1

BUSINESS PLAN

CONFIDENTIAL

ABC Company

2CONFIDENTIAL

Contents

Executive Summary 3 Market Analysis 19

Business Overview 5 Competition Analysis 21

Benefits of outsourcing Payroll Marketing & Sales activities 25

Market Opportunity Operation 28

Strategy Financials 30

The Company 11 Sources 32

Overview

Mission

Value Proposition

Products & Services

Target Clients

security

3CONFIDENTIAL

Executive Summary

The payroll business is one of the hottest businesses in America today. Outsourcing of Payroll frees the organization to spend more time on their core business. Small business owners who feel challenged by frequent payroll tax changes, filing W-2 forms, making direct-deposit payments on time and keeping track of contract-labor filing forms, can turn to payroll specialists for help. The outsourced Payroll companies will constantly upgrade their knowledge on the various changes on regulatory and tax matters as it is their area of specialization. By outsourcing payroll, companies have also saved on costs.

As per US Census data of 2011 there are 5. 8 Million establishments in USA having less than 100 employees. Presently only around 2 million companies are outsourcing payroll, leaving a huge market of 3.8 million companies to be tapped.

ABC Company’s value proposition to enter this market will be based on the following factors :Local Service: a local veteran-owned small businessExpertise: Offer professional expert guidanceReliability: Focus on providing quality service to other businesses in the communityFlexibility: As a small provider, ABC Company can work with clients to develop custom solutionsQuality Customer Service: ABC Company is small enough to deliver personalized customer service and spend time with clients in order to understand their needs clearly

4CONFIDENTIAL

Executive Summary

ABC Company’s Go-to-Market strategy should be to aggressively acquire customers at the rate of at least 10 every month. To achieve this ambitious target, ABC Company is advised to hire the services of a Marketing company for Lead generation and for supporting its Marketing activities Financial projections (summary).1. Breakeven achieved in Month 11 of operations 2. Cumulative losses wiped out by Month 25

Year1 Year2 Year3

Revenues 97500 277500 457500

Expenses 149417 227418 261040

Net Profit / Loss -51917 50082 196460

Cumulative profit / loss -51917 -1835 194625

5

Business Overview

The payroll business is one of the hottest businesses in America today. Payroll outsourcing can be defined as the process of outsourcing to a third party to do the routine work of managing salary, its calculation and payment, along with any other related functions of a firm for a specific fee. An effective and well-managed payroll system is an essential aspect of all businesses and companies had to recruit people to maintain the payroll system. Intense competition and challenging environment forced companies to focus more on value-added and revenue-generating core business activities rather than the routine and regular jobs such as payroll, which was outsourced to a third party vendor. Most organizations outsource payroll for various reasons such as reducing and controlling costs, focusing on core competencies, accessing domain experts, skills and technologies and getting regular updates on latest payroll/tax laws. Payroll outsourcing positively influences the firm’s innovativeness.In addition to Payroll processing, Companies outsource other activities such as tax filing, time and attendance, benefits administration, employees’ compensation administration and unemployment compensation administration.

CONFIDENTIAL

6CONFIDENTIAL

Business Overview (Contd…)

Benefits of outsourcing Payroll

Complicated tax laws that are continuously evolving makes it difficult for small businessmen to track it and prefer handing over the job to specialist to file tax returns. It has been reported that 1 in 3 small businesses incur $1500 in late payment fees every year on tax payment. Moreover, clients can concentrate on core activities and outsource administrative functions like payroll. Some of the benefits are explored below:

Convenience : Outsourcing payroll services allows companies to focus on their core business. Passing along to a third party such information as employees’ work hours, pay rates and wage deductions can be a convenient way to administer a compensation and benefits program and track payroll expenses.

Professionalism :When you don’t have the skills or a trained professional on staff to handle payroll, outsourcing might be a wise decision. Payroll firms typically offer services that cover wages, overtime pay, bonuses, commissions and other forms of compensation. They also handle benefits, pension and retirement savings programs, and taxes. Small-business owners who feel challenged by frequent payroll tax changes, filing W-2 forms, making direct-deposit payments on time and keeping track of contract-labor filing forms frequently turn to third-party payroll specialists for help. Experienced, reliable firms base their services on the best practices in the industry. Third-party firms track current federal and state payroll laws and are upto-date with the knowledge on such matters.

