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, $ amount requested, and whether it's a one-off or recurring expense.
*This feature is only available to Professional Plan users. If you are an Essentials customer, you will only have access to a single default approval policy!
How to create a custom Approval Policy:
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Click on the "Settings" tab on the bottom left and scroll down to "Approval Policies."
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Click on the blue "+" and then the "Approval Policy" button on the bottom right corner.
Customize your Approval Policy:
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Add a policy name - e.g. Onboarding Expenses, WFH Stipend, Sales Team Expenses, etc.
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Assign this policy to one or multiple Teams.
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When a Spender indicates selects their Team on a request, the corresponding policy will populate.
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Select the card request type, single-use or recurring.
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Recurring expense: This should only be selected for recurring spending, such as software subscriptions, vendor payments, advertising or monthly benefits.
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Single-use: This is designated for one-off expenses like onboarding, hardware, office supplies, incidentals and more.
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Adding Multi-layered Approvals
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Assign different levels of approval (can be Managers and/or Admins), custom to the Team, card type and amount requested.
Ex:
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Level 1: If a single-use card request is between $1 and $300, the Manager X is the sole approver.
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Level 2: If the card request is between $300 and $1,000, the Manager X must first approve, and then the Admin X.
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Level 3: If the card request is over $1,000, Manager X, Admin X and then Admin Y must approve
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Each approver will be notified via Slack or email that a request has been submitted and is awaiting their response
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Click "Save"
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Approval Policies can be edited or deleted at any point.
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Once an Approval Policy has been assigned to a Team, the approver flow will populate when a Spender initiates a card request.
Default Approval Policies
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
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