PayFit provides a cloud-based payroll and HR software that automates over 90% of payroll tasks, including HMRC submissions and holiday calculations, for small and medium-sized businesses. This technology reduces manual data entry and compliance risks, saving users up to 80% of the time spent on payroll administration each month.
Funding
$495.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small and medium-sized businesses often struggle with the complexities of payroll administration, including manual data entry, HMRC submissions, holiday calculations, and compliance with ever-changing regulations. Managing these tasks in-house can be time-consuming and prone to errors, while outsourcing can be expensive and reduce control.
Solution
PayFit offers a cloud-based payroll and HR software solution designed to automate over 90% of payroll tasks, streamlining the entire process for small and medium-sized businesses. The platform simplifies payroll management with user-friendly workflows, automating tasks such as HMRC submissions, holiday calculations, and deduction calculations. PayFit provides access to expert guidance and support, ensuring compliance and reducing the risk of errors. The software also offers features for leave and absence management, expense tracking, pensions administration, and performance management, all integrated into a single platform.
Target Audience
PayFit is designed for small and medium-sized businesses (SMBs) in the UK, ranging from startups to companies with hundreds of employees, particularly those seeking to simplify and automate their payroll and HR processes.
Features
- Automated payroll processing, including salary changes, deduction calculations, and RTI submissions
- Integrated leave and absence management with employee self-service for requesting time off
- Expense management with custom policy creation and receipt scanning via optical character recognition
- Automated pension submissions for major UK pension providers
- Performance and people management tools for tracking employee performance and development
- Real-time payslip updates and variance reports for easy review and error detection
- Integration with popular accounting and HR tools via API
- Automated updates for rates and thresholds based on new legislation