Financial requests

Introduction

Purpose

This SOP lays down a standardized procedure for team members to request budgets for expenses, new hires, or contract labor. It ensures proper documentation, control, and authorization of expenditures in line with company financial policies and procedures.

Scope

This SOP is applicable to all team members who intend to make any budgetary request related to expenses, new hires, or contract labor.

Responsibilities

• Sales/Support Staff: Complete daily tasks as outlined in this SOP, focusing on community building and member experience.

Procedure

Expense Cards and Requests

1. Issuance of Brex Card:

   • All employees will be issued a Brex card upon joining the organization.

   • This card has a preset spending limit for small expenses up to $200 per month.

   • Employees are responsible for ensuring they do not exceed this limit and for retaining relevant receipts/documentation for each expense.

2. Expenses Less Than $200:

   • Employees can utilize their Brex card for business-related expenses up to $200 a month.

   • They should keep a digital or physical copy of the receipt for record-keeping and potential audits.

3. Expenses Over $200:

   • If an expense exceeds $200 within a month, employees must submit a detailed request via the Airtable intake form.

   • The form should include the following information:

     • Employee Name and Department

     • Description of the expense/new hire/contract labor

     • Justification for the expenditure

     • Estimated/Actual amount

     • Date of expenditure or expected date

     • Any other relevant details or documentation

   • Upon submission, a notification will be sent to the COO's email for further action.

Expense Review and Approval

1. Review by Chief Operating Officer (COO):

   • The COO will collate and review all submitted requests on Airtable.

   • The COO will prioritize the requests based on the operational needs and relevance of the expenses to the company's business operations.

   • After initial review and prioritization, the COO will then forward the relevant expense requests to the Financial Controller for final approval.

2. Approval by Financial Controller:

   • The Financial Controller reviews the expenses forwarded by the COO.

   • Post-review, the Financial Controller will either:

     • Approve the expense and notify the COO and the requesting employee.

     • Reject the expense with reasons and notify the COO and the requesting employee.

     • Request more information or clarification before making a decision.

3. Post-Approval Actions:

   • Once approved, employees can proceed with their expenditure. The funds will be budgeted on Brex if an expense with a card is necessary OR the employee can contract labor with PayPal 1099 payments as long as a W-9 is on file for any contracts above $500.

   • All approved expenses should be recorded with proper documentation and saved for future reference or audits.

   • If an expense is the request of a continuing budget for a contractor or new employee, the approval will also notify H.R. who will work with the employee requesting the budget to find a suitable candidate along with the directly responsible stack lead.

4. Monthly Reconciliation:

   • At the end of each month, employees should submit a summary of all their Brex card expenses with accompanying receipts/documentation to the finance department for reconciliation and auditing purposes.

Points to Remember

• All expenses, irrespective of the amount, should have proper documentation.

• Any misuse of the Brex card or non-compliance with this SOP can lead to disciplinary action.

• It is essential to ensure the timely submission of all requests to avoid any operational disruptions.