{"id":22,"date":"2021-05-31T15:43:20","date_gmt":"2021-05-31T15:43:20","guid":{"rendered":"https:\/\/blog.nyggs.com\/?p=22"},"modified":"2021-05-31T15:43:20","modified_gmt":"2021-05-31T15:43:20","slug":"pre-paid-expense-in-hrms","status":"publish","type":"post","link":"http:\/\/blog.nyggs.com\/?p=22","title":{"rendered":"Pre-Paid Expense In HRMS"},"content":{"rendered":"\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" width=\"673\" height=\"481\" src=\"https:\/\/blog.nyggs.com\/wp-content\/uploads\/2021\/05\/NYGGS-Expense-Dashboard.jpg\" alt=\"\" data-id=\"23\" data-full-url=\"https:\/\/blog.nyggs.com\/wp-content\/uploads\/2021\/05\/NYGGS-Expense-Dashboard.jpg\" data-link=\"https:\/\/blog.nyggs.com\/?attachment_id=23\" class=\"wp-image-23\" srcset=\"http:\/\/blog.nyggs.com\/wp-content\/uploads\/2021\/05\/NYGGS-Expense-Dashboard.jpg 673w, http:\/\/blog.nyggs.com\/wp-content\/uploads\/2021\/05\/NYGGS-Expense-Dashboard-300x214.jpg 300w\" sizes=\"(max-width: 673px) 100vw, 673px\" \/><\/figure><\/li><\/ul><\/figure>\n\n\n\n<p>We cannot agree more on the fact that Expense is a repetitive task which needs attention on bill photos to verify, uninvited human calculation errors, keeping lots of files, paperwork, misplacing bill copies which might be helpful in the GST return, a delay in reimbursement process and most importantly, adjustment against advances. And here frustrated HR and employees show up. Damn, that&#8217;s a lot.<\/p>\n\n\n\n<p>NYGGS Expense Management Software which is designed to cater to both the manufacturing and service industry needs to automate the complete expense chain. <strong>Advances, also called prepaid expense, is a major part of it.<\/strong> As per research and industry problems, we have come across advances against expenses and advances against salary. Let\u2019s state the problems again:<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.nyggs.com\/hrm\/\" data-type=\"URL\" data-id=\"https:\/\/www.nyggs.com\/hrm\/\">How cash advances against expenses work manually?<\/a><\/strong><\/p>\n\n\n\n<p>With the understanding that the purpose of business expenses includes meetings, training, travel spending, meals as per your company expense policy. Assuming any employee asking for an advance to book a train ticket for a business meeting, there can be the following disasters:<\/p>\n\n\n\n<ul><li>Employee filled out a paper form or emailed to the approver for cash requirements, there might be a delay in the process<\/li><li>Manager might miss last-minute urgent requests<\/li><li>Lack of communication and proper information to employees regarding the payment process can frustrate both.<\/li><li>Incapability to check the status of his advance request<\/li><li>Unclear understanding of reimbursable expenses<\/li><\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.nyggs.com\/hrm\/\" data-type=\"URL\" data-id=\"https:\/\/www.nyggs.com\/hrm\/\">Next question, how this can be automated with NYGGS and how would it help?<\/a><\/strong><\/p>\n\n\n\n<ul><li>Employee raises an advance request through web\/application.<\/li><li>Approver\/Manager gets a mobile alert to expedite the request<\/li><li>\u00a0The employee can track the status of his request and gets a notification when it&#8217;s approved.<\/li><li>Post-approval, account balance is created for employee<\/li><li>The employee has to submit bills against the advance amount<\/li><li>refund collection is automated in case of unused advance balance<\/li><\/ul>\n\n\n\n<p>Let&#8217;s see what software features are going to help us keep our promises and help you get better financial health of your organization:<\/p>\n\n\n\n<ul><li>Customize expense policy<\/li><li>Multi-level approval workflows according to department, employees, and different projects<\/li><li>Configure notifications\/alerts, also allow to create of custom alert messages<\/li><li>Ensure easy refund collection process<\/li><li>better visibility on issued advance balance at every hierarchy level<\/li><li>expense reports and dashboards to control the spending<\/li><\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.nyggs.com\/hrm\/\" data-type=\"URL\" data-id=\"https:\/\/www.nyggs.com\/hrm\/\">How advances against salary work manually?<\/a><\/strong><\/p>\n\n\n\n<p>It&#8217;s very common that companies have prioritized employees\u2019 well-being- mentally and financially. Most companies help out by disbursing salaries in advance to their employees. That&#8217;s called salary advance.<\/p>\n\n\n\n<p>For example: If any employee has a medical emergency, and is in need of his salary for the next month in advance then the employer can pay a part of his salary beforehand. These advances can also be recovered in instalments or the employee can be paid a certain amount in advance and deduct the same from his next month salary.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.nyggs.com\/hrm\/\" data-type=\"URL\" data-id=\"https:\/\/www.nyggs.com\/hrm\/\">How NYGGS Expense Management can automate this process?<\/a><\/strong><\/p>\n\n\n\n<ul><li>The employee will check all the advances he\u2019s eligible for.<\/li><li>Employee raises an advance request by submitting the amount, a number of installments, and account number.<\/li><li>In case of medical emergency advance, the employee submits medical documents too.<\/li><li>The manager\/approver will receive a notification to expedite the process.<\/li><li>Once approved by all the departments, an advance will be credited to the given account number.<\/li><li>The advance amount will be automatically adjusted in salary.<\/li><\/ul>\n\n\n\n<p>NYGGS software will share the responsibility of HR admin once it\u2019s implemented. Admin has the authority to make following changes in order to keep everything very handy:<\/p>\n\n\n\n<ul><li>Multi-level approvals<\/li><li>Customised reports to get a clear vision of cash flow in company<\/li><li>Reinforcement of advance policies<\/li><li>Configure notification and alerts messages<\/li><li>Create multiple types of advances and bifurcate them as per departments.<\/li><\/ul>\n\n\n\n<p>If we have not covered anything in the article, please leave a comment or reach us on our website to see a demo because it\u2019s never enough to get more knowledge. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>We cannot agree more on the fact that Expense is a repetitive task which needs attention on bill photos to verify, uninvited human calculation errors, keeping lots of files, paperwork, misplacing bill copies which might be helpful in the GST return, a delay in reimbursement process and most importantly, adjustment against advances. And here frustrated&hellip; <a class=\"more-link\" href=\"http:\/\/blog.nyggs.com\/?p=22\">Continue reading <span class=\"screen-reader-text\">Pre-Paid Expense In HRMS<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[6,5,4,2,7],"_links":{"self":[{"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/posts\/22"}],"collection":[{"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22"}],"version-history":[{"count":1,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/posts\/22\/revisions"}],"predecessor-version":[{"id":24,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=\/wp\/v2\/posts\/22\/revisions\/24"}],"wp:attachment":[{"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.nyggs.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}