7

Business Overview (Contd…)

Benefits of outsourcing Payroll

Reduced Cost : Outsourcing payroll is, on average,20 percent cheaper (According to “Payroll outsourcing, a New Paradigm”) than handling it in-house, especially for small businesses. Companies that outsource save money by not having to hire a payroll specialist or IT professional.

Time Savings : The biggest savings from payroll outsourcing is time rather than money. Outsourcing payroll can free up HR staff to devote more time for other activities like recruiting, hiring, training and other HR functions.

Avoid Problems Due to Attrition: High attrition is a big problem for most of the companies. Outsourcing of payroll services ensures reliability and continuity of service, i.e. employee attrition and absence will not affect the functioning and payment of salaries on time. Compliance with Government Regulations: An integrated payroll and HR system with specialized service providers will always be up-to-date with changing government regulations. The outsourced company will constantly upgrade their knowledge on the various changes on regulatory and tax matters as it is their area of specialization.

CONFIDENTIAL

8CONFIDENTIAL

Business Overview (Contd…)

Benefits of outsourcing Payroll

However, organizations are concerned about

Loss of Control :Handing over payroll operations to a third party gives a company less control over the financial information and confidential data associated with it. Also, the data might be less accessible to the company because it’s stored on the payroll firm’s server. Payroll includes the most personal and private information available on employees. Maintaining confidential data internally could present fewer risks. A payroll firm that does not take care to guard this information leaves the company vulnerable to theft and employee lawsuits. Payroll firms should take adequate safety measures to safeguard client data.

Unreliability : Businesses cannot oversee offsite operations as effectively as those they manage. Outsourcing payroll raises the risk of contracting with an unreliable firm. Businesses often get references from other companies that outsource payroll before hiring a firm. Companies also take advantage of free trials from a payroll firm so they can determine its reliability before paying for the service.

9CONFIDENTIAL

Business Overview (Contd…)

Market Opportunity As per US Census data of 2011 there are 5. 8 Million establishments in USA having less than 100 employees. The Big Two payroll processing companies, ADP has around 425,000 & Paychex has around 550,000 clients, amounting to 1 million. All other payroll processing companies would be having another 1 million small businesses. This leaves a huge 3.8 million potential payroll prospects who are currently not outsourcing payroll.

For ABC Company, market opportunity is not a constraint. ABC’s growth will be primarily limited by how much resources it is able to employ in Business Development activity and how well it is able to handle the challenges of an exponential growth.

10CONFIDENTIAL

Business Overview (Contd…)

Strategy The key to ABC’s strategy is to differentiate itself from the competition. Differentiate on expertise in the areas such as payroll taxes, payroll audits, deduction issues, compliance issues, wage laws, workman’s compensation…whatever. Promote the fact that ABC is a locally/regionally owned business, is reliable and flexible in offering customized services and not a “one size fits all” service, that is provided by the Big Players. Be highly customer service oriented. Set up systems to respond to customer issues at the shortest possible time on a one to one basis.Develop high levels of domain expertise that can give payroll clients the guidance and confidence they need.

11CONFIDENTIAL

The Company Overview

ABC is a local Birmingham payroll service company that offers cloud based payroll solutions to small businesses. Located in Hoover, Alabama, ABC is part of a larger network of payroll companies that services thousands of companies across the United States. These companies rely on superior service and cutting edge technology to eliminate the hassles small companies face when processing their own payroll and filing payroll taxes. Whether the client company has five employees or five hundred, ABC can customize systems & processes to provide everything the client needs.The team presently has over nine years of experience handling multi-state payroll processing and tax filing for companies with 15 to over 500 employees. ABC offers expert, local, one-to-one customer service which one will not get when working with larger payroll companies.As a Birmingham based business, ABC continually strives to actively support associations that further not only the payroll industry but also local small businesses.

12CONFIDENTIAL

The Company (Contd…) Overview

Mission

ABC’s mission is to offer their extensive payroll expertise, cutting edge technology and one-to-one customer service to other small business owners; ultimately giving these businesses affordable access to tools and services that will simplify and streamline their payroll processes. This allows business owners to re-invest their time in areas that will grow their business. ABC’s slogan is, “you run your business, we’ll run your payroll.” ABC’s Value proposition

Local Service: a local veteran-owned small businessExpertise: Offer professional expert guidanceReliability: Focus on providing quality service to other businesses in the communityFlexibility: As a small provider, ABC can work with clients to develop custom solutionsQuality Customer Service: ABC is small enough to deliver personalized customer service and spend time with clients in order to understand their needs clearly

