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Key Concepts

Ways to Set Up Budgets

Product Deep Dive

Introduction to Budgets

Budgets are the primary control mechanism for spend in Divvy, and give you the capability to assign funds to individuals of your organization. They also give you the peace of mind that overspending is not an option. Let's walk through some key concepts relating to budgets, so you can make sure to set up your Divvy account in the best manner for your business.

Budgets are designed to provide ultimate control and visibility of all spend within your organization. They work best when organized by team, location, project, or event and are flexible enough to meet your organization's needs.

If you'd prefer to watch a quick walk through of budgets, check out this video.

Key Concepts

Hierarchy

Admin(s) have the ability to create a budget within the Divvy web app. They can select Owner(s) and Members who will then 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.

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 you 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!

One-time Budgets

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 the holidays without the stress of possibly overspending.

Recurring Budgets

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 add those funds to the budget 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.

Expiring Budgets

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.

Ways to Set Up Budgets

Teams/Departments

Many companies have found it useful to separate budgets by team/department. This can work well if you have a good idea of how much money is allotted to each department such as sales, marketing, finance, etc. At that point it will be up to the Owner(s) of the budget to decide how the funds are spent.

Projects/Events

Have you ever wanted to give the go-ahead on a project, but were scared your team would overspend? This is why creating budgets for individual projects/events is useful. For example, a construction company could set up a budget for a particular road project. Consider making a budget for the company Christmas party or even the upcoming marketing conference. This way, people don't have to ask for permission ahead of time or forgiveness later.

Other

What about things such as supplies, equipment, and software subscriptions? Sometimes they fall under a particular team or they might be company wide. Regardless, you can make a budget and invite anyone from any team that might need access as a member of the budget.

Product Deep Dive

Budget Snapshot

This screen helps you quickly understand the total budget limit, how much has been spent, what outstanding balances exist, and the total amount of funds that are available for each month. You can also view spend in the previous month, and anticipated spend in the future month.

Roster

You can ensure that the right people are in the right budget using the Roster. Quickly determine who is in the budget as a budget member, who has been added as a budget owner, and make any necessary changes, all from this section.

Transactions & Invoice tabs

The Transaction & Invoice tabs give you real-time visibility into all spend within the budget. You can view individual transactions, attach receipts, and add any additional information that is required.

Spend Limits Tab

The Spend Limits tab is where all the user and card limits are set. And, it’s built to ensure that you have perfect visibility into what each user or vendor can spend. From here, you can set individual limits, create a new vendor card, or make bulk fund changes.

For a more detailed view, simply click on a user or vendor card to view individual or card level details, as well as any associated transactions.

Recurring Funds Tab

For users and cards with recurring monthly spend, click over to the Recurring Funds tab. From here you can make sure that members and vendor cards will have the necessary funds to cover all recurring expenses in that budget.

Send Funds

Sending funds can be done from both the web and mobile applications. Funds can be sent to users in bulk, or to individuals, and will automatically add any users not already in the budget.

Now that you know the basics, let’s learn more about working with budget in the second article of this series.

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