Budgetly Glossary - 3 min read

Finance team starts here

  • ADMIN is the finance team user and have access to everything.
  • USER are staff and can be either budget OWNER or budget MEMBER.
  • Everyone can create a budget, it's the equivalent to a purchase order. Example:  I need a new laptop
  • ADMIN only can approve budgets.
  • Any budget can be set to start /end any day. It's LIVE during that period.
  • Any approved and live budget will draw funds from your Budgetly account when an expense is made.
  • Members can spend money with the same card from any of their live budget. We call it their ACTIVE budget. If a user want to spend $50 for marketing, he should first make sure the marketing budget is the active budget from his mobile app, then spend it. The following day, that same user with the same card can spend $100 in travel, he/she should switch the active budget to the travel budget.
  • RECEIPT can be uploaded on mobile or desktop. The user will be notified to upload a receipt on his mobile phone at the time of purchase. Budgetly also send email follow up to remind them to upload the receipt, so finance team don't have to chase them.
  • MONEY REQUEST are between a budget member and a budget owner. It usually doesn't involve Finances. For example a marketing team member has $1,000 allocated to him/her on a $5,000 marketing budget. If that person needs more fund, he/she will make a money request. The budget owner receive a notification and can allocate more funds from its budget, or not.
  • If a Budget owner need an INCREASE to the agreed budget, he/she will contact the finance team outside Budgetly. Finance (ADMIN) can simply log and edit the existing budget amount. The new amount is instantly available for spending, assuming there is enough fund on the account.
  • If anyone need a new budget, for example a one-off purchase, they can create a new budget (purchase order), but that new budget will not be approved until an ADMIN does approve it.

Budgetly Roles-1