Implement controls at every stage, from approvals, to amounts of spend, to expiration dates. With clarity and compliance, everyone is happier.
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When you switch to a rule-based approach to policies, the system does the enforcement and documents compliance.
For virtual cards and purchase requests, approvals are up front before spending happens. They can be specific to a department or spend threshold.
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Develop custom approval workflows so that budget owners can see what is being requested before money is spent. Place limits on physical cards to control for amount, or expiration date, so that subscriptions are not automatically rolled over. Set policies for reimbursable expenses so that only allowable expenses can be submitted.
Need software spend from Marketing to be approved by IT? Not a problem. Simply create a rule for all requests for software or hardware purchases to be routed to a member of the IT department, in addition to the manager’s approval.
Approval groups allow your teams to get spend approvals from any member of a group, fast. Employees will spend less time waiting, and more time being productive.
Requests for approvals are automatically routed to the required approver(s) via email and Slack to allow for rapid turnaround. The Airbase mobile app allows your teams to get the approvals they need while on the go. Approvers can ask questions about a request from within Slack so that issues can be easily resolved before a purchase is made.
Software-enabled corporate cards mean that you have control over the amount that can be spent on a card in any one transaction, or in total. Admins can make more funds temporarily available for an employee who is traveling, or for a department who needs to make large purchases for a specific project.
Admins can also place time limits on a card by setting an expiration date to control subscription renewals.
Virtual cards can be vendor-specific to improve tracking and to limit possibility of fraud.
Cardholders receive alerts when there is suspicious activity on their cards. When an alert is a warning, cardholders can carry on with purchases without interruption, and when an alert is more serious, cardholders must verify activity before making further purchases.
Use spend requests and approvals to ensure that company expenses are pre-approved before employees make purchases.
Set flexible spend limits to prevent overspending or to provide stipends on any timeframe.
Use settings to establish approval workflows that reflect your company’s policies. Establish who should approve what type and amount of expenditures.
Give every manager access to real-time spend for their department. Alerts let users know when a spend is a possible duplicate.
“Our biggest challenges in regards to controlling our expenses in the past were around the approval workflows. With Airbase, we were able to establish a clear, repetitive, and consistent approval process. Because everyone is on Airbase and managers approve their teams’ costs, there is clear visibility and responsibility for spend.”
