Former ASAP Software CEO 'Clicks' Payroll into the Future

Scott Wald, CEO SurePayroll

HIGHLAND PARK, IL — April 18, 2000 3 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