The French startup PayFit, which handles administrative tasks for companies with a web interface that is very simple, just managed to raise a whopping $15.9 mn Series B round from Accel. Otium Venture and Xavier Niel are also a part of this. With the help of this funding, PayFit hopes to expand its business beyond the boundaries of France. Anytime soon, you can see PayFit in Spain, Germany, the U.K., Italy, and other European nations. However, it will not be easy as each market has its own laws and restrictions and thus differ from another.
Advantages of PayFit
PayFit enables a user to easily enter all the data about employees and is a better option as compared to relying on third party companies or outdated processes. The company can then produce wire salaries, legally compliant paychecks, and also notify the authorities regarding retirement status or give healthcare information about employees. PayFit is also a cheaper alternative to third party firms or for that matter having an HR department. This web interface stays up to date as everything is happening in the browser. PayFit gets updated with new labor laws and can also access previous paychecks and work contracts.
PayFit Integrates Basic Admin Tasks, Useful for SMBs
Managing a payroll is a tedious task and this is particularly a big headache for all and medium-sized business (SMBs) which are struggling to comply with the constantly changing labor laws. PayFit integrates many of the basic features of an admin such as managing expenses, keeping a tap on the upcoming holidays, asking for vacations, and similar others. It is also working on including subsidiary management, schedule management, organizational charts, and secure storage.