A budget is a pool of funds with one or more people who have access to those funds. Budgets allow you to set rules on team member spending and track their expenses.
You can create budgets for however you think about expenses in your business. Any teams, projects, events, campaigns or one-off expenses can be setup in DiviPay.
Once you create a budget each budget member will be instantly issued with their virtual corporate cards ready for spending.
To create a budget:
- Go to the 'budgets' tab and click 'create new budget' in pink in the top right of the page
- Enter an amount to fund this budget with
- Select how often the budget resets - weekly, monthly or never
- Select an approver for the budget - this is usually the manager of these types of expenses. They will be responsible for approving any requests for additional funds.
- Select budget members - these people will be issued with a virtual corporate card and have access to the funds allocated to them
- Select how the funds are allocated to each budget member - even split and custom allow you to pre-allocate funds while approve every expense requires your budget members to request funds before spending
- Click the create button once you have entered all details into the form
- Your budget will be created instantly and team member will be issued a virtual card with their funds