Creating Approval Processes

Processes are workflows with standardized or repeatable chains of command. Way2B1 gives you the power to control these workflows for optimal efficiency in decision-making. Automate busy work, centralize communication, and keep your team on track. You must be an Admin to create processes.

View your processes click on your user icon in the upper right-hand corner and select Processes from the drop-down menu.

1. Define process parameters
2. Define steps
3. Use cases

Define process parameters

First, you will set the rules dictating which requests your process will be applied to. You can choose as many defining parameters as you'd like:

• Type - Request and Accounting are the two main types but you can choose to be more specific
• Legal Entity - the origin or source of funds e.g. the family office, a trust, or individual
• Organization - the destination of the funds, e.g. a vendor or investment firm
• Price Range

Legal Entities and Organizations are managed in Way2B1 Settings, accessible from the drop-down menu activated by clicking on your user icon on the top-right corner of your screen.

For example, a process could capture:

• Travel Requests (Type)
  • All travel requests submitted would be routed through this process, regardless of the entity, organization, or dollar amount
• Investment Requests (Type)  associated with XYZ LLC (Legal Entity)
  • No organization or price range is defined, so this would capture any item that fits into Investment and Entity characteristics, regardless of the organization or dollar amount
• All types originating from XYZ LLC (Legal Entity) over $50,0000 (Price Range)
  • Since the type and organization are not defined, any request or accounting item associated with XYZ to any organization over the specified dollar amount will fall into this process

A default process captures any request with parameters that do not match the processes you create. The default process that comes with your instance is a one-step process that requires one approval from the "Default Approvers" team. Add users to this team in Settings.

Define steps

Once you've defined the process parameters, you will define the actual approval workflow.

1. Step Name - E.g. "Initial review" or "Step 1"
2. Select Approver - Identify the user(s) and/or team(s) that are required for the completion of the step
3. To Approve - How many approvers are required for the request to proceed onto the next step?
4. Additional Requirements - Allows you to require a user who has been identified as an approver (step two) to either write a comment or upload a document as part of the approval process
   
   • Ad Hoc step - the user can select, out of the users listed the following step, which user the request will go to next
   • Approvable by proxy - the user can select another user to complete this step in their place. Proxy approvers will need the Proxy Approval box marked in Settings.

Use cases

Now that you know how to create processes, see how Way2B1 can be used in your family office:

• Managing Approvals
• Managing Expense Approvals
• Accounting in Decisions