13CONFIDENTIAL

The Company (Contd…)

Products & Services

(A) Payroll Services

• Access and run your payroll from anywhere, anytime with Employer OnDemand• Preview Payroll results to reduce errors• Unlimited earning and deduction codes• Payroll for restaurants and tipped employees• Print checks and reports locally or ABC will print and deliver to client• Offer employees signed and sealed live checks, direct deposit, payroll debit card or a combination• Provide employees online access to their paychecks, W2s and 1099s via Employee Self Service

14CONFIDENTIAL

The Company (Contd…)

Products & Services

(ii) Other Value added Products & Services

Onliine Payroll :easy to use, scalable and secure online payroll system provides clients with a flexible and reliable resource for payroll data collection, review, reporting and printing. Mobile Apps : Employees can access their pay statements from every pay period including earnings, deductions, taxes, direct deposit and paid time off right from their phone. Employees can clock in and out from their smart phone allowing you to track their hours worked more accurately Payroll Tax : helps businesses remain up-to-date on constantly changing payroll and unemployment taxes, meet strict government deadlines, and avoid costly fines and penalties that can be an administrative burden for a company of any size. ABC provides prompt, accurate tax filing and payment services from experienced professionals who know the business. Reporting : ABC offers hundreds of reports providing comprehensive and customizable information to review every aspect of payroll. View and/or create hundreds of payroll reports and custom reports with Employer OnDemand or Online Reports. Employee Self Service : Employees can view important employee information online in real time such as Payroll & Tax information, profile information, Annual Tax Forms, Time & attendance.

15CONFIDENTIAL

The Company (Contd…)

Products & Services (Contd…)

(ii) Other Value added Products & Services (Contd….)

Manage Self Service : provides the managers the ability to access via the internet, payroll or timekeeping information for their department or location Time & Attendance: Timekeeping is available in a variety of configurations that can be tailored to

match the requirements of the business. When it is time to run payroll, employees’ hours are automatically in the payroll system.

401 (k): Companies can set up a retirement plan through the program. A good retirement plan is an excellent incentive that can help clients retain their best employees. ABC offers access to a wide variety of plans to meet unique needs and budgets. Human Resources : allows clients to track and report important HR related information, like education level, training courses, performance review etc. Workers’ Compensation Insurance : offer workers’ compensation premium-calculation and payment services to payroll clients

16CONFIDENTIAL

The Company (Contd…)

ABC has so far invested around US$ 40,000 into start-up costs.In the first year focus is to spread brand awareness, gather a portfolio of small diversified clients distributed between medium and small companies to reduce risk if clients are lost. In the second year focus will be on growth/staffing. In the third year focus will be on streamlining business processes and having staff handle operations. Also, seek additional partnerships with related service providers, Klik Klock Staffing software etc. Present licensed software is for 100 users. Presently using APEX software. When clients cross 100, will pay additional license fee of $10k for unlimited users. Software provider has trademark/patent etc on software. ABC is located in Birmingham, Alabama but plans to offer services throughout the Southeast, primarily focused in Alabama, Georgia, Tennessee, Mississippi, Florida, Texas and Louisiana. Tennessee, Florida and Texas are preferred target areas due to the fact that they do not have a state payroll tax. In the first year break even to be achieved without taking a salary draw. Should be able to pay monthly operating expenses plus the $500 monthly fee to APEX for use of the software and for tech support. Plan to hire a professional business development person to grow more rapidly.

17CONFIDENTIAL

The Company (Contd…)

Target client :

Not industry specific, small businesses having 10-30 employees. Medium sized business defined as 31-200 employees. Companies located throughout the Southeast with a special interest in growing locally in Alabama. Perfect client would be a company who already is outsourcing their payroll but is unhappy with their current service provider due to cost, service issues etc. Presently ABC has signed a 200 employee client. Marketing activities carried out so far : Developed website, business cards, stationery, presentation folders, online branded demos, setup twitter, facebook and LinkedIn accounts in social media. Completed a few postcard campaigns, had a booth at a local Hoover Day community event. Joined several local chambers and professional associations. The owner, XXXXX has strong HR Administration, payroll and benefits experience, system conversion and implementation experience. His challenge is developing a strong sales platform. Payroll sales is extremely competitive but there is plenty of available business.

