Approval Policies and Smart Approval workflows allow you to define and enforce your spending for Teams right within Float!
Spenders can submit spend requests and reimbursements, 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 support@floatfinancial.com to upgrade!
How to Edit Default Approval Policy
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.
To edit the Default Approval Policy, please navigate to "Settings" → "Approval Policies" → "Default Approval Policy"
How to Create a Custom Approval Policy (Professional Plan)
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.
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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 approvers. The policies can have different levels of approval based on the amount and type of limit! Here’s a how-to on implementing these controls.
Multiple Approvers
- Navigate to "Settings" → "Approval Policies" → select the Approval Policy you would like to edit or create a new one.
- Choose a first approver(s)
- Click “+Add Approval Step” and add as many layers of approval as you need!
Dynamic Approvers
Dynamic Approvers is an option for admins to assign a dynamic value for an approver when creating an Approval Policy that follows the organizational hierarchy. There are three options for the Dynamic Approvers - First-Level Manager, Second-Level Manager and Third-Level Manager.
First Level Manager - The direct manager of the employee (or team manager, if a team is selected) computed dynamically based on who is making the request
Second Level Manager - A user's First Level Manager's manager. If this user doesn’t exist in the organizational hierarchy, their step is skipped.
Third Level Manager - The Second Level Manager's manager.
If you would like for an approval policy to be directed to the user's direct manager, choose one of the listed managers under "Dynamic Approver" in the drop-down.
You can also choose to select a specific manager or administrator as an approver for any step, by searching their name directly.
Approval Level 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.