Our budget functionality allows you to set up budgets on a cohort level. If you have a budget for a manager to handle and distribute according to their cohort's needs, you can empower them to do so with this feature.
How to set it up?
These budgets are set up from the main company's profile. To create a new budget you simply need to visit the "Budgets" tab on the company’s left side menu. Once there you’ll find yourself automatically on the "Set-up" tab, where you’ll be able to create, edit and remove your team budgets.
To create a new budget, just click on "Add new" and fill in the details. You’ll need to name the budget, set up the maximum amount the handler will be able to allocate, and set up the people who will be allowed to manage it. If later on you need to edit the budget or delete it, you can simply click on the budget’s name and make the changes you wish.
How can you use this budget?
Once you have set it up, the manager will have the ability to allocate these funds to their cohort. For this, the person you choose has to be the manager on a cohort type manager (read more about this in our “All About Cohorts” article). Then, they'll be able to allocate the funds from the Members' tab of the company to those who belong to their cohort. From there, they can click next to the user's name to open the side menu and select the option to allocate the desired amount.
As a budget manager, once you have allocated a certain amount to someone's budget, that same amount, an inferior one or anything that is left on the person's budget should it be equal or less than what you allocated, can be removed as well.
To answer a few questions you might have…
Who can create new team budgets?
Only Company Admins can create, edit and remove team budgets.
How can the manager see their budget's transactions?
There is a tab on Budgets, next to the one to Setup, which is called "Transactions". Every budget transaction will be logged there for the parties involved to see. Company admins will have access to all the transactions of all the budgets, but budget managers will only have access to the transactions of their own.
How do users get notified of these extra additions to their budget?
When a user has been assigned extra funds from a team budget, they get notified via in-app notification and a Slack message if the company has our Slack integration.
Have any questions or comments?
Please do not hesitate to contact our support team via our live chat or by emailing us at firstname.lastname@example.org.