Thankyou Payroll Limited By Christina Bellis

Pledgeme equity
Investment
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About Thankyou Payroll Limited

Thankyou Payroll is a free, cloud based payroll intermediary service that provides high quality payroll for businesses and charities and donates 25 cents per person, per pay, to community organisations through our charitable trust, Thankyou Charitable Trust. Since our beginning in 2010, we’ve processed more than $930 million in pays, provided services for more than 4,300 clients and donated more than $80,000 to community organisations. We’ve been investing in businesses and communities for the last 7 years - now we hope you’ll invest in us.

With a growth rate of 220% over 3 years, a diverse team of talented staff, a dedicated board and thousands of happy clients, we believe that with your support we can accelerate our growth and continue to improve our service offerings. And this is the moment to do it.

In April 2019, the IRD will implement significant changes to PAYE payments and payroll processing. These changes will push an estimated 60,000 businesses into the intermediary space and will mean changes to our business model. It’s an incredible opportunity and one we intend to pursue with vigour.

In order to meet this opportunity, we need investment. We are looking to raise between $400,000 and $600,000, up to 9.375% of the company. Shares will be $1 per share, and the minimum investment is $500.


 

How Thankyou Payroll currently works

For all that work, and because they love getting beautifully formatted, fastidiously correct calculations and data, the IRD pay us $2 per pay, per employee, up to 5 employees as part of the PAYE Intermediary Scheme. That’s how we can make it free to our clients AND contribute to important causes all over New Zealand too.

 

 

The opportunity

IRD has recently proposed changes to how it manages PAYE and payroll processing. The changes will require employers to submit their payroll data to the government after every pay cycle, instead of once per month, which significantly increases business administration. They will also require businesses to only use their online portal, which some employers will find cumbersome, and challenging to navigate. 

In 2009, the vast majority of employers were filing PAYE via paper forms. In assuming consistent growth rates from other payroll intermediaries, and the accuracy of published data on client numbers, we have calculated that 50-60,000 employers will be looking for services like ours that simplify their payroll and tax related responsibilities. Our past forecasts have been meeting their anticipated trajectory, and current forecasts estimate we are in a favourable position to pick-up up to 8,000 of these new clients by March 2019.

 

 

The challenge

IRD have also announced they are removing the payroll intermediary subsidy which we have been leveraging to run our business and offer our service free of charge to our clients, and our business model will need to change to reflect this. Our current model has 3 main revenue streams: the IRD subsidy (approx 65-70%), income from interest (approx 20-25%) and fast-service fees (approx 5-10%).

In April 2018, we will be moving to a monthly subscription payment model, with a scaled pricing model determined by the number of employees a business employs. This will be priced competitively for the market, while aiming to continue offering the best value for money: a great product, friendly and supportive help staff, and regular donations through Thankyou Charitable Trust.

Registered New Zealand charities will continue to have free access to all of our services and we’ll make every dollar go further into the community because social good, and its impact, will always be a strong component of our business model.

 

The change

If we continued under business as usual, we would be on track to clear $1.3m in revenue at the end of the 2018 financial year, with over $200,000 in profit. The changes presented, and the reconfiguration of our business model and forecasts, are now offering a great opportunity for us to grow well beyond our original trajectory in the next 2 years.

Under our new business model, which includes the monthly subscription and an increase in client uptake, our forecasted revenue in 2018- 19 financial year is estimated at $3.38million, and clearing $5million in 2019-20. We’ve invested our 2016-2017 profits into this equity crowdfunding campaign, which means we’ll show a loss this year, and a loss next year because we’re investing in positioning ourselves for 2018-19 where expected profits sit between approximately $500- 750K depending on the capital raised in this campaign. Our forecasts show by the end of March 2020, profits sit between $1.2 and $2m after charitable donations.

We are raising a minimum of $400,000 and maximum of $600,000 to be able to meet the demand the government changes are likely to make on our business, and to market our services much more widely in order to take advantage of this opportunity.

