Approval Policies give the finance team visibility into an expense before it's made. They make the pre-approval process simpler and more transparent.
With an Approval Policy in place, every Virtual Card request will be screened based on their Spend Limit. This helps avoid overspending on a tool/service.
Approval Policies highly flexible and can be tailored to the department. You can add multiple approvers to an Approval Policy.
Follow the steps in this article to create and edit an Approval Policy.
The Approval Policy is expressed in terms of an expense range or threshold.
Here is an example of an Approval Policy:
|$0–$2000||No approval required|
|$7501 and above||Requestor’s manager + Finance Manager + CEO|
Say there is an expense request for a tool or service that costs $9000, the requestor needs approval from their Manager, Finance Manager, and the CEO.