Getting ready to plan big year-end employee appreciation awards or holiday bonuses? 💸🎁🥳
This week's tip is all about how to ensure your bulk awards run smoothly and without a hitch!
If your organization is billed retroactively based on the amount awarded or redeemed each month, you must pay extra attention to maintain sufficient funds in your redemption account. If the account ever runs out of funds, it can cause significant delays in order fulfillment for your entire team.
So when you're planning a large-scale recognition that's budgeted at $5,000 or more, it’s crucial to pre-fund the points.
If you are already pre-funding your points, let this serve as a friendly reminder to double-check that your account is adequately funded for any upcoming large recognitions!
Pre-funding offers several key benefits that protect your programs and budgets:
- Avoid Program Interruptions: Ensure your redemption account is sufficiently funded to cover the increased spending of points from a large award, preventing any interruption to your redemptions.
- Seamless Award Process: Adding funds in advance can guarantee that all awards are issued promptly without waiting for additional payments to be processed.
- Improved Reporting and Budgeting: Pre-funding specific programs helps maintain clearer financial records. It also guarantees you won't be double-billed for these points.
How to Pre-Fund a Large Award ✅
The pre-funding process is simple and can be managed directly on the platform.
- Navigate to the Billing Page within your Admin portal.
- Click on the 'Request Invoice' button.
- Enter the requested invoice amount.
- Indicate if the invoice is for pre-funding. If yes, select the funding criteria from which the awarded points will come.
- Complete the form, review the payment breakdown, and click 'Submit Request' to complete!
Once submitted, you'll receive a confirmation notice, and the invoice will be processed and sent within 24-48 business hours.
Additional Tips for Success 💡
- Create Separate Budgets and/or Programs: For large programs like holiday bonuses or employee appreciation awards, a dedicated budget allows for clearer reporting and easier tracking of funds.
- Plan in Advance: For high-volume award times, pre-fund your account well ahead of time to avoid potential delays in award distribution.
- Monitor Redemption Account Balances: Regularly check the redemption account balance on the Billing Page to ensure uninterrupted operation of your recognition programs.
Please note: This tip applies to those not currently using the Customer Managed invoicing method. If you are interested in learning more about your funding method or switching to Customer Managed, please contact your CSM or TCSM!
Questions? Let us know in the comments below! We're here to help you make your recognition programs a huge success.
