Fintech PayFit Is Planning to Introduce More Features to Streamline HR Processes for SMEs After €254M Raise

The team at Payfit, which has recently raised €254M to strengthen their payroll solution for SMEs, notes that as 2021 came to an end, they had taken a look back on the year.

PayFit reveals that not only have they grown in size, but they also released many new features “available within the software.”

In an extensive update, PayFit has shared their top features of 2021 (as voted by their customers).

1. Integrations

PayFit notes that one of their main goals is to “enable seamless payroll processes and software integrations.” Their team has been working on new HR integrations with people management platforms Hibob and BambooHR, and Personio.

Payfit writes in their detailed update that they know the value of “streamlining payroll and HR, and [they’re] excited [that they] were able to offer these integrations [in 2021].” The update also noted that many customers are “already syncing their HR information from their HRIS to PayFit to avoid manual data entry.”

2. Calculations transparency & Payslip toolbox

PayFit added that some customers “want their branding in all forms of communication with their employees, including payslips.”

Payslips, after all, “should be celebrations of an employee’s work for the company, so letting our customers customize their payslips to reflect the company’s branding was very important to us,” the team at PayFit noted.

They added:

“Transparency on payroll calculations is key to forming trust between PayFit and our customers. New users often come from different payroll providers, and differences in numbers are unpleasant, especially if they don’t know why that difference occurs. We want our customers to relax knowing that they can break down all the figures on the payslip with precision and explanation.”

3. Custom reminders

The company also mentioned that this feature enables their users to “create their own custom reminders.” Perhaps there have been salary changes or a student loan “needs to be paused for a month,” PayFit wrote in a blog post.

They added that by having these reminders within the software, they’ll “never forget to make those changes when the time comes, making for a more seamless experience when running payroll.”

4. Backdated salary changes

PayFit noted:

“We know that an employee’s change in salary often takes time to reach the payroll team, and when it does, it can turn into a tricky task. We now offer an easy way to input backdated salary changes to avoid complicated manual calculations.”

The team also mentioned that automatic calculations of National Insurance contributions, pension contributions and student loan deductions “are made as if they were due in the past month, and PayFit rebalances them onto the current month to ensure compliance.”

5. ‘Run Payroll’ Revamp

PayFit further noted:

“With our improved ‘run payroll’ experience, users can make all the monthly changes they need while having a complete overview of those changes, comparing data with the previous month, checking all their payroll tasks, and running payroll in just a few clicks.”

They added that payrollers can also “access a post payroll checklist to get full visibility on payments to be made.”

PayFit confirmed that they’re not stopping there, as they have “many exciting plans for the coming year with even more features that will automate and simplify payroll and HR processes for small and medium businesses.”

Following its €254 million raise (announced January 6, 2022), Firmin Zocchetto, CEO and co-founder of PayFit, stated:

“PayFit’s expansion beyond France into the UK, Spain and Germany demonstrated further validation of our innovative offering and our capacity to scale up. As we look ahead, we plan to use these new funds to deepen our presence in our existing markets, where we have significant growth potential. At PayFit, we are proud to have built a company with strong foundations, where people are happy to work and that can have a real impact on our clients. This Series E funding will allow us to maintain the rapid growth we have achieved since our founding.”

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