An employee perk or stipend is a monetary advance given to an employee that allows them to pay for various business expenses. Depending on how the program is structured, it can either be taxable income to the employee or a non-taxable reimbursement. Perks or stipends that lack an expense report or a receipt are considered taxable income for the employee. Most perks or stipends offered on Perkfix.com will be taxable to the employee.
We researched that many innovative companies give their employees one particular perk or a stipend, while this is great but we realized that every employee has different needs, and having a perk program that only caters to a certain demographic does not help a company in building a diverse team. It also sends a wrong message to employees.
Some companies have adopted a reimbursement- model to deliver perks. These "Perk Management providers" merely provide the companies with an excel sheet and a report, while the actual delivery of the funds is done via the employer's existing payroll system. Also, each transaction needs a receipt which as we have identified hurts employee adoption.
Perkfix admins are able to add pre-approved perk programs and filter out transactions in real-time. No receipts, no fuss.