How Batch Payments Simplified Penta’s Payroll Process
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A couple of months back I sat down with our Financial Team at Penta and was curious to find out more about how our CFO Igor Kuschnir and his team are running their financial operations using Penta.
One process which really struck me as extremely inefficient was the process of payroll payments. With almost 30 employees in our Berlin office and constantly growing, doing payroll on a monthly basis was starting to become increasingly time-consuming. 30 separate transfers, each one to be authorized by SMS individually.
The process was time-consuming/slow/inefficient, but still, it’s a crucial part of any business. Whether it’s paying out salaries, rewards if you run a referral program or regular supplier payments.
When I discussed this with our Finance Team, it was obvious that things could be improved drastically. The process consumed a lot of time each month that could be spent on growing and scaling our other accounting operations. To optimize the process and increase efficiency we decided to launch Batch Payments.
With Penta’s Batch Payments, you can make numerous individual transfers at once using the Penta Business Account. Instead of confirming each singular payment with an individual TAN/SMS, you confirm multiple with one.
Our feature allows you to upload standardized SEPA .XML payment files, which you can generate directly in your preferred accounting tools – such as Lexoffice. Furthermore, you can also easily create a .CSV file on your own using a template created by us.
You will never lose the overview of the details as all the individual transfers of your Batch Payment will be visible at a glance in your Penta Business Account.
Execute Batch Payments with Penta
Currently, the Batch Payments feature is able to process up to 50 payments at once, but in the near future, we are increasing the number up to 1,000 payments. Additionally, the payroll provider will also be able to integrate their payroll software to the Penta account and upload the files directly, taking out one more step.
Igor and his team are now able to process files from our payroll provider that is collaborating together with our Human Resources team with great simplicity. The standardized XML file can directly be uploaded into our Batch Payments flow and all 30 payments can simultaneously be viewed and authorized at in one-go. Running your business shouldn’t be difficult. Precious time should be spent on growing and scaling your core business, not manual tasks.
Handle your business with Batch Payments now!
This is how it works: Everything done in a few steps
Don’t have a .CSV file yet? Your accounting program does not generate SEPA payment files in .XML format? Then use our simple .CSV template.
1. Download the CSV template in the Payments Menu under “Batch Payments”
2. Enter the data of each individual transfer into an Excel or Google sheet. You need the name of the recipient, optionally a payment reference, the amount and the IBAN of the recipient.
3. After you enter all individual payments, you upload your .CSV file via drag and drop. In this step, you could also upload a SEPA file (in .XML format).
4. In the overview, you see the recipient, payment reference, individual amounts, and the total sum.
5. Double-check the payments and click on “Verify payments“.
6. Finally, confirm the payments by SMS.
How do our customers use Batch Payments?
Employees, service providers, suppliers. Everyone wants to be paid. And on time, of course. Especially when it comes to payroll accounting, you are faced with a large number of individual transfers each month. You have a choice: either sacrifice a lot of time to set up and confirm each payment individually or you can use Batch Payments feature in your Penta Business account. This makes the payment of your invoices and liabilities efficient and leaves you with more time for your core business.