We are struggling with making sure expenses are staying within approval limits assigned; yet minimize the need for typically large $$ invoices from having to go to the President for approval. Different levels of management have different limits. Ours are set basically based on business unit hierarchy: Division-$$$$, Dept-$$$, Sect-$$$, Unit-$$$. BUT, some invoices typical to functional needs always seem to exceed the standard limit and have to be pushed up the chain for added signatures which is a pain. E.g., Dept Head over facilities often will have invoices for utilities or one-off vendor services that exceed the limit. Our limits are fairly low (Div:$25,000 Dept:$5,000 Sect:$2000 Unit:$500 unless item had been budgeted...Yikes!)
We'd be interested in seeing another bank's spending limit approval matrix to see if we can convince the Board to consider a new approach to expenditure spending limits.