For organisations in the Public Sector, corporate governance and financial control is paramount. Public funds need to be managed rigorously and with limited resources available, it is important to derive the utmost value from suppliers and agreements. All costs must be authorised, within budget and accounted for, with clear visibility of expenditure for auditing purposes.
This sector is often burdened with manual processes, archives of paper invoices and cumbersome systems. With no visibility of how funds are being spent and no policy enforcement tools in place, governance issues and mismanagement of funds can arise.
There is a growing need for technology to simplify processes, increase efficiency and enforce policies and control in the Public Sector. Municipalities and SOE’s can achieve clean audits by eradicating procurement irregularities and fruitless expenditure by deploying technology that imposes pervasive financial control.
“The use of Fraxion has cut down on paperwork and administration time for financial staff. Since we started using Fraxion the staff’s frustration levels with regards to chasing down paper and awaiting spend authorisations has decreased significantly. Not only has our entire control framework with regards to indirect expenditure strengthened, but we now have access to real-time, granular information that allows us to make meaningful management decisions in a timely manner.”
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