Simplify and streamline your employee’s loan management

Employees play a vital role in the growth of an organization, and there are number of situations when employees are vulnerable to financial stress, and seek employer’s help. Horizon HRMS helps organization to process their employee’s loan request.

Horizon HRMS has a full-fledged loan management system. With the employee’s self-Service Portal and an mobile application, they can directly request for loan. The requested loan can be digitally approved or rejected to fasten process. Here’s few highlights to improve the efficiency and transparency in providing the service to an employee.

Flexible user-based settings

Horizon HRMS has many settings that can be customized to suit your organization’s needs. You can define your loan settings to be strict or lenient and configure the system to recover the loan balance. These customizable settings help you personalize managing loan for each employee.

• Pay Period Configuration: You can configure the pay periods, define repayment start date and the number of installments to repay the loan, all with Horizon HRMS.
• Loan Interest Configuration: You can define the rate of interest or interest free. With the interest mentioned, the system automatically calculates the installment amount.
• Payment flexibility configuration: The system gives the flexibility of repaying the loan as a fixed deduction or based on employee’s convenience from monthly salary. The loan amount is automatically deducted during payroll processing.

Seamless Integration

With Horizon HRMS you can experience exceptional digital loan management experience while managing entire employee’s lifecycle. The system integrates with the financial accounting and processes employee’s final settlement smoothly with high accuracy and efficiency.

• Financial Accounting: The account and payment method can be configured to define account that need to be debited or credited while processing the loan.
• Final Settlement: When an employee leaves the organization, the system automatically takes the loan balance amount to be processed during final settlement.

Advanced analytics of loan

When loan is lent to employees across multiple branches of an organization, it’s important that they are tracked. Horizon HRMS gives you a more comprehensive breakdown about loan distributed in each branch, department and more. The reports help in making in-depth assessments on the amount repaid and the outstanding balance.

• Build your own reports: Is your loan reporting process unique? No worries. We know that every business process is different. With Horizon HRMS, you can generate your own custom reports with a simple selection interface.
• Drill down recovery reports: Dive deep into your recovery schedule. See which of your work locations has the most loan balance, which department and much more. Get in-depth analysis and know recoverable amount over a period or for each month.

No more cumbersome process of loan management! Integrate Horizon HRMS today and easily handle employee’s loan management. You can write to us at sales@fit.ae or ring us at +971 4 353 3727, we will help you organize your complete HR management process.