6 Payroll Business Success Stories [2023]

6 Payroll Business Success Stories [2023]
Start A Payroll Business

The global HR payroll software market is expected to grow at 11.2% CAGR to reach $15.37 Billion. The growing workforce and the current trends in the job market led to increased demand for payroll systems.

To start a payroll system, identify a growing field and understand its practice. Then, start making connections with those you know need the payroll system. Establish the system, set new clients and service rates, and create a standard agreement for clients.

Here are some real life success stories of starting a payroll business:

1. Transformify: Workforce Management System ($60M/year)

Lilia Stoyanov (from London, UK) started Transformify: Workforce Management System over 7 years ago.

Revenue
$5M / month
Team
2 founders / 35 employees

Case Study

Started as an all-remote company back in 2015 when remote work was still seen as an exotic perk reserved for digital nomads, Transformify grew up exponentially over the years.

Speaking of budgets, due to Covid-19, budget controls have become more robust than ever before and the businesses no longer have the luxury to underutilize their teams. The share of contingent workers and international contractors working on a project basis is constantly increasing. An interesting study published by SAP Fieldglass reveals that 42% of the workforce spend is already going to external resources - international contractors, consultants, guest lecturers, freelancers, etc.

i-bootstrapped-a-60m-year-global-payroll-solution

2. ADP

ADP offers industry-leading online payroll and HR solutions, plus tax, compliance, benefit administration and more.

  • Website traffic: 95.5M/month
  • Business rank: #389

Check out their full website ➜

Learn more about starting a payroll business:

Where to start?

-> How much does it cost to start a payroll business?
-> Pros and cons of a payroll business

Need inspiration?

-> Examples of established payroll business

Other resources

4. paylocity

Paylocity is the HR & Payroll provider that frees you from the tasks of today, so together, we can spend more time focused on the promise of tomorrow.

  • Website traffic: 14.6M/month
  • Business rank: #3.25K

Check out their full website ➜

5. CIB

Commercial International Bank. The biggest private sector bank in Egypt

  • Website traffic: 1.49M/month
  • Business rank: #7.38K

Check out their full website ➜

Pat Walls,  Founder of Starter Story
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