The world is currently caught in the midst of a perfect economic storm leading to an increased cost of living. It’s rare a day doesn’t go by without news that another commodity is going to increase in price. This relentless reporting is bound to harbour anxious thoughts in your workforce which can impact overall productivity for your business. CloudCube comes with an out of the box solution called Cash Advance which many companies may find invaluable in these testing times.
This feature allows staff to request a monetary payment out with a standard process such as salary or rewards. It can be set up to complement your internal HR processes. For example, employees could request funds before a work trip to cover any expenses that will be incurred rather than have to pay themselves and claim it back. This can help take stress out of business trips for certain employees.
Requests can be submitted through their personal “Self Service” portal at any time.
Requests can then then be assessed by managers and approved or rejected.
Requests can be exported to Word, PDF, Excel, and PowerPoint and stored in line with internal processes.
Over time, staff will repay the advance and the delta can be tracked in the application to ensure the company is fully reimbursed. Typically, this is used to cover unexpected events associated with work, but in the current climate many staff may need the advance to cover more basic and essential causes. For companies with the cash flow to support this, it’s a great way to build goodwill and appreciation with staff.
Being able to track the process digitally in a SaaS application alleviates the risk of the agreement being forgotten and money not being returned. CloudCube’s integrated structure also means out of pocket expenses can be used to credit a cash advance rather than be reimbursed in the traditional way. This gives you and your staff more flexibility around the process.
Interested in learning more? Get in touch for a free demo or try a 7 day free trial today!
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