CFO’s meet Lendly. Novated leasing made easy
Last month our team delivered our 7th straight year of nil reportable FBT liabilities for our employer clients. In fact, no employer using Lendly Pay has ever incurred an FBT liability on a personal use novated lease. This feature is a cornerstone of our employer value proposition and we are super proud of the product design team that makes it happen.
At the start, Kit and I went out to meet with CFO’s to learn about the most common pain points surrounding the administration of novated leasing, looking for opportunities to improve the experience for finance teams.
“If you could give every employee in your team a free pay rise,
why wouldn’t you want to promote it to your team?”
Everybody said they loved the idea of a no-cost pay rise for their teams and wanted to promote the benefit, but admitted the demands on their finance teams were ever-increasing and it didn’t seem that the big fleet companies were all that fussed on making life easier for them. They seemed more focused on sales and less on support.
We created a list of the most common recurring issues. When we started to build Lendly Pay this list remained at the centre of all product design;
- No employer payroll support
- FBT reporting is inaccurate and slow
- Data was incomplete – or worse plain wrong
- Reconciliations too hard to process
- Terminations take too long
- Billing of negative balances on closing
- Constant payroll adjustments
- Unexpected FBT liabilities
- No support for Luxury Lease reporting
- End of lease payroll reconciliation
Invest in things that matter
We already knew the legacy platforms used by the fleet companies and salary packaging administrators were outdated and not designed to integrate with other software platforms. We all have greater expectations than we did in 1995 and the rate of change had simply not kept pace with consumer expectations.
It became apparent that this was a technology play for us. We saw an opportunity to design a new product from the ground up and by using the latest tech we removed all of these recurring pain points.
If you have a general question for us, just drop us an email at email@example.com and we’ll get back to you within a day. If you’re a customer, and you want to talk to someone in customer service, drop an email to firstname.lastname@example.org and we’ll get back to you right away.
If you’re just browsing, enjoy your stay. If you’d like to give your team access to Lendly Pay, let’s start a conversation. Either way, thanks for visiting Lendly.