If multiple people have purchasing power in your studio or organization, it is important to have an expenditure approval/payment requisition process.
- If a purchase needs to be made, what is the approval process for the purchase? Who has approval power? Is it tied into a budget?
- Once the item is purchased, do you allow for purchases to be made via personal accounts, or do you require the purchase be filtered through a business card or account?
- If requisition for payment is necessary, do you have a process for reimbursement? Is a form submitted and tracked for budgetary considerations?
A streamlined process that is detailed and communicated in advance is key to the success of an organized budget system.