Managing expenses can often be a headache for SMEs. Imagine a system that simplifies this entire process, providing full control and visibility at every step. That's what Pemo's customized Approval Policies offers
Why Approval Policies Matter
Approval Policies are essential for SMEs to keep their finances in check and ensure every spend is justified. With Pemo, you can create tailored approval workflows to fit your specific business needs, ensuring that all expenses, card orders, and invoices pass through the right approval steps. This is crucial for effective expense management strategies.
Customizable Policies for Better Control
Pemo allows you to set up approval policies by Merchant Categories and Teams, with Merchant Categories taking priority. If no specific policy is set, the default policy applies, making it easy to manage expenses without confusion. Each expense follows one policy, ensuring a straightforward and efficient process.
Benefits of Pemo Approval Policies
- Streamlined Processes: Simplify the approval process for various types of expenses, reducing administrative burdens and saving time. This is one of the top financial tracking tips for SMEs.
- Enhanced Control: Establish approval workflows for different teams, ensuring that high-value transactions are justified and within budget. Effective budget control methods are key to maintaining financial health.
- Better Oversight: Monitor and approve expenses efficiently to align with overall budget and organizational goals. Cost-saving techniques start with visibility and control.
Case Study: A Company’s Success with Pemo
Scenario: A company with over 40 employees uses eight Pemo cards across their procurement, admin, and marketing teams.
Procurement Control:
- Challenge: High-value procurement transactions required multiple approvals, leading to delays.
- Solution: Pemo’s customized approval workflows ensured that high-value transactions were justified and aligned with project budgets.
- Result: Faster approval times and improved budget compliance.
Admin Efficiency:
- Challenge: Regular administrative expenses were cumbersome to manage.
- Solution: Simplified approval processes for routine expenses, reducing time spent on approvals.
- Result: Enhanced efficiency and reduced administrative workload.
Marketing Oversight:
- Challenge: Ensuring marketing expenses were within budget was challenging.
- Solution: Approval policies for marketing expenses ensured all costs aligned with budget and campaign goals.
- Result: Better budget management and more effective marketing campaigns.
Easy Setup, Full Control
Creating Approval Policies with Pemo is a breeze. You can set up one or multiple layers of approval, organized in steps for a smooth process. Customize policies based on expense or invoice amounts and even monthly card limits. It’s all about creating a workflow that works for you, embodying key expense management strategies.
Team-Level Policies for Enhanced Control
Introducing Approval Policies at the team level gives your organization more granular control over expenses. Each team can have specific policies tailored to their needs, ensuring greater efficiency and oversight. This is one of the most effective budget control methods.
Conclusion
For SMEs, managing expenses can be challenging. Pemo's approval policies simplify this process, providing the control and visibility needed to ensure financial discipline. By customizing approval workflows, you can streamline your expense management, save time, and focus on what truly matters—growing your business.
Ready to take control? Get started with Pemo and experience seamless expense management.
