Approving Spend
Successful spend management starts with enforcing the approval of all spend requisitions. Every transaction that passes though Fraxion starts its life as a request that has to be approved before it can become an actual cost to the organisation. The request can only be actioned when it is fully approved by all managers in a designated chain of approval, a process which can be as simple or as or as rigorous as is required. Each user in this chain has a restriction on the maximum monetary amount for which they are allowed to approve.
If an approver is not allowed to approve requests for the amount requested, it will move on to the next manager, until it is approved by someone that is authorised to approve the requested amount. Fraxion accounts for a number of different types of requisition approval, including Management, Project and Cost Centre Approval, all fully configurable by spend activity.