Approval Policies and Smart Approval workflows allow you to define and enforce your spending for Teams right within Float!
With policies in place, Spenders can submit spend requests, triggering a custom approval workflow with one or more approvers. These policies can be customized based on the Team, the amount requested, and whether it's a temporary or recurring expense.
Note: Multiple approval policies are available only in the professional plan. The essentials plan allows one editable default approval policy. Reach out to firstname.lastname@example.org to upgrade!
Default Approval Policies
If you are on the essentials plan or if a Team has not been indicated by the Spender, a "Default Approval Policy" will automatically be applied.
The levels of approval for this policy can be edited by going to "Settings" → "Approval Policies" → "Default Approval Policy"
How to create a custom Approval Policy
Approval policies live within your account settings. To create a new approval policy:
- Navigate to "Settings" → "Approval Policies"
- Click "Add Approval Policy" on the top right corner of the page
- Customize your approval policy:
- Add a policy name (e.g. Onboarding Expenses, Sales Team Expenses, etc.)
- Assign this policy to one or multiple Teams. This will determine the approval workflow for requests submitted by spenders within the team.
- Select the card request type, recurring or temporary.
- Recurring expense: This should only be selected for recurring spending, such as software subscriptions, vendor payments, advertising or monthly benefits.
- Temporary Limit: This should be selected for any one-time spend (such as a work travel trip or a team lunch) that will have a specific expiry date.
Adding Multi-layered Approvals
Approval policies can have multiple approver, they can have different levels of approval based on the amound and type of limit as well! Here’s a how to on implementing these controls.
- Navigate to "Settings" → "Approval Policies" → Approval policy you would like to edit OR start crearting a new policy
- Choose a first approver(s)
- Click “+Add Approval Step” and add as many layers of approval as you need!
Approval levels by expense type
Approval workflows are not the same for recurring or temporary limits. Toggle between the expense type to see what your policy looks like for each.
Approval levels by amount
You can add or reduce the approval steps and change approvers based on the amount of the request! Within the approval policy editor Click “Add Level” and choose the expense threshold for this level. You can now select a new approver and add an approval step for spend requests above this amount!
Approval levels are not the same for different expense types. You will have to create separate levels for recurring and temporary expenses.
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