OfEx
| Policy and Approval Flows
Create
customized
policies and streamlined
approval
processes
Manage expenses effectively, maintain compliance, and optimize the approval processes
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Ease of
Use
Policy
Enforcement
Alerts on
Policy Breach
Approval
Workflows
User
Permissions
Transparency
Navigate
policies and approvals seamlessly
with our
smart solutions
Customizable Policies
Set up your policies for multiple departments/ grades based on expense categories and limits, selecting monthly/yearly frequency
Seamless Linking
Link policies to approval flow without any hassle and avoid rework in creating approval processes
Flexible Approval Flow
Create auto-approval, single-level approval, or multi-level approval flows and use them across policies
Default Approval Flow
Apply default approval flow according to user roles if no approval flow is created
Real-Time Alerts
Real-time alerts for expense policy violations, enabling businesses to enforce compliance and reduce the risk of fraud
Digitize business expenses with enhanced
control and compliance
How does it work?
1/4
Login to EnKash and go to the OfEx section to add policy
Got Questions?
Don't worry! Our FAQs section will help you learn about approvals in detail
What are approval workflows?
An approval workflow is an employee's systematic path to reviewing and authorizing expenses. It's the cornerstone of controlling spends, ensuring compliance, and promoting timely payments within an organization.
What do approvals mean in expense management?
In essence, these approvals entail the systematic review and authorization of business expenses before they are incurred. When employees make a company-related expense, they can request approval, which is assessed by a designated manager or supervisor. This process ensures that expenses align with company policies and budgetary constraints.
Why does my business need the approvals feature?
The approvals feature is indispensable for businesses seeking to control spends, ensure compliance, enhance visibility, streamline processes, and maintain oversight over critical financial decisions. It is a robust mechanism to allocate financial resources judiciously, maintaining budgetary constraints and preventing overspending.
How does the approvals feature help with audits?
The approvals feature is pivotal in audits, providing a transparent and meticulously documented record of expense approvals. It aids in creating a comprehensive audit trail that traces the entire approval process, simplifying audits and enhancing their effectiveness and thoroughness. OfEx integrates with this audit-enhancing feature, providing a structured and traceable approval workflow.
What are the consequences of not implementing an approval matrix?
Businesses without a structured matrix may incur uncontrolled and potentially wasteful expenditures, resulting in confusion, delays, and mismanagement of expenses, amplifying inefficiencies and hindering financial control. However, OfEx’s policy and approval flow module can help businesses avoid these adverse consequences by implementing a well-defined approvals matrix.
How will approvals help control spends?
Approvals help control expenses by setting spending limits. Approvals safeguard against unnecessary or excessive spending and ensure expenses remain within policy-defined budgets. Approvals provide transparency essential in identifying cost-saving opportunities, encouraging responsible spending, and promoting an organization's financial well-being.
xSeeking further understanding of policy and approval flow?
Policy and approval flow is a fundamental component of modern business operations, ensuring a well-structured and efficient approach to managing expenses and financial decisions.
