Staff loans and expense claims, approved by the right people.
Employees apply for loans within your policy, request salary advances and claim expenses with receipts. Each request passes through its own approval chain, and loan repayments come off payroll automatically.
- Pending
- Under review
- Active
- Completed
The statuses a staff loan moves through. It completes once every repayment has been settled through payroll.
What it does.
Praxis applies your lending policy at the moment someone applies, routes each request to the right approvers, and keeps the paperwork.
Staff loans
- Your interest rate, maximum amount, minimum service and tenure applied when someone applies
- Flat or reducing-balance interest
- One loan in progress per employee
- Terms saved at approval, so later policy changes don't alter existing loans
Loan approval and paperwork
- One, two or three approval steps: Finance; Credit then Finance; or Credit, MD, then Finance
- Nobody approves their own loan or acts at two stages of the same loan
- Loan agreement, approval letter and repayment schedule as PDFs
- Record loans approved before Praxis, or import them from Excel
Salary advances
- Employees request an advance repaid over a number of months
- One- or two-step approval, then disbursement
- Switch salary advances on or off for each company
Expense claims
- Claims with a category, amount and receipt
- Receipts filed to the employee's document folder
- HR reviews, the MD authorises and Finance pays
- Categories set for each company
How a loan is approved.
With three-step approval on, a loan passes through three different people before any money moves.
Apply
EmployeesApply within the loan policy. Credit officers and HR are notified.
PendingCredit review
Credit officersCheck the application and approve the credit stage.
Under reviewMD approval
Managing directorApprove the loan when three-step approval is on.
Disburse
FinanceGive final approval and disburse. The employee is emailed.
ActiveRepay
HRRepayments are deducted in each payroll run.
Close
FinanceThe loan completes once every instalment is settled.
Completed
Who uses it.
| Role | What they do in loans and expenses |
|---|---|
| Employees | Apply for loans and advances, claim expenses and follow each request. |
| Credit officers | Approve the credit stage of loans and record existing loans. |
| Managing director | Approve loans in three-step mode and authorise expense claims. |
| Finance | Give final loan approval, approve advances and pay expense claims. |
| HR | Review expense claims, set the loan policy and manage claim categories. |
What you get.
- PDFLoan agreementThe terms the employee agrees to.
- PDFApproval letterConfirmation of the approved loan.
- PDFRepayment scheduleEach instalment and its due month.
- XLSXLoan deductions reportThe month's loan deductions from payroll.
Loans and expenses in Praxis.
Works with.
See a loan through three approvals.
We'll apply, approve at each stage and show the first repayment in payroll.