Is your finance team only finding out about big ticket spend when the receipts land on their desks? Or spending a lot of time chasing people to get more context about their high-dollar card requests?
It’s time to evolve your approval process and put more safeguards in place for higher levels of spend. With Ramp, you can now easily create multi-step approval processes to manage card and reimbursement requests efficiently and safely.
How multi-step approval workflows work
These workflows let you easily do the following:
- Route spend requests to the right people based on the spend amount
- Keep people in the know with smart notifications
- Quickly approve to unblock your team on the go
- Do all of the above from Slack
For example, set card requests with a $1,000 per year card limit or below to be automatically approved by line managers. Have requests for higher card limits get pre-vetted by managers, then route to the finance team for additional approval. And for the really big ticket ones, you can make sure that someone in the C-suite is either informed or in the approval flow. Introducing more granular controls for approvals is part of Ramp’s commitment to give our customers control of their finances without sacrificing speed.
With these controls in place, go ahead and empower line managers to approve spend for their team members up to a certain amount. They have the best context for the needs of their team members so there’s no need for your finance team to spend time on these requests. Most importantly, a fast and flexible approval process lets people get to work more quickly using their approved card. They'll also appreciate getting faster reimbursements for out-of-pocket expenses. By giving managers more control over their team’s requests, you’ll be supercharging the efficiency of your whole organization.
And remember, if your team is in Slack, everyone can easily request, review, and issue cards and reimbursements directly in Slack, using the Ramp integration.
Give visibility into high-dollar requests
With a more rigorous approval process in place, your CEO or CFO no longer needs to be in the approval chain for every new card request – but they might still want to be notified if an employee requests to spend beyond a certain amount. For those cases, create an approval layer with a step to notify the exec once a request has been approved.
More control over your spend
Beyond multi-step approvals, we recently introduced a few other features to give finance leaders greater visibility and control.
Flags for unauthorized transactions: If you see a transaction that shouldn’t have been on a company card, you can now flag the transaction to your finance team and employee within the Ramp dashboard.
Daily digest: Get a daily report about large transactions, new teammates, and new vendors added to your Ramp account.
Keep your peace of mind even as your team grows. Ramp helps finance teams operate more efficiently without sacrificing rigor and control. Curious if Ramp is right for your organization? Sign up for free here