Paying for invoices and recurring subscriptions

For invoices related to recurring subscriptions, follow the Subscription Procurement process. This process handles everything related to software subscriptions, including evaluating, buying, and renewing them, focusing on what the software can do and how much it costs.

On the other hand, this General Expense Approval process covers a broader range of expenses, including consulting, project work, hosting, and infrastructure. It includes extra steps for financial forecasting and contract management.

Payment terms & invoice requirements

Before starting a project or entering into a business agreement, it's crucial to discuss and agree on payment terms. For larger projects with consultants, it's common to agree on a Statement of Work (SOW) with payment due dates tied to project milestones. This information is vital for the Ops team for accurate financial forecasting.

An invoice must be issued for all payments made at Float. It should detail the payment amount, due date, and payment method. All invoices must specify the currency.

All invoices need to be approved by a department lead before processing. Invoice processing may take 5-10 business days, depending on the currency and regional or bank holidays.

Approval process for expenses

When it comes to new expenses for tooling or consulting for projects, hosting, or infrastructure, we want to keep things transparent and well-planned to ensure our financial forecasting stays on track.

1. Approval by Department Lead: The respective department lead must approve all new expenses.
2. Director and CEO/CTO Notification: If a Director approves the expense, it is implied that:
   • Our CEO, Glenn, is informed.
   • If the expense is related to engineering infrastructure, our CTO, Lars is informed.
3. Lead time for financial forecasting:
   • Expenses Over $5,000: A minimum lead time of one month is required.
   • All Other Expenses: Provide as much lead time as possible for the operations team to adjust financial forecasting.
4. Contract Repository: If a contract has been signed for tooling-related expenses, please ensure it is added to the Contract Repository.

Invoice submission for payment

Email invoices to **[email protected]** for payment. The ops team will process approved invoices within 48 hours. To maintain positive relationships with external freelancers or business partners, it’s essential to understand the necessary payment information required for payment and ensure it is either included on the invoice or attached to the email with the invoice. See payment info 👇

Payment information for USD and other currencies

🇺🇸 USD Payments

We use Ramp to send funds via ACH (direct debit). The required information includes:

• Transit #
• Institution Name