What is my role as a Manager in the Budgets feature on Qonto?
As a Manager, you're given the responsibility of overseeing a specific budget assigned to your team by the account owner. Your role is to ensure that the team stays within the budget while making necessary business transactions.
How do I access the Budgets feature?
You can access the Budgets feature from the Team Expenses section via the web application and from the “More” section on your phone. However, please note that only the budgets assigned to you by the account owner will be visible.
How do I monitor my team's expenses?
The Budgets feature provides real-time updates on your team's expenses. Each time a team member makes a transaction using their Qonto card, the expense is automatically deducted from the team's budget. You can view these transactions and the remaining budget in the Budgets section.
How are my team’s transactions allocated to a budget?
Once a budget has been created for a given team, the following transactions will automatically be assigned to a budget:
Transfer initiated by a member of the team
Qonto card payment made by a member of the team
Expense reimbursement requested by a member of the team
Each transaction will be allocated to the budget period corresponding to when the transaction has been successfully executed. Note that transactions can be manually reallocated to budgets a posteriori.
How to manually reallocate a transaction to another or no budget?
As a Manager, you are only given permission to track and manage the budget assigned to the team you belong to. Thus, you can manually reallocate individual transactions or remove them from any of your budgets by navigating to transaction details on the History tab.
To do this, select the transaction you wish to reallocate. Then, dive deeper into the transaction details and go to the budget section. From there, you can select the new budget you want to associate with this transaction.
You can check this article on what can do the owner & admins regarding reallocation.
Can I adjust the team's budget?
As a Manager, you cannot adjust the budget directly. Only the account owner and admins have the authority to create and adjust budgets. If you believe the budget needs to be increased or decreased, please discuss this with the account owner or admins in charge of Finance in your company 👍
What should I do if our team is close to exceeding the budget?
If your team is close to exceeding its budget, it's crucial to communicate this with your team members. Encourage mindful spending and review the necessity of upcoming expenses. If necessary, discuss with the account owner about adjusting the budget. But don’t worry, in any case reaching your budget limit or exceeding it will block future payments.
How can I effectively manage the assigned budget?
Here are some tips for effectively managing your team's budget:
Regularly monitor expenses: Keep an eye on your team's spending habits and ensure that all transactions are necessary and align with business objectives.
Communicate effectively: Keep your team informed about the budget status and encourage responsible spending.
Plan ahead: Anticipate large expenses and plan them into your budget to avoid surprises.
Discuss budget changes: If you believe the budget needs to be adjusted, don't hesitate to communicate this to the account owner or CFO.
Stay Alert with Notifications: By default, budget owners receive push notifications and emails:
When spending reaches 80% of the budgeted amount.
When spending hits 100% of the budgeted amount.
These notification settings can be customized within the Qonto application's settings. Staying alert with notifications can help you take timely actions and manage your budget more effectively.