In today’s global economy, running a business is no easy task, especially when you set out to find the most cost-effective vendors and wholesalers. And when you consider the fact that international payments typically take longer and cost more, you’ve got an even bigger problem on your hands. But alas, smooth international transactions are crucial when you’re partnering with suppliers across the globe. So, how do you make things easier? The answer involves having a dedicated business IBAN, and that’s what I’ll be discussing in this Flyfish review.
If you’ve yet to hear of it, Flyfish is a financial management system that offers complete payroll services and other solutions to simplify your administrative processes. When you’re on the lookout for tech-based solutions that can assist with payroll management, you can either select a full-service option like Flyfish or generic software. Let’s see what you get by investing in a more comprehensive solution.
Secure Multi-Currency Transactions
When you have a dedicated IBAN, it acts as a unique identifier to facilitate cross-border transactions. Unlike shared IBANs, a separate IBAN is much more secure and is crucial if your business collaborates with vendors and suppliers from different countries. When you have a unique IBAN, it also becomes easier to receive payments from clients, no matter where they’re based. The benefit of doing so with a corporate IBAN is that you won’t have to deal with the hassles of international banking either.
Another advantage is the possibility of multi-currency SWIFT transactions. That’s because you get an account that lets you transact in different currencies. Just like international payments, receiving and sending money in different currencies is essential for a business that partners with suppliers, vendors, and clients across the globe.
Smooth Payroll Management
When your business hires contractors and employees from different parts of the world, paying them at the same time can be a stressful endeavor. Fortunately, Flyfish makes things much easier for business owners to send payments to both local and international teams without any worries. And there are plenty of benefits of outsourcing payroll processing – the biggest of which is accurate recordkeeping. By letting the experts handle payroll processing, you don’t need to keep up with changing tax regulations while ensuring compliance.
Another benefit of accurate and timely processing is that it increases employee satisfaction and employee trust. Additionally, you reduce the risk of legal and financial repercussions due to inaccurate tax withholdings. At the same time, you also get access to better support and improved data security. With this model in place, you can focus on strategic growth initiatives.
Faster Day-To-Day Transactions
Traditionally, smaller and larger expenses require going through the same process, which includes submitting requisitions. Then, requisitions need to be processed and approved before you can issue a purchase order. And if employees pay for a purchase on their own, it can take quite a while for them to be reimbursed. Let’s not forget that these purchases can come with high transaction costs, no matter how big or small. Ordering business debit cards allows you to avoid this entire process while making it easier to conduct day-to-day transactions.
By providing business credit cards to teams, you can prevent incurring high transaction fees on smaller purchases. At the same time, you don’t have to go through the hassle of submitting a requisition for smaller purchases. In addition to saving time, you’ll be able to keep track of all expenses made through the business debit cards.
This brings us to the final point: centralized control from a single point. As long as you have the Flyfish business account, you can seamlessly keep track of your IBANs, company debit cards, and payroll from a single source. When it comes to your business debit card, it’s possible to set specific limits and rules to prevent any unnecessary and out-of-policy expenses.
For example, you can block certain merchant types or even ATM cash withdrawals entirely. Additionally, you can get alerts whenever the system picks up a suspicious transaction. Once it flags a transaction, you can freeze the card to prevent further purchases. As you monitor usage trends, you can adjust rules and limits as needed.
Overall, there are various perks to choosing a service like Flyfish, which gives you numerous options to improve your administrative processes. To begin with, you have a dedicated IBAN, which helps you make international, multi-currency transactions with enhanced security. Secondly, you can benefit from better payroll management, which allows you to pay local and international teams without any delays. By making the switch to a business debit card, you won’t need to go through the hassle of getting each expense approved beforehand. This makes it easier for employees to make necessary purchases. Finally, you can control everything from a single place.