New! Simplify Employee Reimbursements with Float
Simplify your team spending by keeping it all in one place (including employee reimbursements).
September 20, 2023
We’re excited to introduce Reimbursements – the simplest way for teams to manage out-of-pocket expenses, directly in Float.
Thousands of teams know that using a Float Card for company spending saves countless hours with automated approvals and smart reconciliations. Yet out-of-pocket expenses still happen from time to time. Our goal at Float is to introduce optimal ways to manage all team spending (including the odd expense that happens when you don’t have your Float Card on hand).
Now, the same custom controls and automations that companies get when their team spends with Float Cards are available to streamline employee reimbursement requests as well!
How it Works
So long Excel spreadsheets, email chains, and expensive software. Reimbursing out-of-pocket expenses is just 3 simple (and automated) steps in Float.
- The Spender Submits a Reimbursement Request. Finance teams can streamline this process by setting up custom Submission Policies to ensure all required information is submitted for smooth month-ends.
- The Manager Approves the Request. Custom Approval Policies notify the right Manager (or Managers) to approve the request in Float without delays.
- Admins Export the Approved Request for Payout. Once approved, Admins can sync reimbursement submissions to their accounting software and pay employees quickly though their payroll or accounting software.
Why it Works for Your Team
Using Reimbursements in Float’s integrated spend management solution means time and cost savings for your company that you can put back into growing your business. With Float, you’ll get to:
🧾 Simplify Team Repayments
Whether they paid with their Float Card or needed to make an out-of-pocket payment, team members now request to spend and submit expenses all in one place. No need to onboard and manage employees on multiple platforms, and finance teams get a real-time, consolidated view of company spending.
💸 Save on Software
Every dollar counts when growing your business. Expense management software can be expensive when charging per seat (think Expensify or Concur). This costs companies thousands of dollars a month. Reimbursements is available to all of Float’s Professional customers at no additional cost per user.
🙅♀️ Eliminate Administrative Work
Finance teams can create custom Submission and Approval Policies to eliminate manual work. Employees simply upload their receipts and expense information, and their request automatically goes to their manager for approval so the finance team can payout (and close) faster. No more f*$%-ing expense reports.
💳 Spend on Cards Worry-free
Your team members feel happiest when they’re empowered to do their best work. This often includes needing to spend with insight and flexibility. Assigning Float Cards to employees with frequent or large expenses gives team members autonomy, while finance teams still keep control and peace of mind. In addition to Reimbursements, enjoy unlimited virtual Float Cards to spend in CAD or USD as part of Float’s free Essential plan (and free physical cards with the Professional plan).
At Float we believe Canadian finance teams deserve a financial partner that understands their unique needs. Reimbursements is yet another game-changer in the Float platform, built for Canadian companies and teams looking to streamline their expense reporting in an integrated solution.
We’re excited to reward our customers with locked-in Pro pricing of new Enterprise features like Reimbursements (and our new HRIS Integration) – as our way of saying thanks for helping our team build the future of financial services in Canada.
Whether you’re currently on Pro or sign up for Pro in 2023, you’ll gain access to select new Enterprise features launched this year and enjoy continued access to Float’s $99 a month Pro pricing.
Sign in to Float and start simplifying your team spend with Reimbursements. Not a customer (yet)? Book a demo with our local team to learn more!
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