How Fyorin Revolutionised Expense Management for Rootz with Innovative Card Solutions

There was a significant challenge managing payroll efficiently; payroll runs were done manually and salaries were paid individually via bank transfer. Because employee data has been transferred between systems without encryption, this process has led to significant security concerns. Additionally, it has caused significant inefficiencies and delays, whereby any potential mistakes had to be corrected manually and reverted. If something went wrong, the employee's salary would arrive late, decreasing employee satisfaction.

Managing business expenses, including high-value ones, was another challenge. The first problem was managing overspending and budgets as expenses came from a variety of sources - personal cards, out-of-pocket expenses, company cards, and bank transfers. In order to get a complete picture of the company's outgoings, information had to be manually aggregated from different sources, and even then it was difficult to control budgets and prevent overspending.

The payment of government-related payments, especially the FSS and VAT at the end of the month, was also problematic since it was done by traditional bank transfers, which were difficult to track and often arrived late.

Finally, Rootz relied heavily on traditional banks, leading to fragmented treasury and cumbersome, time-consuming processes as well as concerns about long-term financial health. In order to protect their business and day-to-day operations, unify their treasury and processes, and diversify their liquidity risks, they sought a more streamlined solution.

Fyorin was seen as a solution to Rootz's financial challenges. In addition to providing businesses with greater efficiency and flexibility in managing payroll and business expenses, Fyorin's platform gave them the ability to unify and diversify their treasury under one roof.

Using Fyorin's platform, Rootz was able to issue virtual cards to manage their business expenses and control their budgets. To prevent overspending, the finance team can issue cards to specific teams, expenses, or individuals and assign them to sub-accounts with allocated budgets. With this method, there are no lengthy back and forths with the bank or contractual agreements. Rootz keeps an eye on spending with remote top-ups, limits, and controls. In addition, since all expenses are handled on the same platform, they can get real-time card spending reports to track outflows.

Additionally, Rootz was able to manage their high-value payments with Fyorin's card which offers high out-of-the-box limits, and the transaction is processed instantly, avoiding delays. Fyorin also offers a cash rebate every time users spend with the virtual cards - in practice, this allows Rootz to effectively reduce their spending.

With Fyorin's payroll solution, the pain of manually handling payroll and issuing payments individually is eliminated as the whole process is now done in one place. Payments can be processed and settled nearly instantly thanks to local payment routes, which means employees receive their salaries in less than 24 hours.

Security was another advantage of using Fyorin for payroll processing. Payroll can be processed as a single file rather than itemised for accounting purposes, thereby protecting employee privacy and simplifying reconciliation.

Lastly, Fyorin's global financial institution network and unified treasury solution enabled Rootz to transition to a more innovative banking approach and reduce the need to rely on traditional financial institutions, which in the past caused operational delays and high costs. With Fyorin, Rootz could easily open bank accounts with multiple financial institutions to diversify their liquidity risk and get a complete view of their treasury all in one place.

Implementing Fyorin's solutions brought significant improvements to Rootz's bottom line, efficiency and long-term financial health.

Rootz was able to improve their control over budgets and business spending by using virtual cards for both expense management and high-value payments. The business is now able to consolidate all expenses into one place, analyse them easily, and report on them, improving its overall profitability. Fyorin cards further enhance this profitability by offering cash rebates with every purchase, saving Rootz around €10,000 per year.

The ease of issuing cards from the dashboard rather than through lengthy contractual agreements with banks increases overall efficiency, which is further enhanced by processing payroll on one platform. By automating payroll and salary payouts Rootz saved around 15 hours per month. Using Fyorin's settings, Rootz maintained employee privacy during accounting processes and ensured timely salary payments, which reached beneficiary accounts within 24 hours. Additionally, Rootz were able to reduce administrative burden and costs associated with opening additional bank accounts, saving around 90 days on compliance and commercial processes.

Recently introduced unified treasury with multi-banking enhanced financial risk management and business stability, leading to greater resilience and long-term financial health. Having the treasury consolidated in one place allows the business to have a better overview of its cash in real time and make more informed decisions for the future.

A comprehensive and innovative platform provided by Fyorin has enabled Rootz to remain competitive in a rapidly changing financial landscape. According to Rootz, Fyorin is a valuable business partner that provides efficiency, reliability, and demonstrates a similar drive to improve that aligns with the goals of the company itself and boosts its reputation and resilience in the market.