Thankyou Payroll has reached its crowdfunding target after raising $459,000 through PledgeMe. According to the company, the funds that have been raised will go towards growing the business and meeting the increasing demand for its services.
“We’re extremely grateful to the community of investors and customers who have supported our campaign,” says Thankyou Payroll CEO Christina Bellis.
“We are really excited about growing Thankyou Payroll and the impact we can make financially, socially and environmentally.”
The social enterprise business currently provides free cloud based payroll intermediary services to businesses and charities around the country, leveraging an IRD subsidy as a primary revenue stream, alongside income from interest, and fast-service fees.
However, as they say, good things don’t last forever and the same is true for the IRD subsidy, which will be removed as of 2018.
“We will be changing to a paid subscription in April 2018 which will be competitive but still offer best value for clients,” says Bellis.
“Our software will continue to be free for all registered charities, and we’ll be increasing our donations to the Thankyou Charitable Trust, making every dollar go further into the community because social good, and its impact, will always be a strong component of our business model.”
There will also be further implications from IRD, with new rules requiring most businesses to submit payroll data after every single pay run (not just once per month) and only online.
There are two sides to every coin is another fitting cliché for IRD’s changes, as Bellis asserts this will see an increase in the number of businesses requiring Thankyou Payroll’s services.
“There are many employers who will find these changes cumbersome, and challenging to navigate, costing them more time and money and they’ll be looking for a simpler way of doing payroll. That’s where we come in,” says Bellis.
Since its inception the business has managed over $990 million in wages and tax, provided services for more than 4,600 clients and donated more than $85,000 to community organisations.