As payroll gets more complicated, PayGroup offers a SaaS solution
PayGroup is a payroll and human management SaaS company that simplifies payroll for companies dealing with complicated legislation.
PayGroup is a payroll and human management SaaS company that simplifies payroll for companies dealing with complicated legislation.
The market for payroll SaaS software grew 11.85% in 2019. Even in recessionary conditions, there’s modest growth driven by complexity of payroll legislation, as well as a wider adoption of cloud-based services.
PayGroup has been experiencing significant tailwinds due to the acceleration in outsourcing, adoption of HR technology and shift to online workflow caused by COVID-19. This is supported by the signing of $2.7 million in Total Contract Value (TCV) in April and May vs $5.5 million in FY20 (March 2019 – March 2020).
Although there have been fluctuations in employment during the pandemic, MD Mark Samlal expects a strong bounceback as PayGroup is seeing positive indications for FY21.
“The volume of changes to payroll legislation this year has been unprecedented. Again, JobKeeper and associated stimulus packages have seen payroll to be even more important than ever,” says MD Samlal.
“We’ve seen corporates that have been underinvested in their HR departments with a lack of talent pool, and they look to us for full outsourcing. As a result of that, government training organisations, apprenticeship boards, workforce management companies and corporates have looked to strengthen their systems,” he adds.
Despite COVID-19, PayGroup has seen growth across all revenue lines.
“We’ve definitely increased our sales funnel on the back of record sales last year for all segments of business,” says Mark.
The company has also exceeded its guidance by $300 000 and made a $4.7 million improvement in cash flow.
Listed in 2018, PayGroup processes 400,000 payslips per month for 875 clients in 33 countries. This is set to grow as PayGroup has recently signed an exclusive agreement with an Australian partner that will add 100 clients and 10,000 payslips to their base.
Watch the video to learn more about PayGroup’s MD, Mark Samlal.
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July 8, 2020
July 8, 2020
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