When you’re running a business, one of the most important aspects is to manage your payroll properly. After all, cash flow is the lifeblood of a business and is what keeps it running. Without it, you can expect development to slow down, as well as fewer chances of growth. But how do you focus on growth when you’re caught up in things like managing payroll? Manual recordkeeping can be cumbersome and time-consuming. To top it off, it can also lead to errors, which is why so many businesses are now switching to a different model: corporate payroll management service. In my Flyfish review, this is exactly what needs to be discussed.
Even among payroll management services, you can either settle for cookie-cutter software or something much more comprehensive. That’s where Flyfish comes in as a full-service system.
Make Cost Effective Payments Internationally
If you’re running a business in today’s hyper-connected era, then chances are that you’re dealing with vendors, suppliers, and employees from all over the world. While this can allow greater results by increasing access to better talent and resources, you’ll need to jump through hoops to make international payments. In this case, Flyfish offers the solution of a dedicated IBAN, which lets you send and receive funds in a secure and convenient way, no matter where you’re based.
And don’t think that dedicated IBANs are only preferable for larger corporations. In fact, they’re preferable for businesses of all sizes, no matter what industry they operate in or the service they provide. Your business’s dedicated IBAN will be a unique IBAN that’s assigned to your company exclusively. This provides you with greater security when making SWIFT or SEPA transactions, promoting transparency.
No More Lengthy Processes for Small Expenses
If you don’t have a business debit card yet, chances are that you’re still using the traditional expense approval process. This requires employees to submit requisitions for necessary expenses and to be reimbursed. Then, requisitions need to be approved in order to issue a purchase order. After that, there’s an invoice, and lastly, a payment is made. This happens when any sort of purchase is needed, even day-to-day expenses. As a result, employees end up paying with their own money and ask for a reimbursement later – which is also a time-consuming process.
Ordering business debit cards for your employees can help you avoid going through this hassle. Now, when you need to make basic expenses for the business, it’s easier to do so. Plus, you can avoid expensive transaction fees.
Get Started With a Hassle-Free Process
Worried that you’ll need to go through the hassle of calling different places before you can sign up with Flyfish? Think again. I was surprised to find that it’s super simple to get your company’s own IBAN and debit cards. To start off, you’ll need to create a Flyfish account that allows you to access the platform; this will only take a couple of minutes.
Next, it’s time to register your business for a dedicated IBAN. For this, you just need to enter some information about your company. The third step involves ordering your business debit cards. You can order them for yourself, employees, and suppliers. Once you’re done with that, you can top-up your account to start making quick and simple payments.
Get Real-Time Tracking and Control
While manual payroll management can only be tracked when you’re connected to the infrastructure, cloud-based systems are the other way around. Using the application, you’ll be able to monitor and track each business transaction and expense as it happens. You’ll also receive real-time updates and alerts so that you’re informed about any potentially suspicious activity.
As the business owner, you can set specific rules and criteria for transactions to be approved, declined, or flagged as suspicious. If any card meets the criteria for a suspicious transaction, you can enable automatic card freezing to prevent any damage. A unique feature that comes with the Flyfish software is data analytics, which helps you identify areas for improvement. For instance, certain expenses can be optimized. Knowing this allows you to make informed purchasing decisions down the line.
To wrap up this review, I’ll go over some of the main features of the Flyfish financial management service. From taking care of basic administrative functions like tax calculations to providing a dedicated IBAN, it does everything. One of the bigger perks is that it can personalize payroll management based on the size of your business. And because you’ll have the assistance of experts, Flyfish can help you keep up with new regulations so that tax payments and withholdings are accurate. Compared to a manual method, a service like Flyfish uses a cloud-based system, resulting in lower infrastructure costs and better security.