Let’s accept it - cash advances are essential. They are issued by the organizations to help cover employee business expenses. In most cases, the forms of payment are limited, yet different. They also are dependent on the expense type and amount. Cash advances specifically help complete minor business operations, where other payment forms are not a viable option.
Some of the business operations that cash advances can help with are:
Since every organization has multiple projects, business meetings, and travel expenditures, employees receive sufficient funds to cover their expenses. Managing these advances and subsequent expenses is pivotal to the company's accounting.
Improper or traditional cash advance management can expose the company to the following risks:
To avoid these risks, it’s imperative to understand where the problems lie. One major flaw with the cash advance management today is the friction-heavy manual processes.
Automation has proven to be a promising solution to solve T&E challenges that manual processes bring to the table. Cash advance management is no different.
For employers, here are some benefits of automating cash advance management:
For employees, here are some benefits of digital cash advance management:
At Fyle, we understand that efficient cash advance management is imperative to maintain your organization’s financial health.
Here’s how Fyle transforms the cash advancement process for any organization:
Here’s how Fyle helps employers manage and centralize their cash advances:
Here’s how employees manage their cash advances better with Fyle:
This is not the end of how Fyle can help you manage cash advances. There’s a lot more. As a T&E management software, we can make the process of expense reporting and reimbursement seamless. Schedule a demo to see how!