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What are budgets and how do they work?

Budgets are sums of money that you can set aside for employees to use for specific purposes (e.g., learning & development and team activities). For now, budgets can only be used through our reimbursement feature. You will get your employees’ reimbursement requests just like you do for some of the Coverflex's benefits.

Unlike what happens with benefits, you don't need to top up the employees' wallets in advance. When you attribute an amount to an employee, you are simply telling them how much they can spend. Yet, you will need to have enough funds in your company account to approve budget reimbursements. Once you approve a reimbursement, the funds will be transferred from your company account to the employee's personal account.

Since different companies might have different ways of classifying this type of expense, these transactions will not be reflected in your Coverflex Payroll Report. They will be reflected in your Accounting Report only.

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