input

Anticipates needs and offers suggestions without prompting

Makes informed choices based on available data and objectives

Capability to perform complex tasks without constant human input

Sends automated messages and reminders, resolves disputes, or does proactive outreach.

Responds to basic questions from inbound emails.

Analyzes past transactions to make a prediction of when future payments are likely to be paid.