Cash Advance

A cash advance is a pre-approved sum provided to employees before a business trip or event to cover anticipated expenses like travel, meals, or lodging. It ensures employees can manage costs without relying heavily on personal funds, especially in situations where corporate card access is limited. The advance is tagged to specific trips or projects, tracked in real-time, and requires a settlement report post-event to account for actual expenses and return any unspent funds. This process enhances financial control, simplifies expense tracking, and aligns with company policies. Automated systems streamline requests, approvals, and reconciliations, reducing manual errors. By linking advances to cost centers, businesses gain clarity on spending patterns and budget allocation.