Investor | PaySauce

Investor

PYS.NZ

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PaySauce is a multiple-award-winning, cloud-based FinTech business, delivering SaaS payroll solutions for New Zealand SMEs.

PaySauce’s technology is accessible on the internet and on iOS and Android mobile devices. The PaySauce platform provides mobile timesheets, digital employment contracts, payroll calculations, banking integration, PAYE filing, labour costing, and automated general ledger entries.

In all OECD countries, SMEs constitute over 90% of all businesses by number. New Zealand is home to over 499,000 SMEs employing 614,000 staff. These SMEs generate 42% of new jobs annually and an estimated 28% of national GDP.

Unlike many other FinTech systems, payroll software is becoming all but a necessity for SMEs. Paying staff and Inland Revenue accurately and on time are business-critical functions. However, SME owners identify payroll compliance as a key employment-related challenge, with New Zealand ranked 13th in the world for payroll complexity. The New Zealand Ministry of Business Innovation and Employment estimates that chronic underpayment of leave entitlements has affected 700,000 employees with a total cost of over $2 billion. The SME compliance burden is growing, including as a result of an international shift towards payday reporting of tax obligations, which will increase the frequency of PAYE filing obligations.

SME owners often cannot afford to hire an internal expert to understand and implement complicated payroll software to stay compliant. Outsourcing payroll processing to an accountant or book-keeper can be expensive and inefficient, and requires the preparation and delivery of accurate timesheets and payroll updates to the service provider.

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