18CONFIDENTIAL

The Company (Contd…)

Security :

ABC Company is dedicated to and values the privacy of the users of their services and those of their partners and affiliates. They work diligently to make the user experience safe and secure. The Company has implemented reasonable technical and organizational procedures intended to provide security of clients’ personal information from unauthorized access, use, alteration or disclosure, and accidental loss. All data transmissions are encrypted using Secure Socket Layer (SSL) encryptionUsers have to be preauthorized to obtain access to the system with predetermined securitylimits to address the needs of each administrator, manager or employeePayroll data is backed up with primary and secondary facilities to handle disaster recoveryscenarios

19CONFIDENTIAL

Market Analysis

As per the US Census figures for 2011 the number of establishments having less than 100 employees in the 7 states that ABC has identified as its Target Market is given below. We had stated earlier that out of 5.8 Million small businesses, around 3.8 Million businesses are still managing payroll manually.This is corroborated by an article in March 2008 edition of “Reaching out” which states that 60% or 3 million small businesses are not outsourcing payroll. Taking a conservative figure of 60% not outsourcing payroll, the Market Potential for the 7 target states is shown in column 3, totaling to nearly 750,000.

If ABC sets a target of achieving 1% market share in 5 years in its Target Market, this will translate to 7,500 clients.

20CONFIDENTIAL

Market Analysis

STATE No. of establishments with < 100 employees

No. of establishments processing payroll In-house

Tennessee 94,000 56,000

Florida 398,000 238,800

Texas 396,000 237,600

Alabama 73,000 43,800

Georgia 164,000 98,400

Mississippi 44,000 26,400

Louisiana 80,000 48,000

SUB TOTAL 1,249,000 749,400

USA 5,811,000 3,486,600

21CONFIDENTIAL

Competition Analysis

The players in Payroll outsourcing can be segmented into 3 categories1. Large players like ADP and Paychex, who provide complete small business solutions including payroll processing, HR management, Tax compliance and 24X7 support. However, personalized customer support and customized solutions are their weak areas2. Accounting firms providing value added payroll processing services to their existing clients. This category will be an emerging strong contender, since they have built good relations with existing clients, who will be only too happy to hand over payroll processing to them. Their weak area is the fact that web based payroll processing will be a new area for them and they will need to learn the business operations.3. Regional players like PBS Pay, based in Alabama, who have built their business through intensive marketing efforts and provide personalized service and customized solutions to their clients.

22CONFIDENTIAL

Competition Analysis

As such ABC has no specific competitive edge over other Regional players in the business. It has to evolve its own Brand image and Brand value by providing consistent quality service. The areas where ABC needs to concentrate to build its USP are : Local Customized Service: ABC is a local veteran-owned small businessExpertise: ABC offers professional expert guidanceReliability: ABC focuses on providing quality service to other businesses in their communityFlexibility: as a small service provider, ABC can work with clients to develop custom solutionsQuality Customer Service: ABC is small enough to deliver personalized customer service and spend time with clients in order to understand their needs clearly

USP (Unique Selling Proposition) is two fold by coupling a cutting edge cloud based payroll system which is extremely easy to use with one on one expert customer service.

23CONFIDENTIAL

Competition Analysis (Contd….)CompetitorsADPADP, one of the world's largest providers of business outsourcing and human capital management solutions, serves more than 620,000 businesses of all types and sizes in more than 125 countries. Revenues were more than $11 Billion in 2013. ADP’s cloud based payroll software for small business “RUN” is backed by 24/7 support.Services provided include Payroll, Tax filing, HR tasks like hiring, performance & termination. The software can be integrated with the client’s accounting software.Promotional offers made :Free Payroll for 1 monthReferral program : earn $100 when you refer a company. Free payroll for a year if you refer 4 companiesPaychex Paychex offers a variety of payroll and human resource products and services that help clients run their business. Range of services including Payroll Processing, Retirement Services, Insurance and a fully outsourced Human Resource Solution. Paychex serves over 550,000 clients from 100 offices. Turnover in 2013 was $ 2.3 Billion. Sure PayrollSure Payroll provides Online Payroll services, Tax filing, 401(K) Plans, Health Insurance, workers’ compensation & employee screening servicesPBS LLCLocated in Birmingham, Alabama, PBS is a provider of outsourced payroll processing and tax filing services for small to mid sized companies. PBS has a referral scheme where, a client gets 1 month free payroll for referring ‐a customer.

24CONFIDENTIAL

Competition Analysis (Contd….)

