Serial entrepreneur, Asantha Wijeyeratne, had already created a successful payroll software business, Smart Payroll, before he founded PaySauce to remove the compliance burden of payroll from smaller businesses.
Asantha knew that a significant portion of New Zealand’s employers in rural communities were still using either manual wage books or spreadsheets. These methods were not only time consuming – they made it almost impossible for under-staffed local businesses like farmers to stay compliant with regulations.
To solve these issues, Asantha created an app-based solution that turned the hours of payday slog into a 10-minute exercise. PaySauce automatically calculates wages, PAYE, KiwiSaver, holiday pay and any extra obligations, pays staff and tax, sends payslips and reports, and files with the Inland Revenue.
The service integrates directly with banks, Inland Revenue and the popular accounting package, Xero. All business owners have to do is approve timesheets and leave.
PaySauce launched in the dairy market and soon became highly popular. As rural communities began to spread the word about PaySauce, the product was taken up, first by farming communities and then by rural businesses in general.
From a beta product with a start-up team of two, PaySauce is now an NZX listed company with 35 employees. The move to list early has increased the company’s public profile and accelerated growth, giving PaySauce better access to capital, media attention, heavy-hitting partnerships with accounting leaders and national and international recognition.
Today, PaySauce is a thriving business, delivering a CAGR of 173% since inception.
It has recently acquired SmoothPay, growing the PaySauce customer base by 45% overnight and establishing a new growth pathway for this fast-moving company.