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How Expense and Transaction Request Approvals Work
The Expense and Transaction Request Approval Workflow helps lenders manage internal expenses and sensitive transaction disbursements securely and efficiently within Lendsqr. Every request is captured, reviewed, and authorized before funds are released, providing full operational control and accountability.
This workflow reduces risk, prevents unauthorized transactions, and ensures a complete, auditable record of all internal financial activities.
Why Lenders Need This Workflow
Financial institutions often have multiple staff members initiating expenses and disbursements across departments or branches. Without a structured approval process, transactions can be processed inconsistently or outside the platform, increasing the risk of errors or misuse.
With this workflow, every expense and transaction request:
Is formally captured in Lendsqr
Follows a structured approval process
Is executed only after final authorization
Leaves a full audit trail, including submission, approval, and decline events
This ensures internal funds are handled securely and consistently, giving lenders confidence in their operational controls and compliance.
How It Works
Lendsqr supports only the approval based mode of processing for expense transactions:
Approval-Based Transactions: When an approval workflow is active, requests are held until reviewed and approved. Funds are only disbursed after final authorization
Submitting an Expense or Transaction Request
Authorized staff or admins can create an expense or transaction request by providing:
Transaction details: amount, destination account, and narration
Supporting documentation, such as receipts
For enhanced security, two conditions must be met before a request can be submitted:
Two-Factor Authentication (2FA) must be enabled on the admin’s account
An Expense Request Approval Workflow must be configured for the organization
Staff members confirm the request using an OTP. Upon submission, the request is logged as a submission event and routed to the designated approver(s).
Review and Approval
Designated approvers review pending requests and take action:
Approval: Approved requests are processed automatically, and the approval action is logged
Decline: Declined requests are rejected, and the decline action, along with any comments, is logged
Approvers cannot modify the original request, ensuring the integrity of the workflow. Every action – submission, approval, or decline – is recorded to provide a clear and complete audit trail.
Visibility and Auditability
All events in the workflow are fully logged within Lendsqr. Lenders can see:
Who submitted the request
When it was submitted
Approval or decline history
Status changes and final outcome
This ensures full transparency, supports internal reviews, and makes regulatory or compliance audits straightforward.
Benefits at a Glance
Stronger control: Only authorized requests are processed
Enhanced security: Mandatory 2FA and pre-configured approval workflows prevent unauthorized or unsecured requests
Operational efficiency: Automated processing of approved requests reduces manual effort
Full transparency: Submission, approval, and decline events are all logged for a complete audit trail
Conclusion
The Expense and Transaction Request Approval Workflow provides lenders with a secure, auditable, and efficient way to manage internal expenses and transactions. It also reduces risk, improves accountability, and gives full visibility into all internal financial operations within an organization.