SWOT ANALYSISStrengths• The owner has extensive domain knowledge in Payroll Processing to get the confidence of prospects and existing clients• Being a small local company, can provide customized solutions and not a “one sized fits all” solution provided by the big players Weakness• Being a new entrant in the extremely competitive Payroll Processing domain, will have to establish its brand name by superior service• The company does not have an Accounting practice, which would have been synergestic with the Payroll business and would have yielded additional customers Opportunities• The available market is so large that opportunities are unlimited. Growth will be a function of resources deployed in Market Development activities.• Diversifying into accounting practice by taking a Partner will further expand the business Threats• Barriers to entry is very minimal. Very little investment is required to set up the business and many new entrants can be expected to enter, who will resort to price wars to poach on ABC’s customer base. ABC will need to develop personal relations with each and every client and be proactive to their requirements, so that they do not leave.

25CONFIDENTIAL

Marketing and Sales Activities

ABC’s primary task will be to implement an aggressive Sales & Marketing strategy for client acquisition. For Year 1 an optimistic target should be 1 new client daily, 20 to 25 per month or 250 clients by year end. A realistic scenario would be 10 new clients every month. To achieve this realistic target, the following recommendations are made. Clients should be encouraged to take a complete package of services to include payroll, Tax filing and HR services like Time keeping & maintaining employee records. Pricing strategy to encourage taking a full service, so that the client appreciates the benefits of outsourcing all routine activities and thereby build long term relationship with ABC. Since Sales & Marketing is a weak area for ABC, it is recommended that ABC outsources the Marketing and lead generation activity to a professional Marketing company for the first year. However, closing of deals will have to be done in-house, as it will require knowledge of the business and providing technical clarifications. The role of the Marketing company will be

Lead Generation. Telemarketers of the Marketing company will be calling up client prospects from databases of small businesses and generate leads for Payroll processing. All these leads will be forwarded to the sales team in ABC who will arrange client presentations and close deals. The Tele marketers can be incentivized on the basis of lead generation and successful deals made. The Call Center should be geared to make at least 20 successful calls daily to owners of small businesses. Considering that 60% of small businesses do not outsource Payroll currently, we can reasonably expect 5 prospects who will show interest. This will require a dedicated Telemarketer, who will require to be trained to provide the Sales pitch to generate interest in the prospect. (Refer to article “Outsource your Marketing” in Reaching Out, March 2008 edition).

26CONFIDENTIAL

Marketing and Sales Activities (Contd…)

The Marketing company will also provide their expertise in the following activities : maintaining and updating the company website, track viewership and increase traffic to the website by Search Engine Optimization (SEO) techniques. Increase activity in social websites like Facebook, Twitter, LinkedIn to create increased awareness and interest in ABC. For Payroll Outsourcing, LinkedIn is a very effective media for updating small Business on new activities in ABC ( new joinees, new services offered, prestigious clients acquired, awards / appreciations received from business associations / clients etc.

Liaise with various Chambers of Commerce and obtain appointments with Chamber members for presentations to be made by ABC on the benefits of Payroll outsourcing. Set up kiosks at B2B exhibitions to create awareness.

Promotional activities : Several promotional activities are recommended, currently practized by competitors 1 month free trial for clients to experience the ABC service quality Free set-up once order is placed. Free training to client’s designated persons to operate the package Promote bundled service. Provide attractive prices if add on services are also taken, like tax payments,

direct deposits, time keeping etc. Referral incentive scheme for clients who bring new business

27CONFIDENTIAL

Marketing and Sales Activities (Contd…)

Forge partnerships and strategic alliances with Accounting firms who are not interested to foray into Payroll processing. Make joint presentations to the accounting firm’s clients.

Geographical spread. It is not recommended to initially spread Marketing efforts thinly over the entire territory and as a result get poor response. Marketing activities need to be concentrated to have an impact. Alabama has over 40,000 small business prospects who process Payroll internally, and it is recommended that in Year 1 all sales efforts are concentrated in this state. The professional Marketing company should be able to access databases of small businesses through various Chambers and other sources in the state. To achieve a sales target of 10 every month, around 50 sales calls / presentations will be required monthly. (Refer to article “The Great Payroll opportunity”). In Year 1 we recommend that ABC hires one experienced Sales Manager on salary cum commission basis.

28CONFIDENTIAL

Operations

With rapid growth in business, ABC must ensure its operations are geared to take on the ever increasing load. Payroll processing staff should be properly trained before engaging them in the operations. A dedicated person should be identified to operate the Helpline to attend to customer queries. Although initially, this could be a shared operation, with increasing load, a dedicated person is to be employed to attend to customer queries. The option should be available for customers to send their queries over phone, email, webmail. Challenges of Payroll Outsourcing Payroll is considered a cog within the wheel of business. It is a complex, glitch-free system. Accuracy is crucial to payroll. Payroll is a batch process updated normally on a monthly / weekly basis.