 

 

What we need

We are raising $400,000 to $600,000 in investment for marketing, design, sales, and the development of our newest version of the software. 

 

Development

$235,000

We need to bring forward the release of our newest version of the software and will be bringing on expert coders and front-end designers. Version 3 will still keep the basic structure of the much loved current system, and will simplify complex areas of the user interface. It will be a fresh new build that will offer a seamless experience across mobile devices and the web with a focus on usability at every step. 

 

Marketing push

$215,000

We currently have over 4300 clients on word of mouth alone - that’s strong testimony - but we’ll need greater brand awareness and name recognition, before the IRD switch-over, in order to position Thankyou Payroll at the forefront of potential clients minds. We are constructing a high-level marketing and communications strategy, and hiring a Communications and Marketing specialist to deliver it. We’ll be leading with our strong point of difference, and building a team that will be ready for thousands of employers looking for a payroll solution.

 

Sales staff

$150,000

We also plan to engage a couple of sales staff who share our values and the social model that drives us. These skilled and personable people will work with the Communications and Marketing specialist to reach those businesses and organisations that will be looking for a simpler solution for their payroll. Along with sharp advertising, we expect this will enable us to reach our intended audience.

  

 

Our share offer

Our initial goal was to become a commercially sustainable business, and based on trends, forecasts and assumptions, we believe we are in a position to be a profitable organisation, while continuing our philanthropic activities. Shareholders will have the potential to share in the distribution of profits, while also enabling valuable community activities.

We are issuing a minimum of 400,000 and a maximum of 600,000 shares, at $1 per share with a minimum investment of $500. This represents up to 9.375% of the business. People that invest less than $50,000 will receive investor shares with limited voting rights, and those that invest more than $50,000 will receive ordinary shares with full voting rights.

We are about enabling growth and prosperity in Kiwi businesses and organisations, and embodying a social enterprise model by supporting social good. We have chosen equity crowdfunding because it offers an opportunity to our supporters and our clients to be impact investors and to share in Thankyou Payroll’s successful journey. We also chose to use PledgeMe’s equity crowdfunding platform as they share our values, are a social enterprise, and strive for positive community impact.

 

Our valuation

Thankyou Payroll has assessed the opportunity around IRD’s upcoming changes and believe we are well positioned to grow as a result. We’ve followed the Saas-Capital valuation methodology, and found we were positioned for a 4.9 multiplier on annualised revenue of $1,189,380 (annualised based on our February 2017 results, with a churn rate of 2.5% per annum). We believe we have the team, the track record, the technology and the opportunity to justify a pre-money valuation of $5.8million.

 

Dividends

Investor shares will be entitled to equal distribution of dividends, and an equal share in distribution of any surplus assets (any money leftover after the company pays all debts and sells or closes the business). We will be working hard to derive strong profits within 3 years. Decisions on dividend payments will be made when those profits are realised.

The Board is targeting a dividend for the 2019-20 financial year of 50% of TYP's after-tax profits, subject to the Company retaining a prudent level of working capital after payment of the dividend. Assuming we meet our targets, this would mean $600,000 to $1,000,000 will be paid out in dividends. $600,000 returned in dividends would result in a dividend of slightly more than $0.09 per share (9% at $1 per share). $1,000,000 returned in dividends would result in a devidend of more than $0.15 per share (15% at $1 per share). If for some reason our profit is lower than forecase, then we may need to reduce the percentage we pay out in dividends.

 

Share specifics

The Investor Shares (if investment is less than $50,000) have limited voting rights and do not give the holder the right to vote at meetings of shareholders. In very limited circumstances (to ensure the shareholder’s core rights are protected) each Investor Share gives the holder the right to one vote. This only occurs where there is a proposal or resolution:

  • That will affect the rights attached to the Investor Shares
  • To put the company into liquidation
  • For the disposal of the whole, or substantially all, of the property, business and undertaking of Thankyou Payroll Limited

Investor Shares will also give the holders:

  • The right to an equal share in dividends and other distributions made by Thankyou Payroll Limited
  • The right to an equal share in the distribution of surplus assets of Thankyou Payroll Limited.

