Global workforce management software provider Mitrefinch has revealed its revolutionary instant calculations engine to underpin its existing payroll software Flexipay and reduce admin time for payroll teams.
The business, known for developing the first computerised ‘clocking in’ system in the early 1980s, already provides in-house payroll support for over 3,500 businesses across the UK. Instant calculations will be able to process gross to net calculations for 10,000 staff records in just 20 seconds – often a manual process that can take payroll teams anywhere between half a day to a day to run.
It is a concept that has been long awaited by payroll teams amongst larger businesses and provides a real game changer as to how companies approach the payroll run. One of the key benefits of live calculations is that submission deadlines can remain flexible for internal teams and will no longer be confined to strict cut off dates.
Matt Jenkins, CEO at Mitrefinch, said:
“We believe that we have created a solution to arguably the single most frustrating part of payroll management, waiting for payroll to run. We’ve been able to develop this unique engine because all of our solutions can integrate with our core time and attendance software.”
The business reports that following benchmark testing, their software is able to process gross to net calculations for 10,000 staff records in just 20 seconds.
“The positive knock on effects for businesses running their own payroll are compelling. Instant calculations have the potential to put an end to early submission cut off dates, release significant admin time, provide flexibility and crucially improve accuracy – benefitting both employer and the employee!”.
Additionally, the business is also rolling out its brand-new user-focused interface, which offers a unique software experience for payroll professionals, making light of day to day tasks through its intuitive step by step dashboards.
For more information about Instantaneous Calculations, visit: www.mitrefinch.co.uk/instant-payroll-calculations/
Mitrefinch is a global provider of integrated Time & Attendance, Payroll, HR and Access Control solutions. The company has designed user-friendly and cutting-edge products that help organisations increase productivity, profitability and manage their workforce effectively. Every day, Mitrefinch’s solutions are trusted by over 7,500 organisations worldwide – from small to large, and across multiple industries.
The company is headquartered in the UK with offices in Canada, USA and Australia developed the first computerised ‘clocking-in’ system and was featured on tomorrow’s world in the early 80’s biometric access control solutions.