Everything you need to know about budgeting with Extend
Budgets in Extend
Empower your team to send virtual cards with budgets
3 min read
Budgets allow company cardholders to allocate pre-approved funds to a team, location, project, event, or any other expense category. A budget empowers your team to create and update virtual cards for different expense needs without the tedious approval process.
How it works
Account owner
allocates a budget with set controls
Account owner (budget owner)
sends the budget to team members
Team members (budget users)
can create virtual cards with their budget
Budget owners, budget users and admins
can see budget activity in real time
How companies are using Extend
1. Finance sends marketing a budget
Using their existing company card, the head of finance creates a budget in Extend, sets the budget limit, and shares it with the marketing team leaders. Sharing the budget with more than one leader provides future flexibility of card management, e.g. someone goes on vacation.
Best Practice 🚀
Always start with a budget because virtual cards created without a budget can only be managed by the card creator alone.
2. The marketing team gains access to their funds
When they receive a budget, the marketing team can create virtual cards for their various expense needs, including paid media, software subscriptions, events, and ad hoc project expenses.
3. Better visibility means smarter decision making
No more overspending or wasted time. With real-time insights on budget spend, the marketing team can make informed decisions on how and where to spend their money, without the wait time of tedious approval processes.
4. Finance maintains control and accountability
The marketing team now has the ability to create virtual cards when they need to, while the finance team can oversee all card activity, easily review things like receipts and invoices, and save time fielding card requests and approvals.
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