Limited voting Investor Shares do not have the right to vote on appointment or removal of Directors, or strategic operations. All shareholders are welcome to be part of the Annual General Meetings and will be issued annual reports on the company’s financial position and business activities. There may also be opportunities for the right shareholders to sit on the Board of Directors.

Pledgers who invest more than $50,000 will receive ordinary shares with full voting rights. Please read our constitution for the full rights attached to the shares. 

 

About our Team

 

We have an awesome team behind Thankyou Payroll. Meet our senior leadership team and board below, and read our investment memorandum to be introduced to the entire team. 

 

 

 

Christina Bellis - CEO
Christina joined Thankyou Payroll in 2015, with a focus on growing and scaling the business, while ensuring solid foundations and processes are in place as Thankyou Payroll doubled its staff and clients. She brings twelve years of management, leadership, and strategic planning, and has extensive experience building effective teams, and in consolidating and growing social enterprise. In 2013, she managed the transformation of a windowless carparking building hidden down a potholed lane into a national award winning environment centre. She is the founding Chair of Environment Hubs Aotearoa, a network of community and social enterprises working collaboratively across the country, and is a trustee of Frocks on Bikes Aotearoa, helping increase sustainable transportation. She also sits on the board of Thankyou Charitable Trust.

 

 

 

Hugh Davidson - Director & CTO
Hugh Davidson is a service designer by trade, a technology fanatic at heart, and a fanatical coder. He has degrees in Design for Technology (1st Class honours) and Philosophy and is passionate about creating elegant, technology-driven solutions to problems. In 2008, Hugh identified a gap in the payroll service market and decided to build a useful, free-to- user payroll service that has the advantage of being a holistically useful service for New Zealand that is also capable of providing enough revenue for his personal entrepreneurial projects and the projects of community groups around Aotearoa. Hugh taught himself how to write code that securely and accurately manages the calculation of highly complex payroll scenarios. He has an extensive knowledge of tax and leave legislation, enabling him to design software that can keep track of hundreds of payments and transfers for thousands of employees and employers. The systems he created are scalable and designed to be easily integrated with both information providing systems (such as time-keeping services) and data end user systems such as Xero. Hugh’s claim to fame is his seven-year streak winning the Alexandra Blossom festival Trolley Derby. Hugh is focused on refining our current proprietary software development for Version 3 of Thankyou Payroll. He is also focused on his puppy, Hale-Bopp.

 

 

 

Thomas Bond - Front End Designer
Thomas Bond is a designer and front-end developer and is primarily responsible for brand management and user experience (UX) within the Thankyou Payroll team He brings a wide range of creative and technical experience to the fore with well over 15 years in web related work both in New Zealand and the UK. He is also one of the first Thankyou Payroll employees and has a wealth of knowledge of the system and helps our larger clients to navigate the software. Tom is also an avid and excellent Ultimate Frisbee player, having represented New Zealand three times in international competition. He also represented Scotland once. Tom’s all round experience is a unique asset in our dynamic business.

 

 

 

Steve Walker - Chair

Steve has lived in Port Chalmers since 2003 and is serving his fourth term on the West Harbour Community Board (three previous terms on the Chalmers Community Board). Prior to settling down in Dunedin’s West Harbour he worked in London from 1988-1994 for a small import company as their sales and marketing director. His interests include golf, tramping, cycling and football (he refuses to call it soccer!)

