What Is a Decentralized Organizational Structure?

The way we work is changing constantly. Employee expectations are shifting, smarter technology is on the horizon and the needs of our customers are evolving too. More and more companies are transitioning their internal structures to be more decentralized, which is giving greater autonomy and decision-making power to all employees. Let’s explore why we’re seeing a spike in companies moving toward a decentralized structure and how it’s driving stronger growth and innovation.

What is a decentralized organizational structure?

It’s when a company chooses to spread out their decision-making power to all of their departments versus limiting it to just the leadership team. It’s about ditching traditional hierarchies and inviting a more collaborative approach by encouraging every employee to have a say in what goes on. It also makes use of the diverse expertise of employees within every team and invites new perspectives into key decision-making so you’re never stagnant and always innovative. 🙌

It keeps you in the fast lane 🏎

When managers delegate decision-making power to other teams, productivity goes up. ⬆️ A decentralized structure allows managers to make the best use of the talent, expertise and resources available so they can move fast and go-to-market quicker. It’s the perfect detour to avoid the typical bottlenecks that happen in a centralized organization where a chain of command “approves” all decisions. For startups specifically, this decentralized structure not only develops high-powered teams, but it fosters responsiveness and innovation for rapid growth and scalability. 🚀

Let’s say your customer service team receives a complaint about your SaaS product. The customer is upset and needs a response as soon as possible. Instead of placing the customer on a long hold to connect with upper management, a decentralized structure gives your rep the authority to address and resolve the issue on the spot. Not only does this save time and frustration for both parties, but it improves the customer service experience tenfold.

It fosters more informed, rapid-fire decision-making 🔥

Your employees are the ones on the playing field. They’re directly communicating with key stakeholders, managing critical operational tasks daily and therefore have access to valuable insights about the business. So, why not invite their perspectives in? In a centralized organizational structure, major business decisions are often made without any input from employees and consideration of how it will impact their work. A decentralized structure, however, invites all perspectives in. 🙋🏾‍♂️ It not only increases the quality of ideas and innovation for projects, but it cultivates a more informed strategy by taking into account real customer pain points that managers wouldn’t always be aware of. Shifting decision-making power to employees also frees up a lot more time for managers so they can focus on leading and other strategic priorities.

It empowers employees and boosts company culture 😃

Expectations in the workplace have shifted. Today, employees are interested in more than just earning a paycheck. They are looking for more purpose in their jobs and given that the majority of their time is spent at work, they want to feel valued and that their input matters. A decentralized structure gives employees and teams the opportunity to be actively involved in key decision making and impact where the company is headed.👍🏼 This type of structure gives employees more autonomy and reinforces that leadership trusts and values their work. When employees feel valued and are encouraged to contribute their ideas, they are more likely to be engaged, productive and do their best work. 🤩

How does Float support a decentralized structure?

Float gives companies what they need to make strategic decisions fast, without any bottlenecks. Our spend management software and corporate credit cards have eliminated expense reports entirely and invited a more efficient way to manage and control spending in your organization.

Unlike your average bank, Float makes it possible for managers to issue corporate cards to employees in 3 days or less and approve purchases in real time. 💸 Employees can easily submit spend requests with the freedom to make timely spending decisions, making it easier to move forward with innovative ideas and projects. 👏🏼

Float fits the mold of a decentralized structure because our software by design drives productivity, gives employees creative and financial autonomy and provides real-time insights to make important decisions faster and with greater accuracy.

Want to learn more about Float? Connect with us today.

Why Virtual Cards Are More Secure Than You Think

Well, they’re the same as the credit card you use every day. The only difference is that you can’t hold it in your hand. A virtual card comes with its own credit card number, an expiry date and even that three digit code on the back. They can easily be used online without exposing your primary credit card information to any wandering eyes. 👀 

As our world evolves to be more digital, the measures companies take to protect sensitive financial and personal information need to change too. With more of what we do living in the cloud, startups need to be extra vigilant about how they handle their financials. 
Now you might think virtual cards are digital – are they safe? Along with a new level of convenience and expediency for businesses, one of their biggest benefits is how secure they are. Here’s why.

The numbers always changing 🔢

Your average physical credit card is assigned a number that always remains active. Virtual cards on the other hand are always changing and generate unique credit card numbers based on a specific timeframe. This makes it a lot harder for them to get compromised. If your employees are constantly making purchases with a virtual company card and a website autosaves this information, it will only be valid for as long as the number is active. 👍🏼

Control the validity and usage 💳

Virtual cards enable finance teams and managers to set expiration dates based on their intended use and spending limits. For example, if a marketing team is headed to New York City for a conference over the weekend, their virtual cards can be validated for that specific timeframe with a hard spending limit that can’t be exceeded. This is a great way to stay on budget, control spending within a specific team and prevent any unauthorized purchases. It also eliminates risk as it relates to cards being compromised during business travel.

