A Guide to Intelligent Investment Management

Being an HR is all about juggling several hats! You are the problem-solver, the finance controller, the decision-maker, the payroll officer, and at times, all of it. Hence, you must be aware of intelligent Investment strategies to take care of the overhead expenses.

However, human resource software solutions are making it way easier. Yet, a truckload of different kinds of tasks can get on the nerves. Have you ever found it challenging to settle on investments for workplace management?

Then, catch this blog further to understand what’s imperative for a workplace and what expenses can be postponed or avoided.

By the end of the blog, you will get an insight into the following aspects:

  1. What is Petty Cash?
  2. Importance of using Petty Cash Mindfully
  3. Tips for intelligent investment management

What is Petty Cash?

As the name suggests, Petty cash is meant for all little expenditures at the workplace that are done using cash. It is the kind of fund that helps reimburse all little expenses employees do on behalf of the business.

HRs mostly monitor and manage petty cash usage for the right reasons. However, most of the time, HRs face difficulty in deciding on the expenditure. Businesses mostly keep a close eye on these small expenses and do not choose to lose visibility on every penny spent on the resources.

  • The fund is meant for expenses that are too small to write a cheque for
  • Petty cash is used for expenses like little celebrations at the workplace, office supplies, flowers, reimbursing employees for small expenses, tea, and coffee for employees, etc.
  • Petty cash is quick and convenient to use but is vulnerable to theft and misuse.

Importance of using Petty Cash Mindfully

The petty cash utilization might circumvent certain parts of finance controls. The availability of such funds does not imply that they can be used readily. The fund’s custodian is mostly an HR, who monitors its flow and usage and takes on the responsibility of using it valuably.

  • Proper usage of petty cash can make a huge difference in the financial control of the organization
  • It incorporates discipline in an organization regarding the usage of a fund

Tips for intelligent investment management

In the end, HRs must know the apt way of using petty cash yet keep an eye on controlling the flow of the fund readily at the drop of a hat. Here are a few tips to help you decide the right occasions to spend your petty cash.

  • Never compromise on employee engagement on special days. Celebrate those little occasions because they boost the employee’s zeal, which is a priceless ROI.
  • Observe birthdays, and spend on the basic requirements like tea, coffee, etc. These are the fuel on which the workforce runs seamlessly.
  • Keep records of reimbursement and maintain proof of those expenses so that you don’t overlook those little flows of funds.

After all, keeping an eye is all that makes a difference!


Redefining Business with an HRMS

Is great talent acquisition for the HR wing enough to achieve all your organizational goals? Whatever your answer is, you must know that you might be doing exceptionally well on your business front, but you still need to be good at resource management to meet your organizational goals

If a business does exceptionally well, it implies that the resources have outperformed in every way possible. Hence, a human resource management system can make a world of difference. Gone are the days when the power remained centralized to the higher management.

We have stepped into an era when employee experience is one of the vital deciding factors of whether a business can thrive in the market. A diligent HR wing is a bonus point for the business owner. However, a dedicated HRMS can take you closer to your organizational goals.

Changes after Opting for an HRMS

Adopting the best HR systems with an HRMS and aligning tasks with the latest technology can benefit the organization in every possible way. Let us see the valuable changes an HRMS can bring to the organization.

Figuring out everything that matters

An HRMS can help you figure out everything that matters. It aligns tasks for you so you can complete them as per the priority. Right from one-to-one meetings to leave applications, you can manage it all seamlessly with the help of an HRMS.

Simplify the payroll process

You can simplify the payroll process and generate a pay register with a click. The best part about opting for a human resource software solution is it makes payroll processing super easy. It helps you smoothly generate payrolls adhering to all the compliance laws.

Helps HRs to take smart decisions

HRs get stuck in unproductive, mundane paperwork. HRMS can help HRs get rid of papers. Hence, they get insight into several vital things and take smart decisions.

Makes employees self-sufficient

Employees no longer depend on the HRs for basic requirements like several leaves, pay slips, etc. Employees can be independent and gather all their required details using the HRMS.

Deal with compliance issues

HRMS helps you deal with compliance in a better way. You can generate PF, ESI, and TDS Challan without hassle.

The Bottom line

All the above-listed benefits of HRMS can bring about a revolutionary change in overall business operations. Besides complete employee satisfaction, the HR system has become more systematical than ever.
So, how soon are you opting to transform your business operations with the help of an HRMS?