In today’s fast-paced business environment, managing payroll and human resources can be a complex and time-consuming endeavor. Businesses, regardless of their size, need efficient, accurate, and compliant solutions to handle these critical functions. This is where PayFit emerges as a game-changer, offering an innovative, cloud-based platform designed to simplify and automate payroll and HR processes.
PayFit is a technology company founded in Paris, France, in 2016 by Firmin Zocchetto, Ghislain De Fontenay, and Florian Fournier. The company’s mission is to make payroll and HR management accessible and hassle-free for small and medium-sized enterprises (SMEs). With operations spanning across France, Spain, and the United Kingdom, PayFit has rapidly grown to support over 18,000 businesses and manage the payroll and HR for more than 250,000 employees.
Key Features and Benefits of PayFit
PayFit offers a comprehensive suite of features designed to address the diverse needs of modern businesses
Automated Payroll Processing
At the core of PayFit is its robust payroll automation capabilities. The platform automatically calculates salaries, including deductions for taxes, social security contributions, and benefits. This ensures accurate and timely payments, reducing the risk of errors and penalties associated with manual processing.
Real-time Payslips: Payslips are generated automatically in real-time, providing employees with instant access to their salary information.
Automated Tax and Pension Submissions: PayFit handles all HMRC (Her Majesty’s Revenue and Customs) submissions, including RTI (Real Time Information) and pension contributions, ensuring compliance and saving businesses valuable administrative time. It integrates with leading UK pension providers such as Nest, Smart Pension, and Aviva.
Expense Management: Employees can easily submit expenses through the platform, complete with receipt scanning using OCR (Optical Character Recognition) technology. Managers can then review and approve these expenses, streamlining the reimbursement process.
Comprehensive HR Management
Beyond payroll, PayFit offers a range of HR features that help businesses manage their employees effectively
Employee System of Record: A centralized database to store and manage all employee information, from contact details and contracts to salary history and performance reviews.
Leave and Absence Management: Employees can request time off, and managers can approve or deny these requests through the platform. The system tracks holiday balances and provides a company-wide leave calendar for better visibility.
Employee Onboarding and Offboarding: Streamlines the process of hiring new employees with digital contracts and automated workflows. Similarly, it simplifies the offboarding process, including exit surveys and the management of leavers’ documents like P45s.
Time and Attendance Tracking: A new feature that allows employees to log their worked hours manually or using a real-time digital clock. These hours can be assigned to specific projects, enabling businesses to track time spent on various tasks and by different employees. While currently separate, integration with payroll functionality is anticipated in the future.
Performance Management: Tools to set up performance review campaigns, assign managers to review results, and facilitate collaboration on assessments with employees. The 1:1 tool enables managers to schedule regular check-ins with direct reports and use question templates to guide conversations.
HR Checklists: In addition to an onboarding checklist, businesses can create their own customizable HR checklists to manage day-to-day tasks and ensure nothing is missed.
Organizational Chart: Provides a clear view of the company’s structure, allowing employees to see team structures and reporting lines.
Employee Empowerment
Access to Payslips and Tax Documents: Employees can view and download their payslips, P60s, and P45s anytime, anywhere, using a secure lifetime login.
Leave Requests: Employees can easily submit leave requests and check their remaining holiday balance.
Expense Submissions: The platform allows employees to submit expenses and attach receipts digitally.
Personal Information Management: Employees can update their personal details, ensuring the company’s records are always accurate.
Integration Capabilities
Accounting Software: Compatible with leading accounting software such as Xero, QuickBooks, Sage, and NetSuite, allowing for easy export of payroll journals.
HRIS (Human Resource Information Systems): Integrations with platforms like BambooHR enable automated synchronization of employee data.
Collaboration Tools: Integration with platforms like Slack facilitates communication and workflow automation.
Performance Management Tools: Integration with platforms like Leapsome allows for seamless data sharing between performance and payroll systems.
Spend Management Tools: Integration with platforms like Spendesk streamlines expense management processes.