Say goodbye to long wait times from the bank 🐌

It’s no secret that hackers have become way more sophisticated in collecting credit information online. If this happens to an employee in your organization, not only do you have to contact your bank, cancel the card and wait 7 to 10 days for a new one, but it can put any other credit cards in your organization at risk. 😨 If there’s only one card floating in your company, then this could throw a wrench in your operations and require you to bring personal credit cards for the time being. No one wants that! Instead, virtual cards like ours at Float can be approved and delivered in a matter of days so you can get back to business in no time. 💳💨

Keep a closer eye on expense fraud 🕵🏻‍♂️

You’re also going to want to ensure transactions made internally are secure too. Virtual cards along with spend control software are the best line of defence against false or inflated expense claims by employees. Financial controllers are able to set category spend controls and instantly notify employees to submit receipts, while automatically matching the transaction with a receipt. This greater oversight allows finance teams to monitor all company transactions to keep tabs on where corporate funds are going and why. 💸

Float introduces a smarter, more secure way to spend

Our virtual cards and automation software were designed to save companies time and money, while providing an efficient, stress-free and more secure spending experience for teams. Easily issue virtual and physical cards to your team, set spending limits and gain better oversight on your company financials. At Float, we’re in the business of making things as fast and simple as possible. That’s why we took it a step further and made it possible to get your team approved for virtual cards in one day and delivered in three. 🙌

Let’s Make Smarter Spending Your 2022 Resolution

A new year is the perfect time to have a clean slate. If you’re leading a startup, it’s a great opportunity to introduce new processes and leave the inefficiencies of the past year behind you. Use this first month of the new year to make business decisions or “resolutions” that will benefit you well beyond the next 12 months. A great place to start is changing the way you manage and control corporate spending with smart spend software. Let us tell you why.

Automate and hit the ground running 🏃🏻‍♂️💨

Smart spend software transforms the entire expense and spend management process by automating everything from invoice processing, spend approvals to recording transactions and issuing physical and virtual corporate cards. It quickly captures and stores all financial data online in real time and eliminates the tedious tasks that come with managing corporate expenses on a daily, monthly and annual basis. By simplifying employee access to corporate cards (no banks required), business purchases can be made easily without ever having to bring personal credit cards into the mix.👏🏼  So, in 2022, your finance team can axe those long hours inputting data and filing receipts and use their time to focus on more important work.

New year, better expense management

‘Tis the season for year-end accounting. If you’re currently in the middle of getting your ducks in a row and aren’t using smart spend software, listen up! 📣  When companies wait until the end of the year to gather receipts and review what they’ve spent, they often find themselves buried in expense reports and dumbfounded by the money they’ve spent. 🤯  With smart spend software, all of this can be put to bed. Expense reports are eliminated altogether, you can track spending in real time, prompt employees to submit receipts and easily review expense requests and approvals without ever having to chase anyone down. 

Tracking expenses on a daily basis gives you greater visibility into how your company is spending all year round, allowing you to establish clear financial policies, develop more strategic budgets and make year-end a happier time for everyone.👍🏼

Create a healthy company spend culture 😊 💵

A healthy spending culture is when an organization has the proper processes in place to manage and track spending.  It empowers companies, especially startups, to get everyone on board in the quest to spend smarter – that includes employees too. Smart spend software enables finance teams to set these foundational financial policies and spend controls that employees can understand and follow on a daily basis. It holds employees accountable to strategic budgets and workflows to keep everything organized for finance teams. Smart spend software also makes it easier for companies to issue physical and virtual corporate cards to employees, empowering them to make spending decisions and act on innovative ideas without a complex chain of command. All this together will evoke a healthy spend culture with improved operational efficiency and happy employees who are given greater autonomy and are more engaged to do their best work. 🤩

The countdown to smarter spending starts with Float 💸

Float gives businesses the power to set smarter spending goals and improve the way they manage their money. Our smart automation spend software and virtual cards bring greater efficiency, accuracy and oversight to your financial operations – all the things you want in your organization for 2022. 🙋🏼‍♂️

To learn more about how Float can help you start 2022 with a bang, connect with us today! 🍾

Upcoming Release: Team Management

Allow us to introduce to you Team Management! ⭐ An entirely new feature that allows organizations to create departments and assign specific managers within Float to empower smarter spending within teams. Team Management takes the load off your finance team by giving managers more responsibility to control budgets, while keeping financial data exclusive to administrators and finance controllers for review. 👀

When teams don’t have control over their spending, enforcing financial policies is difficult, tracking expenses is a total nightmare and overspending is much more likely. Our new Team Management feature is the solution to all of this. 👏🏼

A closer look at Team Management 🔎

Manager Permissions 🙋🏼‍♂️

Team management gives managers greater control and visibility over team spending with the authority to set predefined budgets, distribute corporate cards, approve spend requests in seconds and empower teams to make responsible spending decisions! 💸

Team Management 👫 👫

You can now assign multiple managers and spenders to various teams with added functionality like auto-tags to clearly define each employee’s role and spending authority. Easily distribute corporate cards to departments and/or team members with customized limits based on expense type or project budget.

Team Management Feature

Multi-Level Approvals ✅

Float gives you the means to decentralize spending with an easy and efficient approval process within our platform. You can create multi-level approvals for each team and define approval levels based on the spending amount for any request. Whether it’s a $200 or $20,000 request, the correct individual will be prompted (via Slack or email) to approve it, with an e-paper trail that you can always depend on. 🤝

What are the perks? 🤩

Greater accuracy and control 👍🏼

Managers now have a better view of where capital is going, how it’s being spent and who is spending it. Team management also enables a clearly defined structure for employees to make spending decisions aligned with the team’s budget and the company’s overall spending strategy.

Save time and increase operational efficiency ⏱

You can expect a simple spend approval process where expense management is a breeze, employees can make transactions quicker and finance teams are given more time to focus on important tasks.

Promote a decentralized structure 🙌🏾

Managers gain greater authority to track and manage team spending with team management, while employees have the flexibility to make business purchases on demand without a series of management approvals. 

At Float, we saw that fast-growing teams were looking for a more effective way to delegate and empower their employees.💪 So, we took matters into our own hands and created Team Management! Interested in learning more? Book a demo with Float today!