Compliance IssuesIt is important for any organization to adhere to the existing legal framework of the country. Whether it is an in-house system or outsourced, there is a high price for noncompliance activity. Payroll provider needs to monitor the changes in the legislation and do the necessary changes as and when required. The more the automation is done, the less the time spent on creating back end reports and activities.

29CONFIDENTIAL

Operations (Contd…..)

Employee Confidentiality and Ethics

Protection of payroll information is very crucial. Strict internal control measures should be in place at the service provider’s end, to prevent payroll confidentiality breaches, as it will have disastrous effects on any organization.Ethics is also a major factor which impacts the reliability of outsourcing. It involves considerations of fairness and legitimacy, which should surely be a part of the specialist role. Integration with ApplicationsIt is prudent to ensure that payroll software should be integrated with other applications such as Time & Attendance (T&A), accounting packages and HR systems. Some companies have deployed Enterprise Resource Planning (ERP) solutions and may find difficulty with third-party payroll software. And for this reason, it is advisable for the payroll solution to have integration capabilities.

Flexibility of Various ScenariosSituational flexibility is a great challenge for new vendors. While selecting a payroll solution, it is advisable to choose one which is more flexible and rule-based, the reason being it allows incorporating multiple scenarios which will be an added advantage as it avoids any future delays.

30CONFIDENTIAL

PROFIT & LOSS STATEMENT

Initial CostMonthly cost Annual cost Year1 Year2 Year3

Clients acquired 120 120 120Cumulative clients 120 240 360No of users (10 users per client) 1200 2400 3600REVENUES Payroll Procesing @ $125 per client 125 97500 277500 457500EXPENSES APEX license fees 500 6000 6000 6000

Additional one time License fee when users exceed 100 10000

Payroll Processor @ $15 per hour hired from month 4 2400 21600 28800 28800

Additional payroll processor when clients cross 120 2400 28800 28800

Third payroll processor when clients cross 240 2400 28800Payroll Coordinator from Year 2 3000 36000 36000Sales Manager (salry, commission etc) 4000 48000 48000 48000 48000Outsourced Marketing Company 4000 48000 48000 48000 48000Communication 120 1440 1440 2160 2880Web Hosting 29.2 350 360 360 360

Advertising (seminars, exhibitions, collatorals) 1000 12000 12000 14400 18000Legal Fee 125 1500 1500 1500 1500Professional fee 292 3500 3500 3500 3500Travel 83 1000 1000 1500 2000Supplies (checks, stationery etc) 100 1200 1200 2400 3600Miscellaneous 200 2400 2400 3600 4800

Interest charges on working capital @1/2 % per month 2417 2398

Total Expenses 149417 227418 261040Net Profit /Loss -51917 50082 196460

31CONFIDENTIAL

BALANCE SHEET

YEAR 1 YEAR 2 YEAR 3

SOURCES OF FUNDS

Own Funds 37000 37980 37980

Working Capital Loans 52000 1850 0

Income /(Losses) -51917 -1835 194625

37083 37995 232605

UTILIZATION OF FUNDS

Cash in hand 133 145 194305

EQUIPMENT 1500 2500 3000

Depreciation @10% 150 250 300

Net value of equipment 1350 2250 2700

TECHNOLOGY 25000 25000 25000

WEBSITE 600 600 600

ADDITIONAL LICENSE FEE TO APEX 10000 10000 10000

Total 37083 37995 232605

32CONFIDENTIAL

SOURCES

1. ABC Company website2. The Great Payroll Opportunity – Don Uhl & Associates Inc.3. Payroll Outsourcing – A new Paradigm . Princey Thomas & P K Thomas4. Payroll’s Great Cloud Migration. Published in PAYROLL SYSTEMS5. Reaching Out. Published in Accounting Today March 20086. Tips to improve your payroll department. Joanne Mitchell George7. Want Clients that stick. Ken Garen. Published In PAYROLL Nov 2008 edition8. Website of US CENSUS9. Website : www.smallbusiness.chron.com10. Website : www.resourcenation.com11. Websites of following Payroll Processor companies : ADP, Paychex, SurePayroll, PBS Pay12. Regis University Library archives

.