Steve is Chairperson of the West Harbour Community Board, and is a member of the Dunedin Red Cross’s executive committee, a trustee at the Thankyou Charitable Trust, Deputy Chair of Keep Dunedin Beautiful, a member of the Institute of Directors, a notorious quiz master and he is a committee member of the Rothesay News where he writes regular columns. Steve also established and Chairs the West Harbour Beautification Trust which helps to enhance what he describes as “the most beautiful place on earth”.

 

 

 

Lani Evans - Director and Former CEO

In 2010, Lani signed up as the very first client of Thankyou Payroll. She was an enthusiastic proponent of the service and it’s holistic business model and stepped into the CEO role from 2013-2015.

Lani now heads the Vodafone New Zealand Foundation and is an advocate for generosity in all its forms. She has a background in leading regional and national organisations. She was a 2015 Winston Churchill Fellow, was awarded a National Geographic Grant in 2013, was a finalist for the Emerging Business Leader award in 2014 and received the World of Difference Award. She has a strong history of governance, with past roles including The Generosity Hub, Philanthropy New Zealand and the steering committee of Kia Tutahi - The Government Community Relationship Agreement. Lani is currently the co-chair of Action Station, Chair of the Thankyou Charitable Trust and on the board of the West Harbour Beautification Trust and the JR McKenzie Trust Peter McKenzie Project. When she’s not thinking about generosity, business or citizen engagement, she can usually be found running around in the mountains.

 

 

 

Anchali Anandanayagam - Director

Anchali is a senior commercial lawyer and business advisor with specialist expertise in technology, media and intellectual property. She helps creative people who have come up with great new ideas or new technology to achieve their full potential. Anchali has a unique set of skills that she brings to the board developed through 14 years of practice in the legal services industry. She has advised businesses both as an external advisor (here and in London) and as in-house counsel on corporate governance matters. Anchali is currently a Principal at Hudson Gavin Martin, a boutique corporate and commercial firm with a particular focus on telecommunications, technology, media and intellectual property. She also sits on the boards of Women in Film and Television New Zealand, the New Zealand Software Association and the Asylum Seekers Support Trust.

 

 

 

Rosey McConnon - Director

Rosey is a philanthropist and an investor, she comes from a local business family and lives between Dunedin and Melbourne. A mentor to many, she is a motivated individual who says she is just fortunate to work alongside some great young minds! Rosey contributes to projects around the Dunedin community sector as time allows. Favorite project: Ignite Consultants - A truly visionary student run organisation and one of her favourite success stories. Rosey currently sits on the Thankyou Payroll Board, the Otago Polytechnic Foundation and recently stepped away after 10 years from the Dunedin Arts Festival in order to create a better work - life balance! As former CEO at the Malcam Charitable Trust she has a developed a strong understanding of the local community sector. Rosey also spent 18 years of her career in Melbourne, Australia working for two major companies in the hairdressing industry. Time spent within the Australian corporate world developed Rosey’s skills in sales training, business development, strategy and negotiation. She describes her network as varied and diverse.

 

 

Our financials and forecasts

Currently we provide a free, cloud based payroll intermediary service to over 4,300 businesses and charities around the country. We leverage an IRD subsidy as our primary revenue stream (approx 65-70% of revenue), alongside income from interest (approx 20-25%) and fast-service fees (approx 5-10%). The fast-service fees are: $0.50 for 1-day processing per employee, and $0.75 for overnight processing per employee.

This revenue model is shown in our historic financials below.

 

FY 14

(Actual)

FY 15

(Actual)

FY 16

(Actual)

FY 17

(Current)

Revenue

  $ 69,954.04 

  $ 300,373.04 

  $ 607,154.83 

  $1,011,871.97 

OPEX

  $ 92,069.10 

  $ 255,907.68 

  $ 484,646.51 

  $ 988,241.40 

EBITDA

  $ (20,615.06) 

  $ 46,465.36 

  $ 125,508.32 

  $ 26,630.57 

Net Profit

  $ (77,965.96) 

  $ (11,385.54) 

  $ 66,657.42

  $ (32,220.33) 

 

But IRD is changing how they operate. Our forecasts have been calculated with the upcoming changes in mind:

  • From April 2018 the IRD is removing the payroll intermediary subsidy, so our business model will need to change.
  • From April 2019 employers will be required to file payroll information online to the IRD after every pay cycle (is currently once per month). Due to this, there is an expected increase in the number of employers using payroll providers, as our calculations show over 50,000 businesses will be looking for a simpler way of managing payroll responsibilities.
  • We believe our social enterprise model offers added value for our clients.

