Expense Approval Policies set the standard for your business’s spending. These policies are designed to protect your business from any potential financial risk while making sure employees and contractors have access to funds when they need them. They offer clear guidelines on what can be purchased, who is responsible for authorising each purchase, and how reimbursements should be handled. Establishing a transparent expense approval policy helps promote accountability and trust among team members, meaning everyone understands exactly how money flows through the company.