S.P. solutions is pleased to announce the disruption of the process of petty cash and other cash settlements. A new solution based on the eDGEVANTAGE platform that will help any establishment manage their cash and petty cash settlement processes with ease. The solution includes a mobile app along with a three-step workflow that would enable users to make requests while on the go, collect the payment on their return to office.
The solutions includes the following processes:
- Advance Settlements
- Float Reimbursements for cashiers
The mobile app can be given to all employees within the establishment, they can add a petty cash reimbursement request, or an advance settlement request using the mobile app. At the same time, the users can attach a picture of the invoice, bill, receipt, or any other documentation required and trigger the approval process. The approval process is currently designed to facilitate a department approval and a finance approval after which the approved payment is reflected in a float based cashier panel. (multiple floats can be configured)
For settlement of advances the system will allow the user to pick the previously approved and disbursed advance and then settle using the bills / invoice if there is no overrun of the previous expense. If there is a cost overrun, then the same approvals will apply.
The petty cash voucher panel would enable the cashier to obtain a hard copy of the attachment and cross-check it against the value and the softcopy which was added at the point of request, and then make a disbursement. The initiator can then confirm receipt of the reimbursement. The panel will generate a statement of transactions and the float balance when the float is closed.
The approval process can be customized at no cost at the time of implementation to add or reduce the number of steps required
Invoke while on the go using a custom-built mobile app (Android / IOS)
Setup your customized approval process (department structure is created on the system)
Create and route a Finance Team approval based on the type of payment
Disburse via multiple float-based payments panels, with a duplicate check,
Return to the invoker, Return to the department for clarifications
A comprehensive audit trail of all actions with a detailed TAT
Comprehensive document management function with redaction