When the subsidy is removed, we will move to a monthly subscription payment model, with a scaled pricing model determined by the number of employees an organisation employs. This cost will be competitive with the market, and we are establishing a price clients should be able to afford based on the size of their organisation. Registered charities will continue to have free access to all of our services and regular donations from revenue will still go to Thankyou Charitable Trust. We’ll make every dollar go further into the community because social good, and its impact, will always be a strong component of our business model.

We believe the changes presented, and the reconfiguration of our business model and forecasts are now offering a great opportunity for us to grow well beyond our original trajectory in the next 2 years.

 

The forecasts include a switch to a subscription model in 2018 and are based on our pricing proposals. We have included options to our pricing plans, which include full and partial intermediary services. Our forecasts include presumptions that, over time, more clients might move to the cheaper and more basic do-it-yourself online version of our service (partial intermediary) in place of the full service intermediary option.

 

FY 17

(Current)

FY 18

(Forecast)

FY 19

(Forecast)

Revenue

  $ 1,011,871.97 

  $ 1,468,000

  $ 3,308,000

OPEX

  $ 988,241.40 

  $ 1,817,000

  $ 2,561,000

EBITDA

  $ 26,630.57 

  $ (344,800)

   $ 827,600

Net Profit

  $ (32,220.33)

  $ (404,600)

  $ 741,000

 

Our assumptions underpinning the forecast include:

  • The inclusion of sales staff will grow our customer base.
  • Increased marketing activity will grow our customer base. Our growth so far has been mainly organic as we have spent almost nothing on marketing historically. We believe our social enterprise model offers added value for our clients.
  • A 25% increase nationally in the number of employers looking for payroll services by the end of the 2018 financial year due to wider awareness of the coming IRD changes.
  • Our churn rate (currently 2.5%) won’t increase significantly once we move to a subscription model as our price will be competitive, and clients likely won’t want the administrative and cumbersome task of navigating the MyIR site, nor deal with increasing payroll legislative complexities. Our charitable model makes our clients part of a positive impact, which will make them feel good.

They also assume a significant increase in the numbers of employers looking for payroll services during the 2019 financial year, and increasing rapidly as we near the date it becomes a requirement to file payroll information online to the IRD with every pay cycle.

We’ve invested what would have been our 2016-2017 profits into this equity crowdfunding campaign. Please review our full financials (including a current balance sheet) in our investment memorandum.

 

 

Risks and Challenges

Competition: There are other commercial payroll companies that exist, and we have outlined a few of them in the landscape section and how Thankyou Payroll is different. We have an established brand, and an excellent reputation with both our clients and with a network of professional accountants and bookkeepers who help us grow extensively through word of mouth. We sign up approximately 140 new clients every month without any paid advertising. A high-profile marketing campaign, our social enterprise impact, and our premium cloud based payroll software, will make us well positioned as a favourable payroll services company. No other payroll company has our social enterprise and philanthropic model, which is a key point of difference. If another business adopted this model, we’d be thrilled as we believe it’s the business model we should all be championing, however Thankyou Payroll has had this model since inception.

Loss of key staff: Performance planning and regular feedback is sought and given to enable staff retention. We have documentation and training modules in process to help induct new staff quickly. We also ensure that any one task can be conducted by at least two different staff members. In addition, our staff all earn above the living wage, they receive 5 weeks of paid holidays per year, and have access to human centred policies like mental health leave and family violence leave.

