Cash Advance – An easy way to help your staff

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.

Tabbed views easily show records that are Awaiting Approved or that have already been Approved or Rejected.

Requests can then then be assessed by managers and approved or rejected.

Simple action buttons allow for swift approval/rejection and users are notified via email of any decisions.

Requests can be exported to Word, PDF, Excel, and PowerPoint and stored in line with internal processes.

New reports are easily configured to show desired information and all reports can be white-labelled to show a Company’s logo.

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.

Dynamic dashboard views allow Managers to quickly assess paid and outstanding amounts by employee.

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.

Users can simply log expenses against a Cash Advance and this will auto generate debits against the credit. Multi-currency is catered for and tracked effectively.

Interested in learning more? Get in touch for a free demo or try a 7 day free trial today! 

Do you want to avoid having too many software subscriptions? CloudCube Operations offers fully integrated modules designed to run all aspects of your business including Finance, HRMS, PPM, Time and much more in one easy to use platform.

As well as reduced cost, this allows for simplified Business Intelligence and actionable insights into your organisation. Find out more today!

About the author

Michael has been part of Integrated Cloud's journey since 2013 and has worked as a key resource on several large transformation programs for clients all across the world. Michael is Head of Product Configuration, meaning he uses industry knowledge and expertise to head up the team that implement changes to CloudCube using the CloudCubeDNA low code application builder toolset.