Paylocity sells cloud-based HR and payroll software to U.S. small and mid-sized businesses, typically those with 10 to 5,000 employees. Its platform covers the full employee lifecycle: payroll and tax compliance, HR management, time and labor, talent management, benefits administration, and employee engagement tools. Paylocity sells exclusively through a direct sales force organized by geography, and over 25% of new client revenue comes from referrals by benefits brokers and advisors — a channel Paylocity cultivates by deliberately not selling insurance or retirement products, so it doesn't compete with its referral partners. Revenue is primarily recurring SaaS subscriptions priced on a per-employee basis, which means revenue scales with both client count and the size of client workforces. A secondary but meaningful revenue stream comes from interest earned on client payroll and tax funds held in transit, averaging roughly $3B in daily balances. Paylocity grows by adding new clients and by cross-selling additional modules into its existing base of over 41,000 clients, driving up average revenue per client. Beyond its core HR platform, Paylocity recently expanded into finance and spend management through the acquisition of Airbase, adding expense management, accounts payable automation, corporate cards, and procurement tools under a "Paylocity for Finance" suite targeted at CFOs. These finance products are priced differently from the core HCM modules, and Paylocity views cross-selling them into its existing client base as its largest near-term growth opportunity.