A weekly blog on the add-ons we have come to know and love.
Payroll is increasingly one of the most complicated bits of being a business owner. In recent years there have been changes to the holidays legislation around things like the calculation of holdiay pay rates and bereavement leave entitlements, not mention parental leave, and casual versus permanent employees. Then there is Kiwisaver, student loan repayments, child support deductions and the list goes on.
For small employers mastering all this is often one job to many! We sent our Implementation team to check out the options for cost effective management of payroll.
Thankyou Payroll is new provider on the local scene, having been around for about 12 months. With a social responsibility bent they bring a different option to the market.
They give you a platform to work to enter time-sheets, calculate and keep track of holiday balances and calculate all of the deductions.
As an IRD approved payroll intermediary, they will also pay your employees direct, email them their payslips, pay the IRD and file the relevant forms. And all of this for FREE ! (using their 2 day plan) If you are in a hurry, their overnight plan is only 75c per payee per pay day.
How?! I hear you asking.
The Inland Revenue provide a subsidy to “Payroll Intermediaries”, like Thankyou Payroll, for employers who pay less than $500,000 in PAYE each year. The subsidy is to encourage small employers to outsource their payroll services so they can focus their efforts on growing their business. It also ensures your returns are filed on time and PAYE payments made when due. Currently the subsidy is $2 per employee per pay.
This company from Dunedin has already had huge growth and it doesn't look like it will slow down. Their solution is simple yet effective, you won’t get confused with millions of options but it still feels like a robust system.
If you don’t have too many employees and cash flow will allow you to pay the PAYE taxes together with the wages, then there is no reason not to start using a payroll solution like Thankyou Payroll.
And because of that social responsibility thing each time you use their service they will even donate 25c per person per pay (up to $5) to charity.
You can check them out here: https://www.thankyoupayroll.co.nz/index.html