Story image

Thankyou Payroll says thanks to investors for reaching crowdfunding targets

17 May 17

​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.

Report finds GCSB in compliance with NZ rights
The Inspector-General has given the GCSB its compliance tick of approval for the fourth year in a row.
Preparing for e-invoicing requirements
The New Zealand and Australian governments are working on a joint approach to create trans-Tasman standards to e-invoicing that’ll make it easier for businesses in both countries work with each other and across the globe
5c more per share: Trade Me bidding war heats up
Another bidder has entered the bidding arena as the potential sale of Trade Me kicks up a notch.
Hootsuite's five social trends marketers should take note of
These trends should keep marketers, customer experience leaders, social media professionals and executives awake at night.
Company-X celebrates ranking on Deloitte's Fast 500 Asia Pacific
Hamilton-based software firm Company-X has landed a spot on Deloitte Technology’s Fast 500 Asia Pacific 2018 ranking - for the second year in a row.
Entrepreneur reactivates business engagement in AU Super funds
10 million workers leave it up to employers to choose their Super fund for them – and the majority of employers are just as passive and unengaged at putting that fund to work.
Tether: The Kiwi startup fighting back against cold, damp homes
“Mould and mildew are the new asbestos. But unlike asbestos, detecting the presence – or conditions that encourage growth – of mould and mildew is nearly impossible."
Capitalising on exponential IT
"Exponential IT must be a way of life, not just an endpoint."