Budgets give you the capability to assign funds to individuals of your organization who actually need them. They also give you the peace of mind that overspending is not an option. Divvy analytics makes spending more transparent than its ever been before!
Setting a Limit
When deciding the amount of money to make available for a budget, don't stress yourself out. Make your best guess and make adjustments as needed. Divvy makes it easy for you to see who is spending money and why they are spending it. As the months go on, you will have a much better idea of how much money is actually necessary. With a budget, overspending is no longer possible!
Admin(s) have the ability to create a budget within the Divvy web app. They will select Owner(s) and Members who will have access to the budget. The Owner(s) can send funds and approve/deny requests made by the members of the budget within the mobile app. This makes all spending transparent. You will always know who is spending and who approved them to spend.
One time budgets are valid until all the funds have been exhausted or if you have set an expiration date. This can be used in many different aspects of a company. For example, if you wanted to run a Christmas marketing campaign and knew you could only spend $1000, simply make a budget for the campaign and set the limit to $1000. Now you can spend during the holidays without the stress of possibly overspending.
You can create a recurring budget that will reset at the start of each monthly cycle. For example, maybe your sales team has a specific amount of money they are allotted for travel each month. A recurring budget will make those funds available at the first day of every month. For recurring budgets, you can also adjust the amount available in a future month.
If you choose a Recurring Budget or One-time Budget and you need to change the type, you can do this in the edit budget feature.
You have the ability to set an expiration date for any of your budgets. These budgets will be terminated regardless of how much money was spent. For example, you could create a budget for an upcoming trade show. Set an expiration date to guarantee that funds for the trade show are not used at a later time.