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A Cape Town-based entrepreneur, Brad Price, has recently launched a digital platform called KarbonPay. The platform aims to assist businesses in managing their payroll systems across different countries.
Clients can sign up to use Karbonpay’s system for a 30-day free trial
With a wealth of experience, Price is a South African-born entrepreneur who has worked as a Human Resources Director for ActivTrak in Texas and founded Fingo HR Inc.
The beta product for KarbonPay launched in September 2020 and according to the startup, it is currently onboarding its 90th customer.
KarbonPay is a Service as a Software (SaaS) tool that was created to help companies easily automate their international payroll needs at their convenience.
Price explained that when he founded Fingo HR Inc he had assisted businesses in more than ten countries across four different continents manage their HR compliance and their cross-country payrolls.
“What we have found over and over again is that the process breaks down when it comes to gross-to-net calculations. Data is sent back and forth, from partner to partner and in-country experts to process payroll information,” said Price.
He further explained that for a business with 500 employees in different countries it would take five business days to complete payroll. This would normally result in high costs, poor data security, and plenty of inaccuracies.
Considering every possibility
Once there was the idea for the startup, Price explained that he and his team began the eight-month journey of diligent research and reviewing details for payroll systems in different countries. Once the team was familiar with their similarities and differences, they could begin developing the software tool.
Price stated that the platform had been put through rigorous testing to ensure that its software engines had considered every possible variation.
“The technology behind KarbonPay is not for the faint of heart. It’s extremely complex and integrated. But we knew that without complete accuracy and integrity of data, we wouldn’t have a business,” said Price.
The startup had managed to raise $165,000 (~ R3,000,000) pre-development and is currently raising an additional round of investment.
“And, as with most startups, cash is king. It’s not been easy but it has been worth it,” comments Price.
How does KarbonPay work?
The platform’s SaaS system provides an online service for companies to calculate their gross-to-net payroll systems while factoring in labour regulations and complex employment which can be done easily with their system.
This can be done for companies who have staff in different countries. In some countries, KarbonPay is able to provide automated payroll tax submission. Clients can sign up to use Karbonpay’s system for a 30-day free trial.
“The idea behind KarbonPay is that anyone should be able to log in and run an accurate payroll,” said Price.
Price explained that the startup’s system offers its clients automation and compliance. This has allowed their clients to have control and manage their data which would increase accuracy and security. KarbonPay has also been able to simplify and automate the process of payroll no matter the country.
“We’ve taken the payroll rules that used to be applied by a person in a back room with pen and paper, and built them into a world-class automated rules engine that allows for the immediate calculation of gross-to-net payroll data, while simultaneously taking compliance into account,” concludes Price.
Feature image: John Schnobrich via Unsplash