Slow uptake of new clients: We have a great reputation with current clients and a large network of professionals that continue to sell our business via word of mouth. We are creating a high level communications and marketing strategy, and hiring a Communications and Marketing Specialist to drive it, along with sales people to follow up leads. We will be putting money into paid advertising to increase our brand and name recognition. With the changes IRD is making to legislation, we predict a large number of SMEs will be looking to outsource their payroll needs. We are planning a great promotional marketing campaign, using current client testimonials to help secure new clients, and we are building a database of potentials. Our product is known by thousands of business owners as a reputable, seamless, and user-friendly payroll software.

Increased churn rate: With the introduction of a monthly user-pays subscription, replacing our free service, there is the possibility that we could lose a few more clients than our current 2.5% churn rate. Cost conscious clients might need to leave due to affordability, and our system has a few dormant accounts that are ‘live’ but not active. Our forecasts assume many of these will cancel but believe we will retain the vast majority of current clients. Many will not want the added administration of the IRD requirements, and will offset that cost against the monthly subscription. Our cost will be competitive with other payroll service providers, our platform and service are exceptional, and we have the added benefit of social good for clients to be proud of.

Security: We are a low priority target for hackers, and our internal auditing system looks at accounts daily and matches money in for money out. We have the usual two authorisation step, and if a server is compromised, we have a back-up that can be activated within hours to restore the latest data and system operation. Staff getting ‘phishing’ attacks is more of a concern, and we have regular discussions with staff on phishing, security, and procedures. We also have basic cyber security insurance.

Underfunded (not reaching maximum $600K raise): We believe that with the minimum amount of $400K we will still be able to meet the majority of our targets. In this event, we might need to postpone the launch of the newest software for a few more months as we would delay hiring a developer. We might also reconsider and only hire one sales staff. In this forecast, we still expect good profitability in the 2019-2020 year.

Interest rates decrease: Currently bank interest is approximately 20% of our revenue. We have been keeping a close eye on the interest rates as they have been steadily decreasing over the past year. We have been carefully managing the money we hold and investing in higher growth, short term deposits.

Regulatory risks: The changes IRD is making pose a risk on our business as they disrupt our current business model, and our trajectory. However, we are also able to see the opportunity this new legislation offers because we have a great software, and an excellent reputation, to meet the demand of employers looking for payroll solutions. New legislation can also be built into our cloud based business reasonably easily, and legislation doesn’t usually change overnight, which gives businesses like ours time to meet the new demands.

Business continuity in the event of natural disaster: Unless a meteor hits Aotearoa (and in that event, payroll might be a lesser priority!) we have offices in both Wellington and Dunedin and staff in both areas that can conduct all the necessary day to day business functions to ensure continued service. Our servers are off-site and in controlled zones. Our servers in ChCh were not affected at all in the 2010-11 earthquakes. In the unlikely event of issues, Thankyou Payroll has a backup server that can be activated within a couple of hours to retrieve latest data and run the system. For our office in the shaky capital, a high NBS rating (New Building Standard) was an important factor to help keep our employees and our business safe.

The apocalypse: payroll is canceled for today.

 

Note from PledgeMe

We have completed a Veda check on the company and their directors, as well as a google check. There were no adverse findings.

Updates

    Thank you thank you thank you!

    12:45PM Mon 15/05/17 on Thankyou Payroll Limited

    Hi lovely humans,
     
    Thank you so much for your support. As you would have seen over the weekend, we have made our minimum goal! And, now, we're exceeding it!
     
    We really couldn't have done this without your support, so thank you very much for your kind investment (thank you very much, thank you very very very very much).
     
    PledgeMe will be in touch once the campaign closes to dot the final i's and cross the t's, but if you have any questions do let me know.

    And, if any of you followers out there are trying to decide whether to invest or not, you have 7 hours left!
     
