Spend management for a fast growing marketing agency
What do you like best?
I love how it helped us move from our executive assistant managing all purchases to enabling the team leads to doing so. It allows our team members to be remote (we have a virtual team) and it being a SaaS solution was a requirement for us. I love how we can start small with the price per user model, and it grows with ups. We are also thinking of European expansion os the multi-currency feature is great.
What do you dislike?
It's still a bit "big" for our size, but I think we will grow into it as we are growing fast. It does mean we need to invest now in setting this system up, and implement some process around it. This is an extra burden now that Kalungi is still small, but I think it's worth it as we are growing. We are going to integrate Fraxion with Quickbooks, which I love, but they don't integrate with Hubspot yet...and that would allow me to also track spend on marketing ads. This is a minor shortcoming though.
Recommendations to others considering the product:
Make sure to check out the integration with Quickbooks or your accounting software package. It will make things much easier, and the Fraxion team was working well with us to get that set up correctly.
What problems are you solving with the product? What benefits have you realized?
Get spend under control. As a founder, I was losing track of who was using our reimburse credit cards to buy things, but I also did not want to create too much friction, since the team needs to be able to move fast and buy what they need to do their jobs. While our amount of transactions is still low, under about 100 per month, even those used to take up multiple steps including my time as a founder to either approve or give someone my credit card number. Now that we have Fraxion this is saving just me over 20 hours a month, and across the team probably at least 60-80 hours....with an hourly rate of at least $100/hour, that's a $5000+ savings per month, so it's a great ROI.
