OKLAHOMA CITY, OK, April 1, 2008 – Oklahoma City-based Paycom continues to mark record growth by capturing the migration to outsourcing payroll processing with its proprietary web-based system. Paycom expanded it operations in two new markets resulting in a 250 percent employment growth within the past six months and a revenue increase of 100 percent for the year.

A staffing growth rate of approximately 50 new hires per month was attributed mostly to creating sales and new client payroll specialist positions to meet expanded operations. Paycom added office space on two more floors of the Lakepoint Towers located at 4005 NW Expressway to accommodate the increase in personnel. More staff will be added in sales support for current offices and new offices as they open later in the year. “We are growing so fast because of
market demand. There are only a small handful of payroll companies that do what we do and their technology is becoming very outdated,” said Paycom’s CEO Chad Richison. “So businesses are attracted to the technological and economical impact of our value proposition.”

Paycom’s web-based service is part of a software distribution model called Software as a Service (SaaS) in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the
Internet. It is currently estimated that SaaS makes up 30 percent of the software market and the projected growth will be worth $10.7 billion by 2009.

The benefits of the SaaS model include:

• easier administration.

• automatic updates and patch management.

• compatibility:  all users will have the same version of software.

• easier collaboration, for the same reason.

• global accessibility.

Paycom’s web-based service offers an attractive and valuable alternative to other payroll processing companies. In contrast to the traditional model of software distribution, in which software is purchased for and installed on personal computers, Paycom’s unique single-database provides businesses an integrated solution for payroll processing, HR information management, time and attendance, background checks, benefit administration, and COBRA compliance.
Because the Paycom software is proprietary, it allows for instant updates without down time offering customers the benefit of always operating in the most current software version.

Moreover, Paycom’s 99 percent client retention rate further demonstrates that it is keeping up with market demand for fast, accurate, and easy to use technology. According to Paycom’s Marketing Manager Amy Newman, today’s  payroll options allow employers to process payroll quickly, with fewer errors and, where and when it’s convenient for them.   “Paycom’s number one benefit is that our web-based technology provides clients anytime access to their  payroll system.  This is great for multiple offices, clients who travel or who just want the option to work from home.  Anywhere they have Internet access, they can make real-time changes, process payroll, run reports, and approve timecards and more,” said Newman.

Paycom has several advantages over its larger competitors as the majority of them still process payroll through AS400s and mainframes. These two methods limit customers’ options for retrieving data from the mainframe systems because the data doesn’t convert easily to the Internet. In contrast, Paycom delivers via the Internet like processes in a more comprehensive and convenient manner. Instead of the typical 12-step transmission process, customer data is updated in the database instantaneously. Paycom’s system exists in one shared database so there is no need to interface; eliminating the need for separate databases or products that have interfaces to support. Customers simply point and click to produce updated reports.

Although there are several procedures automated throughout the system, several crucial tasks still require customer care. Paycom customers communicate on a regular basis with an assigned payroll specialist to address issues such as
tax law compliance, reversing items, custom-development of the software, and tax jurisdiction correspondence.

“Payroll is not a forgiving business,” said Richison. “I tell people that 99 percent accuracy in our business is an F.  We must produce accurate payrolls 100 percent of the time.  We have short memories in the payroll business as we are only as good as our last payroll.”

Headquartered in Oklahoma City, Paycom processes payroll for customers in all 50 states and has offices in Oklahoma City, Tulsa, Denver, Dallas, Atlanta, Chicago, Fort Worth, and Raleigh.