Manage, approve and analyze all your expenses.
- Install Expenses
- From an Administrator Perspective
➡️ At Factorial we want to go one step further and reduce the bureaucracy required to manually add expenses to the system. For this reason, we have created the Factorial cards. A simple and very practical system to manage company expenses.
Factorial collaborates with Stripe for the creation of the accounts. This means that Stripe will create the account for you and it will deliver the credit cards to you. Factorial will take care of the whole process and will ensure everything is set up and ready.
How to install the app?
- Head to Applications
- Scroll until you find Expenses V2
- Click on Install App
- Choose a Approval Responsible
☝🏽Administrators will be approval responsables. Only one approver can be selected.
- Head to Settings
- Assign an approval responsible of expenses
☝🏽In the event that a bank account is created then the view of expenses account information will be visible. However, if no bank account is created only the view of approval permissions will be visible.
💡Factorial collaborates with Stripe for the creation of the accounts. This means that Stripe will create the account for you and it will deliver the credit cards to you. Factorial will take care of the whole process and will ensure everything is set up and ready.
For that reason you will be redirected to the Stripe page for you to fill all the account information. This will be a very similar process as per the creation of any bank account. Therefore, we will need some special information from you. But do not worry, it won’t take too long and Stripe will guide you during the whole process.
- Insert information about expense account information
- In order to provide information you must click on the pen logo that will redirect you to a Stripe page where you will provide all the information regarding the expenses account
- Provide details to bank account
🧑🏼💼How can I add Credit Card to my Expenses?
In this article, Gemma is an employee and also an administrator.
☝🏽Gemma who is an employee conducts payements with her own credit card, therefore through the Expenses feature she will have access to another function that is specific for Cards.
- Head to My Expenses
- Select My Cards
💡The Add new card option is disabled until an expenses account is created for the organization.
💡Once you create an expenses account, you will be redirected to a page powered by Stripe where you will be providing the details of your finances (e.g. business details).
Card Configuration Set Up
|Budget||As an employee you will be able to access how much money you have spent in the current month. An administrator may also chose to set a monthly limit for your spendings.|
|Card Details||Only the last 4 digits of the credit card show up for security matters. Information about the credit card is disclosed. Factorial will provide physical card types.|
What options do I have for my cards?
- Deactivating a card : Deactivating a card stops its use temporarily until it is activated again.
- Canceling a card : Canceling a card deletes the card forever.
- By pressing on (...) you have the option to deactivate or cancel a card
How do I manage my Expenses?
💡My Expenses provides all the information for all expenses of the user. Each of your expenses will be assigned a status ranging from pending too approved.
- Head to My Expenses
How do I add an Expense?
- Click on +Add an Expense
- Fill in the information about your expense
- By clicking on the arrow (->), you will be able to access the details of the invoice and the information concerning the expense.
💰You will have two different types of expenses : Manual and Factorial card. You will have a selection of 6 different filters for expenses ranging from Status to Expense Type.
- Manual Expenses are all those that are made by imputing the data of the expense in the system manually. If they are made with the economic advance of the worker, the company must pay that money in the most convenient way and without having a negative impact on the worker.
- Card Expenses (e.g. automatic) are those that are made using the Factorial card and with which it will not be necessary to impute manually. You just have to attach a receipt to the expense and the process will end when the approver has reviewed the expense. There is no need to make any type of return of the money because money from the company is used.
How does the Approver approve or reject an Expense?
☝🏽Only the approver assigned may approve or reject an expense for employees. Employee are not capable of approving or rejecting the expenses.
- Click on (...)
👨🏽💼The Administrator Perspective
💡You can select multiple employees in one go to approve or reject their expenses.
- Head to Expenses
- Stay in Expenses section
- Filter the expenses
- Select the expenses you wish to handle
☝🏽Anytime an expense has been approved or rejected, the employee(s) will receive a notification about the expense.
How do I add a Card for an Employee?
- Head to Cards section
- Click on +Add new card
💡You can use filters to sort out the different cards (e.g. active vs. deactivated).
💳For every active card, as the administrator you may set a monthly limit to the spending of the card of your employee.
How do I deactivate a card?
- Click on (...)
- Press on Deactivate card
How do I activate a card?
☝🏽An employee can deactivate a card but they may not activate it.
- Click on (...)
- Press on Activate a card