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Fraxion Spend Management

By Fraxion

Current Version: 5.0 
Product Description  


General Purchasing: Electronically manages request creation, quoting, full budget visibility, approval of a request, PO generation, receipting and the processing of an invoice against receipt, enabling departments to reduce unnecessary costs.

Capital Expenditure (Capex) Management: Allows the capturing of essential information regarding fixed assets during request creation, ensuring maximum efficiency when integrating with your ERP or accounting software package.

Travel Request : Facilitates the entire process of travelling; from the request creation through to the processing of an invoice, the generation of a travel itinerary, acknowledgement of travel costs incurred, and the processing of an invoice against the travel costs.

Expense Claims: Keeps your organisation on budget and ensures expense request approval and processing runs efficiently throughout your organisation.

Leave Management: Enables the organisational policies and procedures that govern employee leave to be viewed easily, while ensuring the completeness and validity of all types of leave taken by employees.

Petty Cash: Automation of this often time-consuming manual process allows real-time visibility and effective reporting.

Supplier Management: Ensures that potential suppliers are properly approved and authorised, eliminating duplication, poor categorisation and missing profile information. With Supplier Management, you can easily apply organisation policies and controls to the entire take-on process. Fraxion also supports additional classification of suppliers (e.g. to comply with preferential procurement policies) for reporting and decision support.

Invoice Management: Ensures that invoices are matched to purchase orders and proof of delivery notes, eliminating duplication, over spending and paying for products not delivered and services not rendered. Enforces the application of organisational policies and controls to purchases made with or without purchase orders. Transactional efficiencies are gained when paper-based invoices are electronically processed through Fraxion while real-time visibility of invoice due dates enables advantage to be taken of vendor discounts for early payments.

Credit Note Management: Consistently applies your organisation’s credit note policy and the maintenance of strong audit controls over the entire process while ensuring prompt processing and real-time commitment updates to your budgets.

Quotation Management: Ensures that requestors are able to interact electronically with the procurement department and helps enforce quotation policies. With Quotation Management, the requestor is able to add multiple quotes and images to each request, providing a comprehensive audit trail.

Receipting Management: Ensures that requestors are able to receive goods and services in a distributed environment. With Receipting Management, you can easily capture proof of delivery and relevant images to each line item, whether fully or partially received. Tolerance level management ensures exceptions are dealt with systematically and commitments are updated instantly.

Integrated Report writing: Allows analytical insight into spending patterns using embedded Microsoft SQL Reporting Services. Reports can be easily created and exported into multiple formats.

Business rules engine: Permits an organisation’s delegation of authorities, risk-management policies, approval hierarchies and authorisation workflows to be easily configured. Each spend activity is able to support a unique workflow that encompasses any combination of line-manager-based approvals, cost centre- or department-based approvals, project management approval, environmental or “green” approvals, group/committee-based approvals as well as non-financial approvals. The system supports automatic escalations and provides proxy support for out-of-office approvers.

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Note: The vendor profile above for (Fraxion Spend Management
) is not written by Accounting Software 411. Information is provided and maintained by the vendor Fraxion and/or by third party sources. Accounting Software 411 confirms basic company data prior to posting a profile. The above information is not a review or endorsement by Accounting Software 411 of the product.

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