Loans and Advances
Bid Goodbye to all Financial Worries
Financial troubles can come and crop an individual at any point in time. No matter how well one has planned his/ her budget, expenses can arrive in at unexpected moments. In such situations when the next salary day is still quite far, how can one arrange for funds almost instantaneously? Loans and advances policy of organizations can help employees by aiding them in tough financial crisis. This can help an individual in dealing with finances seamlessly, without any stress and burden.
Beat all your financial commitments with PayWheel
PayWheel being an extensive payroll software is structured to scale the needs of employees requesting for loans or salary advances. In PayWheel, one can download the forms for Loan or Salary Advance and fill the application to apply for approval/ rejection by the concerned authorities of the organization. This feature is convenient for both the employees and employer. The employees can borrow the loan or advance and fulfill their immediate need for money. On the other hand, employer can deduct the previously paid amount from the coming month(s) salary of the employee to balance the remuneration.
A dedicated salary advance and loan management section in PayWheel keeps a record of the loans taken by employees and manages the salaries of upcoming months. The adjustments of loan or advance pay can be decided by the payroll managers either in the form of EMI or single-installment, subject to interest (or without interest).
With PayWheel, you can empower your employees in real terms by making them financially competent. The individuals will not have to go through the lengthy procedures of approval. Also, lot of time will be saved in case of emergencies like medical bills etc. PayWheel as a progressive loan management software helps employers to remunerate the employees correctly and accurately.
To implement this software in your organization and manage your loan and advance system of payroll processing, enquire here. We’ll be happy to serve you.