Fraxion
Fraxion is top-rated purchasing software designed for automating procurement processes. We recommend It to mid-market businesses looking for ways to improve spending and approvals. This software is useful across multiple industries and can integrate with several accounting solutions to cover the entire workflow.
However, larger organizations with complex accounting needs might not be a good fit for Fraxion. Similarly, smaller companies with many PunchOut partners may not be able to afford the costs.
- Mobile app for on-the-go access, particularly useful for reimbursement
- Monthly subscriptions offer low per user cost
- Offers insights into spending patterns
- Reduce approval bottlenecks
- High implementation costs compared to other developers
- Additional PunchOut vendors are $60 per month
- Not suitable for larger organizations with more complex accounting needs
- Developer Fraxion
- Client OS iOS, Android, Web
- Deployment Cloud or On-Premises
What is Fraxion?
Fraxion is a suitable software that can automate purchasing and AP processes and manage operational spending. This solution can be used company-wide and streamlines finance, purchasing, and procurement processes for companies across industries. It replaces manual, paper, email, and spreadsheet-based processes with automated procure-to-pay efficiency.
Our Ratings
| Usability - 9.7 | Has a modern and responsive interface; highly visual and customizable dashboard; lets users easily create requests and move them through the approval process. |
| Support - 9.6 | Includes support with subscription; all support begins with email communication, which may then lead to calls by phone or online; a consultant will be available for assistance for the first 30 days after implementation. |
| Features - 9.5 | Straightforward purchase order management that covers the entire lifecycle of a purchase; reporting tools offer analysis of spending to inform process improvements. |
| Security - 10 | Data can be imported and exported through an open API. |
| Value - 9.0 | Offers three plans based on company size. The Small Business plan starts at $399/month. |
| Performance - 9.3 | Functionality was fast and responsive; slight delays over Wi-Fi connection; no other slowness or performance issues. |
| Scalability - 9.5 | Plans begin with 5 users and can expand to hundreds or even thousands of users; integrations with accounting software streamline other workflows. |
Report Analysis
Along with purchase order and approval tools, Fraxion offers a unique analysis of purchasing performance. Users can see how their approval process compares to other Fraxion customers (without specifics, of course). For instance, they can know that their turnaround on invoices is longer than other businesses. This knowledge can lead to changes and improvements in how invoicing tasks are done.
Mobile App for Faster Reimbursement
When employees are on the road or away from the office, getting reimbursement receipts can take time. Fraxion’s mobile app allows employees to take photos of receipts as they create them, allowing them to submit them for reimbursement approval instantly.
Accounting Integrations
Fraxion integrates with several third-party accounting solutions to streamline financial operations. A few options include:
- QuickBooks
- Sage
- Acumatica
- Xero
Other integrations beyond accounting include:
- MRI
- Amazon Business
- Oracle NetSuite
- Microsoft Dynamics 365
The Microsoft integration includes the Binary Stream extension.
What Features Are Missing?
- Lower implementation costs: Fraxion has higher implementation costs than some of its competitors, making the pricing a bit steep for smaller businesses or startups. However, once those initial costs are taken care of, the per-user cost is comparatively low.
Pricing Plans
| Small Business | Mid-size Business | Large Business |
|---|---|---|
| 10-25 employees | 25-100 employees | 100+ employees |
| $399/month | $749/month | Request a quote |
Alternatives
Summary
Based on our experience with Fraxion, we would recommend this software to companies looking to automate their procurement processes. It’s also ideal for growing businesses, as it’s easy to add new users and expand into other departments.
Due to higher implementation costs, we would not recommend this software to companies with smaller budgets.
User Reviews of Fraxion
Write a Review
a major move forward for us since deploying Fraxion
It has been a major move forward for us since deploying Fraxion in educating our staff that following the correct processes when requesting approval to purchase goods and services is how we manage risk and protect our organization. The way that each item is ‘locked’ in Fraxion until the required approval is given means everything that must happen is consecutive. Without this process then it becomes
We’re just so much more efficient
We turned to Fraxion as a way to automate our purchasing process. Before we were filling out forms in triplicate, then had to get a number of signatures for approval. Now we’re just so much more efficient. Fraxion’s spend management platform automates procurement and expense processes. Spend limits can be set, approvals are expedited, and a complete audit trail is always digitally available for full transparency.
