Profile: Paychex Inc (PAYX.O)
16 Aug 2019
Paychex, Inc., incorporated on April 26, 1979, is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services and Accounting and Financial Services. As of May 31, 2016, the Company serviced approximately 605,000 payroll clients. It offers a portfolio of HCM services and products that allows its clients to meet their payroll and HR needs. Its payroll-related ancillary services and human resource service (HRS) offerings often leverage the information gathered in the base payroll processing service, allowing it to provide outsourcing services covering the HCM spectrum. It also offers professional employer organization (PEO) services and provides insurance offerings through the Paychex Insurance Agency, Inc. (PIA).
The Company, through its HCM software-as-a-service (SaaS) platform, Paychex Flex, provides an integrated product suite that covers the employee life cycle from recruiting and hiring to retirement. Paychex Flex streamlines workforce management through technology and flexible choice of service. The platform uses a single cloud-based platform, with single client and employee records, and single sign-on, including self-service options and mobility applications. The HCM product suite integrates recruiting and applicant tracking, employee onboarding, payroll, employee benefits and HR administration, time and attendance, and retirement services. Paychex Flex also provides technology-enabled service, with options that include self-service, around the clock dedicated service center, individual payroll specialist and integrated service through the multi-product service center. Its platform services its small-business clients, mid-market clients and its PEO business.
The Company offers payroll processing services, which include the calculation, preparation and delivery of employee payroll checks; production of internal accounting records and management reports; preparation of payroll tax returns, and collection and remittance of clients ' payroll obligations. The Company's payroll-related ancillary services include payroll tax administration services, employee payment services and regulatory compliance services. It offers HR services, including Paychex HR Services, retirement services administration, insurance services, HR administration services, and Other HR services and products. It offers various accounting and financial services to small- to medium-sized businesses that offer benefits for small-business owners, including purchasing of accounts receivable as a means of providing funding to clients in the temporary staffing industry; a cloud-based accounting service; payment processing services; payment distribution services, and a small-business loan resource center.
The Company's payroll tax administration services provide preparation and filing of quarterly and year-end tax returns, as well as the electronic transfer of funds to the applicable tax or regulatory agencies (federal state and local). In connection with these services, the Company electronically collects payroll taxes from clients' bank accounts, typically on payday, prepare and file the applicable tax returns, and remit taxes to the applicable tax or regulatory agencies on the respective due dates. Its employee payment services provide an employer with the option of paying their employees by direct deposit, payroll debit card, a check drawn on a Paychex account (Readychex), or a check drawn on the employer's account and electronically signed by the Company. It offers new-hire reporting services, which enable clients to comply with federal and state requirements to report information on newly hired employees. It offers HR outsourcing solutions that provide businesses a full-service approach to the outsourcing of employer and employee administrative needs.
The Company's Paychex HR Services offering is available through Paychex HR Solutions, an administrative services organization (ASO), or Paychex PEO. The Company also offers Paychex HR Essentials, which is an ASO product that provides support to its clients over the phone or online to help manage employee-related topics. As of May 31, 2016, Paychex HR Services was utilized by approximately 35,000 clients with approximately 944,000 client worksite employees. The Company's retirement services product line offers a range of options to clients, including 401(k) plans, 401(k) SIMPLE plans, SIMPLE IRAs 401(k) plans with safe harbor provisions, owner-only 401(k) plans profit sharing plans and money purchase plans. These services provide plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services. As of May 31, 2016, retirement services covered approximately 74,000 plans.
911 Panorama Trl S
ROCHESTER NY 14625-2311