    Cheers,
    Christina and the Thankyou Payroll team
     

    Comment on this update:

    4 days and $50k to go!

    12:35PM Thu 11/05/17 on Thankyou Payroll Limited

    Hi lovely humans,
     
    Wow. It's the final countdown now! Over the last few days, and until our deadline, we are sharing stories of why our investors have invested. Here they are.
     
    We've been overwhelmed with your support and belief in us. Since we're almost there we have one final ask: can you share this campaign with one person you think might be interested in what we do? It could be an organisation that might want to use our services, or someone that might want to invest.
     
    Thank you so much for being a part of this journey with us. As always, if you have any questions let me know!
     
    Cheers,
    Christina and the Thankyou Payroll team

    Comment on this update:

    60% funded + deadline extension

    11:39AM Wed 03/05/17 on Thankyou Payroll Limited

    Lovely humans,
     
    Since we've last updated you, a few things have happened:
     
    • The Thankyou Charitable Trust gave out a $10,000 grant to the Wellington Boys' and Girls' Institute. 

    • We hit the 60% mark! Thank you so so so much. 
    • We extended our campaign. We've got a few events coming up that our team will be at, and having our campaign going could be A Good Thing. This means, you won't be charged until after the 15th if we meet our campaign goal (which we will, we hope!). Let me know if you have any questions on this. 
    In the lead up to our deadline, we will be doing a final countdown sharing the stories of why some of you invested. If you're happy to share your story, please let me know too. 

    Cheers,
    Christina and the Thankyou Payroll team
     
     

    Comment on this update:

    We're halfway there!

    03:56PM Fri 28/04/17 on Thankyou Payroll Limited

    Hi lovely humans,

     

    You may have already seen, but we’re over halfway funded now! 55% funded to be exact.

     

    Thanks to the new pledgers that have come on board the past few days, and to everyone that has pledged so far. All of your support means the world to us.

    For those of you that missed it, we also hosted a webinar today. Hugh and I responded to questions from the crowd, and you can (re)watch it here: https://www.crowdcast.io/e/thankyou-payroll-equity

     

    If you have any other questions, let us know!

     

    Cheers,

    Christina and the Thankyou Payroll team

     

    Comment on this update:

    Almost 40% + our webinar this Friday

    05:40PM Wed 26/04/17 on Thankyou Payroll Limited

    Hi lovely humans (and your furry friends),

    We’re halfway to our deadline now, and almost 40% funded! Wahoo!

    This week has been a short week working day wise, but big on the content front for us.

    We’re hosting a webinar on Friday to respond to any questions our potential investors might have. If you’d like to join, it’s on April 28th at 12:15pm. RSVP here: https://www.crowdcast.io/e/thankyou-payroll-equity

    In our latest blog, you can read about Mayor Justin Lester's experience as one of the first Thankyou Payroll clients with his Kapai business: https://medium.com/thankyou-payroll/thankyou-payrolls-client-3-kapai-director-and-mayor-justin-lester-3e14bafb908e

    In our latest media coverage, we’ve written up what it takes to start an equity campaign for Idealog: http://idealog.co.nz/venture/2017/04/how-create-kickass-equity-crowdfunding-campaign-thankyou-payroll-style

    If you have any questions, let me know. Thanks again for pledging and / or following this campaign.

    Onwards,

    Christina and the Thankyou Payroll team

    Comment on this update:

    A third funded, media coverage, & more info on potential ROI

    11:25AM Thu 20/04/17 on Thankyou Payroll Limited

    Hi lovely humans,

    Thanks so much for your support so far! We’re over a third funded now (thanks to you), we’re getting some great coverage on our campaign, and we’ve released a bit more detail on our proposed ROI.

    Here's some of the media coverage from the last week:

    Please feel free to share the article love, and our campaign, around.