We primarily use Fraxion for purchase orders and approving expenses. It seamlessly integrated into our Microsoft Dynamics GP accounting system, which helps make our workflow a lot quicker. Overall, I’d say we’ve eliminated something like 90 percent of our paperwork"
Ease of use and simplicity of the system
Fraxion requires that all operational/club level management follow the same procedure with regards to procurement, which creates uniform workflows, documentation and processes. This eases up the workload in the finance department due to the centralization of all requests and purchase orders. Audit trails, compulsory approval workflows and a vast record of historic procurement documentation allows for missing transactions and other queries related to procurement to be resolved without difficulty. Fraxion also scales well as we are continuously expanding as a company. Ease of use and simplicity of the system enables new users to phase into the workflow effortlessly.
Improved transparency and productivity in procurement
Before Fraxion, the purchase request, ordering and approval process was largely slow, bureaucratic, manual and paper-based. Fraxion has singularly improved transparency, eliminated 90% paperwork, cut approval times in half and summarily improved productivity in procurement. Fraxion has also allowed the continuation of work processes during the COVID-19 pandemic and has ultimately been a cornerstone to the Technology Support Services Digital Transformation Strategy.
Fraxion Review
Fraxion has streamlined our purchasing and procurement process tremendously. And it definitely has alleviated the need for our buyer to do so much manual work. We have better accountability in tracking approvals.
Fraxion interfaces seamlessly with our Microsoft Dynamics GP
Fraxion is really easy to use. It’s kind of like when somebody picks up an iPhone, they can start using it immediately, it’s so intuitive. We definitely get a good return on investment. What’s more, Fraxion interfaces seamlessly with our Microsoft Dynamics GP finance system and keeps the full approval flow, so it’s easy for auditors to see that everything’s correct.
Fraxion gives me more transparency
Fraxion gives me more transparency, so I can see everything I need to see. I don’t have to check up on people. So it definitely gives me a lot more time to do other things that I should be doing and allows me a level of peace of mind that the system is doing what it needs to do. I don’t have to rely on people to be amazing because the system is.
Fraxion Review
We were able to start with the system with only 10 users and it has easily scaled with us to almost 400. It’s allowed us to save at least 4-5 jobs in purchasing.
Ease of use and simplicity of the system
Fraxion requires that all operational/club level management follow the same procedure with regards to procurement, which creates uniform workflows, documentation and processes. This eases up the workload in the finance department due to the centralization of all requests and purchase orders. Audit trails, compulsory approval workflows and a vast record of historic procurement documentation allows for missing transactions and other queries related to procurement to be resolved without difficulty. Fraxion also scales well as we are continuously expanding as a company. Ease of use and simplicity of the system enables new users to phase into the workflow effortlessly.
Very intuitive interface
Very intuitive interface. Most users were able to pick up how to use it with minimal training. Previously, in MS Dynamics SL the interface was so difficult people simply stopped submitting purchase order requests. With Fraxion, we have nearly 100% compliance.
Fraxion Review
We were able to start with the system with only 10 users and it has easily scaled with us to almost 400. It’s allowed us to save at least 4-5 jobs in purchasing.
Very intuitive interface
Very intuitive interface. Most users were able to pick up how to use it with minimal training. Previously, in MS Dynamics SL the interface was so difficult people simply stopped submitting purchase order requests. With Fraxion, we have nearly 100% compliance.
Search capability is almost non-existent
enter purchase request and enter charge code and method of payment- upload bill - approval email goes out. Request approved or denied. Record
Pros
online record of bills
Cons
Search capability is almost non-existent. Filtering means 0 results. at best, I pull up ALL invoices for a year and move to excel and then search.
- Education Services
- 251-1K employees
- Annual revenue $100M-$250M
Fraxion Review
This is a solid product for automating requisition and purchasing workflows and process. An excellent software choice for paperless automation. Product deals with routing and workflow quite well for a reasonable initial product cost.
