Tired of wasting time filtering through hundreds of receipts? Or even worse, maybe you’re constantly chasing employees down for missing paperwork. We know the struggle. That’s why we’ve taken it upon ourselves to put an end to this once and for all! With Float’s new receipt compliance feature, we can ensure employees submit their receipts on time and in the right place. 🙌🏾
What do we mean by “receipt compliance”? 🧾
Receipt compliance is essentially the financial policy that ensures all employees at all levels of an organization are meeting the receipt requirements set out by their finance teams. Float’s receipt compliance feature enables administrators and managers to put this policy into place by giving them the power to determine the number of missing receipts allowed before a Float card is paused. 💳 Through this feature, admins are able define several levels of compliance to better organize and track employee purchases, while enforcing more firm spending policies across departments.
Once a card is paused, employees will no longer be able to use it. They’ll either have to go into Float to upload the missing receipt or mark the receipt as “lost.” This feature also eliminates the typical routine of last minute receipt uploads at month-end, which often leave finance teams stressed during their busiest times. Float’s receipt compliance feature is an optimal way to keep employees on top of their spending, while giving finance teams and controllers greater visibility into spending all month long.
How to set up receipt compliance in your organization 👩🏼💻
To set up receipt compliance within Float, simply go to the “cards page” and choose the card you want to apply the settings to. A pop-up will appear once you press “edit,” asking if you wish to approve the compliance. Whether you’re using a physical Float card or a virtual Float card, this feature works easily for both! 👍🏼
Our receipt compliance feature keeps both employees and finance teams on top of corporate spending – avoiding bottlenecks whether it’s monthly, quarterly or at year-end. It simplifies accounting and reconciliation and reduces your chances of lost receipts or high volumes of receipt submissions at the 11th hour. It gives employees that friendly reminder they need to upload their receipts in real time, while empowering bookkeepers to organize and tag those transactions with ease. You might say it’s a win-win! 🎉
If you’re ready to simplify your accounting processes and bring greater financial accountability into your organization, book a demo with Float today!