Unified Accounting Integration for a Leading Cloud-Based eProcurement Software Company

The Client

Fraxion - A leading cloud-based procurement software company.

Background

Fraxion, founded in 1997, is a leading procurement software company that offers proactive spend management solutions to mid-market organizations. With over 1,000 clients and more than 200,000 users worldwide, Fraxion actively manages over $10 billion of spend. Despite their success, Fraxion faced challenges related to manual data import/export and the high costs of their existing accounting integration platform, Ipass.

The Challenge

• Manual import/export of data from Fraxion software to QuickBooks Desktop, QuickBooks Online, NetSuite, Sage Intacct, XERO, Dynamic 365 Business Central.
• Expensive per-user fees associated with Ipass platform, impacting Fraxion's bottom line.

The Solution

• Fraxion sought the expertise of Satva Solution, an accounting integration company specialist, to address their pain points and enhance their bottom line. Satva Solutions proposed integrating Fraxion's accounting processes across the SIX platforms in a phased manner.

Implementation

• QuickBooks Online Integration: Satva started by integrating Fraxion's software with QuickBooks Online, which initially presented challenges due to the complexity of the E-procurement domain. However, with a deep understanding of Fraxion's requirements, Satva successfully completed the integration.
• Expansion to Other Platforms: Following the success of the QuickBooks Online integration Service, our skilled QuickBooks Integration developers devised a detailed plan to integrate Fraxion's software with QuickBooks Desktop, QuickBooks Online, NetSuite, Sage Intacct, XERO, Dynamic 365 Business Central. Each platform was integrated systematically, ensuring a seamless integration process.

Results

• Cost Savings: The new integrated system eliminated the need for the expensive per-user fees associated with Ipass, resulting in cost savings of approximately $50,000 per year. This contributed to increased profit margins for Fraxion.
• Improved User Experience:The unified system allowed users to log in easily and securely, leading to higher engagement rates and increased customer satisfaction. This, in turn, resulted in a10% increase in customer retention rates.
• Revenue Growth: The enhanced user experience and streamlined accounting processes facilitated by the integrated system led to a 5% increase in revenue growth for Fraxion.
• Seamless Financial Management: Fraxion now had a unified system that enabled easy tracking of financial transactions, efficient account reconciliation, and accurate generation of financial reports. This streamlined their financial management processes.

Platform/Technology

• Database: Sql Server
• Programming language: C#
• Azure Q and Azure Function

Conclusion

By partnering with Satva Solution to integrate accounting processes across multiple platforms, Fraxion achieved significant cost savings, improved user experience, and experienced growth in customer retention and revenue. Our Unified Accounting Integration Service system provided Fraxion with efficient financial management capabilities and paved the way for future scalability and success.