Compliance and Security
PayFit places a strong emphasis on data security and compliance
HMRC Recognition: The software is officially recognized by HMRC, ensuring that all payroll processes and submissions meet regulatory standards.
ISO 27001 Certification: PayFit is ISO 27001 certified, demonstrating its commitment to maintaining high standards of information security.
Data Encryption: All data transmitted to and stored within PayFit’s systems is encrypted using ultra-secure protocols (TLS 1.2 with RSA-4096 keys) to ensure confidentiality.
Secure Servers: PayFit’s servers use OAuth2 authentication via JWT tokens, ensuring data integrity, security, and authenticity.
Data Storage and Backups: Data is stored and backed up in secure data centers in France. Real-time data replication across three data centers and hourly backups with verified daily recovery processes ensure data availability and resilience.
Access Control: Access to customer data is restricted to authorized teams with a justified reason, and all access is systematically logged. Internal access for staff members is protected by VPN and two-factor authentication.
Legal Monitoring: A dedicated internal team monitors legal and regulatory changes to ensure the software is always up-to-date and compliant.
Personalized Support
PayFit provides users with access to payroll experts who offer personalized support and guidance, ensuring businesses feel confident and supported in managing their payroll and HR processes. The platform also features an extensive knowledge base to answer common questions and provide guidance.
PayFit Pricing and Plans
PayFit offers different pricing plans tailored to the size and needs of businesses. The pricing is typically based on a per-employee per month fee, with a base fee added. Specific pricing details may vary depending on the region and the features included in the plan.
It’s advisable to contact PayFit directly or visit their pricing page for the most up-to-date information on available plans and costs. They often offer tiered plans with varying levels of features to accommodate different business requirements.
PayFit’s Commitment to the Future of Work
PayFit is not just a software provider; it aims to be a partner in shaping the future of work. The company emphasizes creating a fulfilling work environment for its own employees and providing solutions that empower businesses and their employees to grow together.
PayFit fosters a culture of innovation and continuous improvement, both in its product development and its internal practices. The company values flexibility, learning and development, career growth, and employee well-being. Initiatives like remote work policies, learning platforms, mentorship programs, and comprehensive health and parental support demonstrate this commitment.
By simplifying complex payroll and HR processes, PayFit enables businesses to focus on their core activities and create better experiences for their employees. The platform’s intuitive design and automation capabilities contribute to increased efficiency, accuracy, and compliance, ultimately fostering a more productive and positive work environment.
Final Thoughts
PayFit has established itself as a leading provider of cloud-based payroll and HR management solutions, particularly for SMEs. Its comprehensive feature set, user-friendly interface, robust security measures, and commitment to customer support make it a compelling choice for businesses looking to streamline their administrative tasks and focus on growth. By continuously innovating and adapting to the evolving needs of the modern workplace, PayFit is well-positioned to play a significant role in shaping the future of how businesses manage their most valuable asset: their people.
FAQs
What is PayFit?
PayFit is an all-in-one, cloud-based software solution that streamlines payroll processing and simplifies HR management. The platform automates complex tasks such as salary calculations, tax deductions, and the generation of payslips, allowing businesses to save time, reduce errors, and ensure compliance with ever-changing regulations.The intuitive interface of PayFit is designed for ease of use, making it accessible even to those without extensive payroll or HR expertise. This empowers entrepreneurs and people managers within small businesses to confidently manage their payroll and HR functions.
What types of businesses is PayFit best suited for?
PayFit primarily targets small and medium-sized enterprises (SMEs) across various industries. Its scalable platform can accommodate businesses ranging from just a few employees up to around 500 employees. The ease of use and automation features make it particularly beneficial for businesses without dedicated in-house payroll or large HR teams.
Is PayFit just a payroll software?
No, PayFit is more than just payroll software. While payroll automation is a core feature, it also offers a comprehensive suite of HR management tools, including employee records, leave management, expense management, onboarding/offboarding, performance management features, time and attendance tracking, and more.
To read more, Click Here
