Fast-growing UK tech company PayFit has elevated innovation in the receipt-capturing space, with the launch of its new functionality.
This news comes against a backdrop of consistent positive growth, as the company has expanded into new markets over the last year, and grown its team to over 500 people.
UK MD Nick Miller explained: “We’re constantly looking at ways to automate manual tasks so that employees can focus on areas where they can add the most value. Recording expenses is a hugely time consuming process, and so many small-to-medium-sized businesses lose hours scanning receipts and manually amending payslips.
“We want businesses to spend that time elsewhere: on growing their team, taking care of their employees, and creating a fulfilling place to work. That’s why we invent tools that make HR easier.”
PayFit is an enterprise SaaS (Software as a Service) company that provides integrated and HR management software products. The company’s suite of products automate all payroll processes, from RTI submissions and payslips, to employee leaves and expenses.
The firm’s overall goal is to increase efficiency within expenses, the new solution functionality only takes a few seconds for employees to submit expenses by scanning their receipts.
The employee snaps a picture of the receipt (or adds it manually) in the employee space. The text is then read automatically, and all the mandatory data field entries are filled for the purpose of creating the expense.
Once the expense has been validated by a manager, the outstanding amount will be automatically added to the payslip for the current month.
This new solution adds to Payfit’s suite of solutions, and has been added against a backdrop of sustained global expansion. The team now works with more than 4000 customers, and has raised over $100m in funding to date.