B2B Payments

PayFit Expands Payroll Tech Into Employee Expenses

PayFit Expands Payroll Tech To Employee Expenses

European FinTech PayFit has introduced a new receipt capture technology to help corporations with reporting of payments and expenses, according to a release.

The company has been consistently growing; it recently entered new markets in 2019 and increased its staff to more than 500 employees.

“PayFit is an enterprise SaaS (Software as a Service) company that provides integrated and HR management software products,” the release said. “The company’s suite of products automates all payroll processes, from RTI submissions and payslips to employee leaves and expenses.”

The goal of the new functionality is to help companies save time by speeding up manual payroll tasks and allowing HR departments to have more time to improve employee temperament and to grow company culture.

“We’re constantly looking at ways to automate manual tasks so that employees can focus on areas where they can add the most value. Recording expenses is a hugely time-consuming process, and so many small to medium-sized businesses lose hours scanning receipts and manually amending payslips,” said U.K. Managing Director Nick Miller. “We want businesses to spend that time elsewhere: on growing their team, taking care of their employees and creating a fulfilling place to work. That’s why we invent tools that make HR easier.”

It now takes only a few seconds for an employee to scan a receipt and submit expenses. The worker simply needs to take a picture of a receipt or manually add it to the employee space. The software then reads the text automatically and adds all necessary data field entries to accurately file the expense. The outstanding amount is then automatically added to the payslip after the expense has been approved by a manager.

“The new feature has been added against a backdrop of continuing global success,” the release said. “The team now employs over 500 people across four countries, works with more than 4,000 customers and has raised over $100 million in funding to date.”

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