The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.
This innovation initially came to life when…
Stuart was managing Contract1, a Contractor Management company. He was extremely experienced in payroll and all the software solutions available at the time, and found himself continually frustrated at the lack of attention to detail and the appalling user interfaces. If there was a way to make the job of a payroll person more difficult, they would have found it. About the same time, Xero entered Australia and declared that they wouldn’t be offering a payroll solution with their product. That was the epiphany moment. Stuart had lunch with John (his former boss at AusAID), and Paycycle was born.
WHAT & HOW
The purpose of this innovation is to…
…allow business owners to spend less time doing administrative work and more time focusing on their business. They perceive payroll as a boring and sometimes daunting task, so Paycycle was designed from the ground up to overcome these issues.
It does this by…
1. Making payroll easy. Paycycle has a user-friendly and beautiful design, and automates the complexities associated with payroll. 2. Granting business owners flexibility: users can run their payroll any time they like, from anywhere in the world, given Paycycle’s cloud-based nature. 3. Offering great value: monthly subscription fees adjust to the needs of small business cash flows.
PURPOSE & BENEFITS
This innovation improves on what came before because…
…it is not just ‘another payroll software’. Paycycle was thought with the user in mind. Hence, it can be used by people who have never before conducted a pay run because its design is simple and easy to understand. Also, it integrates with other software and allows payroll to be run from anywhere in the world.
Its various benefits to the customer/end-user include…
• Flexibility: access anytime, anywhere. • Easy to use: designed and built with first-time payroll users in mind. • Time Saving: reduces time spent on payroll. • Cash Flow Friendly: monthly subscription plans. • Integration: fully integrated with Xero.
COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
…simply offering a desktop software. The main disadvantage is that real-time updates are impossible with isolated systems. There is data being sent by email, which compromises the security of the information. The user interfaces are similar to those of DOS. Finally, the user had to be at the desk where the computer had the system installed to run payroll.
Its predecessors/competitors include…
…desktop software like MYOB or Quickbooks, which don’t allow for collaboration and are way too complex (with no need to be!). Also, Excel spreadsheets, which make the payroll processing long and tedious, and also increase the potential to make mistakes.
TARGET MARKET
It is made for…
…small- and medium-sized Australian businesses, with special care for first-time payroll users. According to ABS, currently out of the 2 million SMBs in Australia, approximately 40% have employees. The remainder 60% are solo entrepreneurs, and some of them eventually will grow and employ. All these business owners consider payroll to be a boring and complicated task, and want to run it in the easiest and quickest way possible. Also, owners who run payroll for the first time consider it as a daunting mission, with fear of missing something or not being compliant.
DISTRIBUTION STRATEGY
It is available for sale through…
…our website (www.paycycle.com.au) or through Xero’s partners page (http://www.xero.com/advisors/solutions/payroll/). Registration takes less than 45 seconds and comes with a 30-day free trial. We also offer a special Partner Program for accountants and bookkeepers.
Our marketing strategy is to…
…reach small business owners, accountants and bookkeepers who want to change the way they run payroll for the better. We are focusing our efforts in online and social media, as well as a strong CRM campaign. We believe that a solid relationship and great customer support are key in building loyalty and word of mouth.
SUPPORTING IMAGES AND/OR VIDEO
Paycycle Australia Overview from Paycycle Australia on Vimeo.
Paycycle Integration with Xero Overview from Paycycle Australia on Vimeo.
SHOW YOUR SUPPORT FOR THIS INNOVATION
While the judging is now officially over, you can still show your support for this innovation in one of the following three ways:
- Hit the VOTE UP button: Top left of each page (Not available for IE users)
- Trigger a Reaction: Re-Tweet, Like on Facebook, etc.
- Leave a Comment: Share the love!
To check out the Anthill SMART 100 Readers’ Choice winner for 2010, click here.
