What are the benefits of using approval workflows?

Approval workflows offer many benefits, like:

• The workflows improve control over expenses and bring transparency across the organization
• Help in preventing resource misuse and promote adherence to policies and regulations
• Provides structured and well-documented processes, which prove invaluable during audits
• Is customizable, automates processes, and ensures compliance while facilitating timely payments

What are the types of approval workflows?

Approval workflows come in various types, including single-level approvals, multi-level approvals, hierarchical approvals, and auto-approvals.

• Auto-approval: This allows you to get approval without intervention—for example, leadership expenses
• Single or multi-level approval: This flow requires one or more approvers to approve or reject the department's expense
• Hierarchical approval: You can set this approval flow to add submitters, managers, and another admin

What are the policy and approval process steps?

These are the steps involved in the policy and approval process:

1. Create a policy with the details required and select the category for the policy
2. Select the range of employee grades along with the amount limit and frequency
3. As and when an employee creates an expense, the system will cross-check with the policy created
4. After policy creation, approval flow needs to be set and linked to the policy
5. If you do not set the approval flow, default approval will be applicable

Why is approval workflow important?

The primary reason is that they serve as a linchpin for organizations seeking efficient control, compliance, and financial accountability. Their importance lies in enabling businesses to curb unnecessary expenditures, ensuring that spending remains within defined limits and complies with company policies and regulations.