    We also added a bit more information to our campaign page around our aims for returns:

    Thankyou Payroll is targeting a return on investment (ROI) via dividends for the 2019-20 financial year of 50% of our after tax profits (subject to the Company retaining a prudent level of working capital after payment of the dividend). Assuming we meet our targets, this will mean $600,000 (9% ROI) to $1,000,000 (15% ROI) will be paid out in dividends. If for some reason our profit is lower than forecast, then we may need to reduce the percentage paid out in dividends.   

    Thanks so much again for investing in Thankyou Payroll.  What would really help us now is if you could share the campaign widely, to help us reach others who might want to consider investing too. If you have any questions, feel free to give me an email or call.

    Cheers,

    Christina and the Thankyou Payroll team

    Comment on this update:

    Almost 20% funded!

    07:31PM Mon 10/04/17 on Thankyou Payroll Limited

    Lovely humans (and dogs),

    We’ve launched! And, we’re so stoked at the progress we’ve made so far. We’ve almost hit the 20% funded mark in three days. Thank you for your pledges and support. 

    Our crowd are really important to us: from our team to our community to you. We’ve been sharing a story a week of how people have become involved with Thankyou Payroll, including Hugh's Founding Story and Lani's Foundation StoryHere’s the latest blog by me, as CEO of Thankyou Payroll, about our Future Story. Let me know if you might want to share your story, about why you're interested in what we do. 

    If you have any questions about our company or campaign, do let me know on christina@thankyoupayroll.co.nz.

    Thanks again for your support so far!

    Christina

    Comment on this update:

    Offer Details

    Current Valuation 5,800,000
    Raise Minimum 400,000
    Raise Maximum 600,000
    Share Price 1.00
    Maximum Shares Offered 600,000
    Explanation of valuation:

    Thankyou Payroll has assessed the opportunity around IRD’s upcoming changes and believe we are well positioned to grow as a result. We’ve followed the Saas-Capital valuation methodology, and found we were positioned for a 4.9 multiplier on annualised revenue of $1,189,380 (annualised based on our February 2017 results, with a churn rate of 2.5% per annum). We believe we have the team, the track record, the technology and the opportunity to justify a pre-money valuation of $5.8million.


    Financial Summary

    Prev Year Current Year Est. FY 2019 Est. FY 2020
    Revenue $607,154 $1,011,871 $1,468,000 $3,308,000
    Operating Expenses $484,646 $988,241 $1,817,000 $2,561,000
    EBITDA $125,508 $26,630 -$344,800 $827,600
    Net Profit $66,657 -$32,220 -$404,600 $741,000

    Company Details

    Company Name: Thankyou Payroll Limited

    Company Number: 2224087

    Company details are currently being synced with the Companies Office, please wait.

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Lani Evans Director https://www.linkedin.com/in/lanievans
    Steve Walker Director https://www.linkedin.com/in/steve-walker-81386225/
    Anchali Anandanayagam Director https://www.linkedin.com/in/anchali-anandanayagam-27021216/
    Hugh Davidson Director https://www.linkedin.com/in/hugh-davidson-95177213/
    Rosey McConnon Director https://www.linkedin.com/in/rosey-mcconnon-47211418/

    Ask a Question (You must login to ask a question)

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    hey guys; loving this opportunity and ThankYou Payroll's work. can you tell me how the amount that goes to the TYP Foundation is established every year? i presume it's a percentage of net profit or similar? (and sorry if i missed the answer in the IM ;) thanks!

    Posted on 12-04-2017 by Anake Goodall

    Kia ora!
    Thankyou Payroll gives $0.25 on every subsidy we receive to Thankyou Charitable Trust (TYCT). It's a proportion of our revenue every month that we donate. Also, if people want to pay to use one of our fast-processing plans, we give them the option to pay $30/month to TYCT in lieu of any fees to Thankyou Payroll.
    Thanks!

    Answered on 12-04-2017 by Christina Bellis

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      This project was successful and got its funding on 15/05/2017 at 8:08 PM.

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