Francis is Chief Financial Officer at PayFit. On a daily basis, PayFit allows him to save time on time-consuming tasks such as payroll management, but also to extract key information that will allow him to manage growth as effectively as possible, anticipate needs and provide the most accurate information to make quick and efficient decisions.
As a CFO at PayFit, I am often asked what the added value of PayFit is and how I get the most value from it in my day-to-day. Let me share my experience with PayFit in this article.
Before joining PayFit I worked as a timeshare CFO. I quickly saw the difference between my customers who used PayFit and the others. For those who did not use PayFit, payroll remained a time-consuming and resource-intensive process. Moreover, mistakes were common and caused a lot of back and forth with the payroll provider, a real pain point. On the other hand, for customers using PayFit, payroll was smoothly managed and needed fewer resources allocated.
Convinced by the power of PayFit, I joined the adventure in 2018. PayFit was - and still is - growing rapidly in terms of turnover, number of customers, employees, subsidiaries abroad, or capital. As a CFO, I must guarantee and maintain a high level of quality financial information, constantly monitor figures and give them meaning through reports and forecasts that will allow us to make informed decisions.
The main challenge for our Finance department is to meet these objectives while maintaining a high level of flexibility to meet the growing needs of our teams (costs analysis, evolution of invoicing processes, internationalisation, etc.).
Today, in collaboration with our Human Resources department and thanks to PayFit, each month, I run payroll for our 300 employees working across 4 entities (France, Germany, Spain and UK) in less than half a day. This time saving allows us to focus on the higher value-added aspects of our business such as reporting, financial projections or the accuracy of our business plan.
PayFit is constantly evolving and regularly offers new features that make it possible to be more efficient, despite the increase in number of employees. The import module for example (ie. module that allows you to update in a few clicks payroll variables of several employees at once) has been a real revolution for me. Now I add all the bonuses of our entire sales team in just two clicks.
This import module allows you to bulk update pay variables such as bonuses for all employees (or for a specific team) at once in just a few clicks.
Payroll management is far from being my only use of PayFit. As CFO, I use the financial data from PayFit everyday to update all my financial tools, including Reporting and the Business Plan. For example, I have created an internal reporting system that allows us to monitor the company's financial performance month over month. In this context of rapid growth, monitoring our wage bill with precision is crucial, given our plans to double the workforce.
Every month, PayFit automatically generates exports including key information such as payroll, costs and expenses. Analytical axes - which group expenses by categories such as R&D, Marketing, etc. - allow us to enter into particularly fine levels of analysis. This monitoring system is directly linked to our business plan and the projection of our workforce allows me to calculate our payroll very accurately over time. It is a real support to make important decisions!
Payroll projection file based on PayFit data
I am often asked if PayFit has completely replaced the accountant and the answer is no. Today our accounting is outsourced to a chartered accountant. Every month, our accountant uses the accounting journals generated by PayFit to include payroll and other variables into our accounting. These payroll journals are easy to export whenever required.
In the accounting section of PayFit, you can see an overview of all employer payments and generate reports and accounting journals in a few clicks, ready to give to your accountant or to upload onto an accounting software.
Another perks of having a very flexible software with its own coding language was the ability to incorporate our staff benefits. We wanted to offer PayFiters with meal vouchers so we just built it in the app.
You are now able to add many types of vouchers onto the PayFit app such as meal or cash vouchers to give to your employees as perks
👉On the payroll side, bulk imports are a real time-saver!
👉On the reporting side, I find the export of accounting journals super useful.
👉On the budgeting side, custom graphs and reports are very convenient too. I can choose the different variables I want to compare (bonuses, pension contributions, costs, etc.) per team, per geography, per gender on any given time period. This data can then be exported in a matter of seconds!
According to me, there is no other option than digitalising the finance function. Today, we can do powerful analyses with PayFit however in an ideal future, we would integrate more tools into one single platform, such as Business Intelligence or Accounting tools.