New! Float’s Expense Policy Feature

Fact: Expense policies aren’t always the easiest for employees to understand or follow. From chasing people down for receipts to reconciling transactions for days on end, it’s no wonder the finance team limits corporate spending to a select few. 🤷🏼‍♂️

Plot twist. Float’s about to change the game. 🎲

Our new Expense Policy feature allows you to implement company expense policies directly in Float using our Submission and Approval Policies. Our new Submission Policy feature lets you define the transaction information that employees are required to submit, like receipts and accounting codes, and allows you to assign specific GL codes by expense type. With Float’s automated Approval Policies you can assign multiple approval layers for employee spend requests within your organization. Combined, this unstoppable duo automates and digitizes your company’s expense policies. ⚡️

Available to Professional users, Admins can create unlimited Submission Policies that reflect internal company guidelines around corporate spending – such as travel, work from home benefits and entertainment policies. 

It’s The Feature Your Whole Team Has Been Waiting For 🎉

💳 Empower employees to comply with spending policies

Float allows you to set boundaries for corporate spending with automated rules for transactions that reflect your company’s expense guidelines. You can also define what information is required under specific policies, including receipts and accounting codes. 

🙌🏻 Make month-end a breeze for your finance team 

Float lets you apply specific GL codes to transactions, while encouraging spenders to categorize their transactions so your finance team doesn’t have to. Finance teams no longer have to chase employees down or search for missing information for hundreds of expenses.

How It Works ⬇️

1. Go to your company settings page to find “Submission Policies”
2. Click on “Create a Policy”
3. Enter your policy name and a brief description so your team knows which expenses are covered
4. Select the policy type and the teams it applies to
5. Create spending boundaries for single-use cards and recurring cards including:

• Setting specific GL codes by card
• Selecting whether or not receipts or GL codes are required to be submitted based on transaction amounts
• Turning on card compliance to auto-pause cards that violate expense policies

6. When creating a new card, select the expense policy that spend should be tied to. For each transaction, the spender will be prompted to follow your GL code and receipt requirements.

Note: Every Float account will apply a Default expense policy that includes GL codes and receipt requirement capabilities. 

The Perfect Pair: Submission Policies + Approval Policies 🤝

Float’s new Submission Policies paired with our Approval Policies’ multi-level approval flows make managing team spending a breeze. 

Excited to see how this new feature works? Login to create your Submission Policies or  book a demo with us today! 

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