If the idea of making international payments, submitting requisitions for a business expense, or processing payroll is enough to give you a headache – you’re not alone. For business owners, these aspects can eat into their precious time, leaving little energy for tasks that allow growth and development. This is where it becomes crucial to rely on a helpful solution that saves time on administrative tasks, like Flyfish. It’s a comprehensive financial management service that handles things like payroll and setting up a corporate IBAN. In this Flyfish review, I’ll talk about its perks.
Compared to other tech-based solutions to manage payroll and generate expense reports, Flyfish delivers custom results. Consequently, you’re able to get much more flexibility when it comes to setting your own rules and ensuring security. Let’s have a look at what this means for a business owner.
Streamlines International Transactions
When you sign up for a dedicated business IBAN, you get a unique account number that’s exclusive to your individual company. Since you’re not sharing the IBAN, your funds remain safe, segregated, and completely traceable, allowing greater transparency. It facilitates domestic and international transactions through SEPA and SWIFT, respectively, making it essential for businesses with suppliers, vendors, or clients in different parts of the world.
Similarly, having a separate corporate IBAN means that international clients can send their payments. And they can do so without getting involved in the complexities of cross-border banking. Another feature of the dedicated business IBAN is that you can make transactions in different currencies as well. Again, it’s crucial for businesses with suppliers and clients based in different countries. In simple terms, the benefits include simple and cost-effective international transactions, better cash flow, and greater security.
Error-Free Payroll Processing
To make sure that your company fulfills its obligations towards local tax authorities and your employees, you need to ensure corporate payroll compliance. By processing employee payroll accurately and on time, you don’t just improve employee satisfaction and trust. Rather, you also reduce the risk of financial and legal repercussions. After all, complying with current labor laws is crucial for keeping a healthy relationship with employees.
With help from Flyfish, you can adhere to employee classification rules, overtime regulations, and wage laws. Once your account is set up, you’ll be able to pay contractors, affiliates, and employees within a few minutes, and there will be no hidden charges. In fact, Flyfish also keeps a record of your company’s payments to create detailed reports. Some of the benefits of outsourcing payroll processing include automation of payroll calculations, protection of sensitive payroll information, and 24/7 access to payroll updates.
Secure Day-to-Day Transactions
When you have a debit card to pay for corporate expenses, you effectively streamline expense management. Rather than going through the hassle of submitting requisitions or reimbursement forms along with paper receipts, employees can make simple payments using their designated cards. This simplifies the accounting process and reduces the time needed to make smaller purchases. At the same time, it reduces the hefty transaction costs that are incurred regardless of how big or small the purchase is.
A great thing about the Flyfish debit cards is that they’re equipped with adequate security features. Therefore, the business stays protected from potential fraud and unauthorized transactions. With Flyfish, you can instantly create an account and issue cards to your team members. When you’re overseeing financial management, you’ll be in control of employees’ spending limits on the card. You can set specific rules that can be changed or adjusted for one or all cards.
Centralized Management Application
Speaking of which, Flyfish provides business owners with centralized control through a dynamic application. Through your account, you can set spending limits and keep track of all expenses by reviewing activity in real time. You’ll also get detailed reports and alerts that signal suspicious transactions. All this helps you make informed financial decisions while preventing unnecessary expenses that can be avoided from the get-go.
One of the ways you can do this is to set criteria for approval or block purchases from specific merchant types. Other restrictions you can place on company credit cards include blocking ATM cash withdrawals and online purchases.
Overall, there are various advantages that come with registering for a Flyfish business account. One of the biggest perks is that you get a corporate IBAN that streamlines your international transactions while allowing secure payments across borders. When it comes to payroll processing, it delivers accurate reports and ensures that you comply with tax withholding requirements. It also provides the option to have dedicated business debit cards to pay for smaller expenses without facing hefty transaction fees. Not to mention, you can keep track of everything from a single place, whether you want to adjust individual card limits or flag certain transactions.