Thankyou Payroll reaches crowdfunding targets

Thankyou Payroll reaches crowdfunding targets

Thankyou Payroll has reached its crowdfunding target raising $459,000 through PledgeMe. The funds raised will be used to help grow its business, and meet the growing demand for its services.

“We’re extremely grateful to the community of investors and clients who have supported and shared our campaign. We are really excited about growing Thankyou Payroll and the impact we can make financially, socially and environmentally,” says Thankyou Payroll CEO Christina Bellis.

The social enterprise business currently provides free cloud based payroll intermediary services to business and charities around the country, leveraging an IRD subsidy as a primary revenue stream, alongside income from interest, and fast-service fees. However as of 2018 the IRD will remove the subsidy.
“We will be changing to a paid subscription in April 2018 which will be competitive but still offer best value for clients. 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,” says Bellis.

The IRD’s new rules will also require most businesses to submit payroll data after every pay cycle, not once per month, and only online. This will see an increase of businesses requiring Thankyou Payroll’s services.

“There are many employers who will find the IRD’s 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.

The raised funds will be used to support Thankyou Payroll’s growth and enable them to meet the demands of a growing client base. 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.

www.thankyoupayroll.co.nz

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