Originally Posted by
minimoke
Its timely that they give a market updater today - which doesnt make pretty reading.
1384 customers covering 7237 employees. So that is 5.2 employees per customer
$72m in payroll processed. So thats $52,000 per customer or $9,950 per employee
Quite clearly their market is the very small employer with employees likely to be seasonal workers. From that we can conclude their sales / marketing costs are going to be huge relative to the number of sales made. Which is a major worry given they only have $240k in recurring revenue in a quarter.
Number of payslips issued = 46,812. Which is a dumb metric as payslips dont have to be issued. The number = 6.4 payslips per employee which doesnt make sense if they are paid weekly, fortnightly or monthly.
(They are certainly over-cooking the payday filing thing. Which is simply just sending a table file to IRD electronically each pay. No mention of Holiday Act compliance which is the real and pressing concern attendees at their Dairy Women Group meetings should have. Given the new minimum wage I would have thought that would have been more pressing - especially given the average rate of pay going through payroll. )