As a financial controller, it's essential to ensure that your company's spending policy is well-communicated throughout the organization. With the latest update on the Reap Platform, organization admins can now easily configure rule-based approval policies, set up spending thresholds that require approval, and make it crystal clear to everyone in the organization.
What does the approval policy feature cover?
With the Reap system, administrators can establish an approval process that aligns with their company's spending policy. This process involves setting rules for when approvals are required, such as when creating a new card or making a payment through Reap Pay. The rules determine the approval amount, the person responsible for approving the request, and who made the request. By configuring these rules, administrators can ensure that all expenses follow their company's spending policy.
Why do organizations need it?
- Encourage a healthy spending culture: Implementing spending controls with increased visibility encourages a healthy spending culture. Employees become more accountable and empowered to make purchases when necessary. By complying with approved policies, both employees and managers have peace of mind that spending aligns with approved policies.
- Easy setup without a detailed spend policy: This feature is best for organizations that have simple approval layers and hierarchies. Users can easily turn permission rights on and off for individuals and set up an approver for certain spending requests on the dashboard with a few clicks.
What are the prerequisites for using Reap's approval feature?
- Assign roles according to the approval layers: When inviting a new member as a Reap user, make sure to assign them to the right role. This ensures they fall into the approval policy created next.
- Identify the approver: By identifying the approver for different actions, approval policies can be set up easily. Internal spending policies can always be referred to if the organization has formulated one before.
To view how it works in our dashboard, please click this link.