| Former ASAP
Software CEO 'Clicks' Payroll into the Future
Scott Wald Returns to Launch Online Payroll Company That
Promises to Change How People Get Paid
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Scott Wald, CEO SurePayroll
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HIGHLAND PARK, IL — April 18, 2000 — From the man who
Fortune Magazine named one of the “40 smartest entrepreneurs
in America under the age of 40,” Scott Wald launches his next
venture, SurePayroll a radically new, Web-based payroll system.
For the first time ever, SurePayroll’s system electronically
distributes paychecks, notifies employees that they’ve been
paid and allows them to view their paystubs on-line. For employers,
SurePayroll simplifies the process to the point where they
can now complete and distribute payroll in the same amount
of time it takes to send a fax.
“Eleven million small businesses in the U.S. have been waiting
for a service like this, not to mention employees,” said CEO
Wald. “We are not taking the current payroll method and slapping
an Internet face on it like other payroll companies.
We have found a way to ‘webify’ it from beginning to end adding
a new level of convenience and accessibility unavailable until
now, as well as improve accuracy and reduce cost by almost
50 percent of what it takes to do payroll today.”
“SurePayroll will do for payroll what on-line brokerages
did for stock trading revolutionize the industry by offering
a simpler service,” said Steve Kaplan, Neubauer Family Professor
of Entrepreneur and Finance at the University of Chicago Graduate
School of Business. In a survey conducted by DraftWorldwide,
nearly 25 percent of the small business owners surveyed are
not happy with their current payroll system.
“Current payroll practices are a big pain in the neck for
most business owners. They’re slow, labor intensive, and completely
behind the times,” said Wald. “Not only have we redeveloped
the process, but we added a function that has been completely
overlooked for years a viewing element that gives employees
more control over their paychecks such as changing deductions
and benefits, viewing pay stubs, and conducting “what if”
scenarios all online. That’s never been done before.” Wald
assembled a team of noted experts in software development,
banking and payroll, including:
- Troy Henikoff from Jellyvision, built the team that created
the CD-ROM version of “Who Wants to Be A Millionaire”
- George Colis, chairman of Chicago-based Oxford Bank &
Trust
- Michael Alter from McKinsey and Company, co-founder of
the Service Operations Practice
How It Works:
By combining its proprietary SecureTrak™ system with the
flexibility of the Internet, SurePayroll enables small businesses
to conduct all of their payroll functions anytime, anywhere,
in significantly less time and at half the cost associated
with outsourced payroll. Since the solution is Internet-based,
there is no software to install, upgrade or maintain, and
no files to back-up. Employers input numbers via the SurePayroll
web site and earnings are automatically deposited. Employees
receive a notification via email alerting them that they have
been paid and can view their pay stub on a secured web site.SurePayroll’s
features include:
- Guaranteed accurate computing of taxes, deductions and
net pay amounts
- A proven payroll-processing engine that has issued nearly
50 million paychecks
- The Start Simple™ program, an exclusive turnkey, enrollment
process
- The option of direct deposit or local check printing
- Anytime, anywhere access for employers, employees and
accountants
- A three-level security system for data protection, availability
and authorization
About Scott Wald:
As chief executive officer, Wald is responsible for the
overall business model development and strategic planning
for SurePayroll. Previously, Wald was the founder and CEO
of ASAP Software Express, a multi-national distributor of
PC software. Under his leadership the company expanded to
35 sales offices and distribution centers in the U.S. and
Europe and grew annual sales from zero to more than $600 million.
ASAP set sales and profit records every quarter that Wald
was at the helm. Inc. Magazine named him “Entrepreneur
of the Year” and Fortune Magazine named him one of
the “40 smartest entrepreneurs in America under the age of
40.” Prior to founding ASAP, Wald was in sales and product
management at Hewlett Packard where he was one of the original
product managers for their laser printers.
About SurePayroll:
SurePayroll was founded in December of 1999. The Company
offers an Internet-based payroll service that automates the
entire payroll process, completely eliminating the traditional
processing steps that conventional payroll services providers
use. SurePayroll allows small businesses and their employees
to initiate and access payroll information conveniently from
anywhere, anytime, via a completely secure and reliable Internet
site. With SurePayroll, payroll is completed in
a fraction of the time, at a fraction of the cost.
Contacts:
Michael Alter
SurePayroll
847-676-8420, ext 7229
michael.alter@surepayroll.com
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