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Payroll Services LLC will provide payroll and payroll related services for small to medium sized companies. Payroll service companies operate on a recurring revenue model with virtually no receivables.
Recurring Revenue – The majority of clients run at least 24 times annually.
No Receivables – Fees are electronically transfered via ACH every time the client runs payroll.
The two biggest competitors in the payroll industry, Paychex and ADP, have become the largest 401k administrators and have now entered into the insurance industry – most of the payroll industry, large and small, are following suit. This is a direct threat to local insurance brokers and 401k administrators. We will actively target partnerships with these brokers, protecting their business. This strategy works. Experienced management team – sales and operations.
As the client base grows, we will utilize our client’s contacts and their service providers to create additional sales channels via:
• Offering value added services such as additional online access limited to payroll reports for their CPA’s. By offering the client online reporting to their CPA, accountant or bookkeeper, we develop both an additional sales channel and potential partner opportunity.
• Value added services being offered to benefit providers, human resource consultants, for their CPA’s. By offering the client online reporting to their CPA, accountant or bookkeeper, we develop both an additional sales channel and potential partner opportunity.
Use of Funds
We are seeking $350,000 in equity funding or a combination of equity funding and debt financing..Approximately $43,000 will be used to purchase used furniture, fixtures, computers, office equipment, software licensing and to build a website. Remaining funds will be used to fund operations until we reach break-even. We project to reach break-even during Year 2. The goal of management is to buy out the investor in Year 5.
Payroll processing is the cornerstone of the business. The payroll service includes the calculation, processing of employee payroll checks and vouchers; production of payroll reports; calculation of federal, state and local payroll taxes, collection and payment of the clients’ payroll tax obligations. Our payroll platform supports both the traditional full-service model and the online model through a secure internet portal. The payroll platform is a branded internet based “Software as a Software” (SaaS) solution licensed from Polaris Software. The software gives us access to the best technology and guarantees that our system will be up to date with federal, state and local changes in laws and taxes.
The payroll tax filing service provides accurate and timely payroll tax payments and preparation and filing of quarterly and year-end tax returns. Payroll Tax Services are provided by Payroll Tax Management, Inc.
Benefit Administration and Reporting includes calculating and tracking employee time accrual (vacation sick and paid time off), management tools for managing personnel information, new hire reporting, employee benefits and human resource compliance and reporting, including health insurance benefits, retirement and disability insurance.
Payroll Services has the ability to report retirement, workers compensation and other information directly to most third party administrators on behalf of the client.
This service also offers the capability to store documents online, at both the company level and at the employee level.information to the third party administrator and remit the payment on behalf of the client.
Tom has over a decade of experience managing payroll companies. His payroll industry experience began in 2001 where he led a successful turnaround of a regional payroll office, followed by managing the successful merger of three regional offices, and most recently is managing high revenue growth averaging over 40% increase per month, year over year, for 28 consecutive months, while maintaining ninety-eight percent client retention. He has developed and implemented operational processes, and has hired, trained and managed payroll operations staff. His success is a product of strong processes he designed and implemented to provide clients with excellent service and an accurate payroll, resulting in increased client retention, revenue, and profit.
A 12 year veteran in the payroll industry, Dana started his career in payroll in 2001 with PrimePay. He was a President’s Club member and was promoted to Director of Sales. He was a key member in turning around the Boston division into a growing and profitable office while rebuilding the sales team. Dana joined PayChoice in 2009 and took over two sales teams in his first five months. In his time there, he also achieved two Presidents Clubs and was responsible for reestablishing several channel partners as well as being the point person for new business partners. His success is attributed to finding the correct solutions for his clients and providing an extra level of service.