Paychex. Inc. ( Paychex or “the company” ) is a supplier of paysheet. human resource. and benefits outsourcing solutions for little to moderate-sized concerns. The company operates in the US and Germany. It is headquartered in Rochester. New York and employed about 12. 400 people as of May 31. 2013.
The company recorded grosss of $ 2. 326. 2 million during the fiscal twelvemonth ended May 2013 ( FY2013 ) . an addition of 4. 3 % over FY2012. The operating net income of the company was $ 904. 8 million in FY2013. an addition of 6 % over FY2012. The net net income was $ 569 million in FY2013. an addition of 3. 8 % over FY2012.
Paychex. Inc. ( Paychex or “the company” ) is a supplier of professional services to little to moderate-sized concerns. The company offers paysheet. human resource. and benefits outsourcing solutions. As of May 31. 2013. Paychex provided services to over 570. 000 clients. including about 2. 000 clients through its four offices in Germany. The company operates through a individual section. However. it has classified its services into two classs: paysheet and human resource ( HR ) services.
Paychex’s paysheet service includes the computation. readying. and bringing of employee paysheet cheques ; production of internal accounting records and direction studies ; readying of federal. province. and local paysheet revenue enhancement returns ; and aggregation and remittal of clients’ paysheet duties. The company’s paysheet services support the little concern market through its nucleus paysheet and SurePayroll merchandises. Mid-market companies are chiefly serviced through Paychex’s Major Market Services ( MMS ) paysheet merchandise. The company offers Software-as-a-Service ( SaaS ) solution to run into the paysheet and human resource administrative demands of its MMS clients. In add-on. Paychex besides offers accessory services to its clients.
The company’s accessory services include Paychex HR Online. an internet-based human resource direction system that offers tools for pull offing employee benefits. forces information. and critical homo resource conformity and coverage demands ; BeneTrac. an employee benefits direction and disposal system that offers its MMS clients a solution for streamlined benefits direction ; Paychex Time and Labor Online. a solution for clip and attending procedure ; Paychex Expense Manager. an incorporate disbursal direction solution that allows clients to command discretional disbursement ; and applicant tracking service.
In add-on. Paychex offers online paysheet services through Paychex Online. an internet portal. which offers a suite of self-service. synergistic services and merchandises. These include Paychex Online Payroll. Internet Time Sheet. Paychex Online Reports. and General Ledger Reporting Service. The company besides offers self-service and nomadic applications for little concern through its SurePayroll SaaS merchandise offering. Paychex’s other paysheet services include payroll revenue enhancement disposal services. employee payment services. and regulative conformity services.
The company’s HR services include Paychex HR Solutions. an HR outsourcing solutions supplier that addresses the outsourcing of employer and employee administrative demands of concerns. Its Paychex HR Solutions offering is available as an administrative services organisation ( ASO ) and as a professional employer organisation ( PEO ) . Both options offer concerns a combined bundle of services that includes paysheet. employer conformity. human resource and employee benefits disposal. hazard direction outsourcing. and on-site handiness of a professionally trained HR representative.
Paychex’s retirement services merchandise line offers options to clients. including 401 ( K ) plans. 401 ( K ) SIMPLE plans. SIMPLE IRAs. 401 ( K ) plans with safe seaport commissariats. net income sharing programs. and money purchase programs. These services provide plan execution. ongoing conformity with authorities ordinances. employee and employer coverage. participant and employer on-line entree. electronic financess transfer. and other administrative services. In add-on to the above HR services. the company operates a accredited insurance bureau. Paychex Insurance Agency that provides insurance through several bearers.
Its insurance offerings include belongings and casualty ( P & A ; C ) coverage such as workers’ compensation ; business-owner policies ; commercial car ; and wellness and benefits coverage. including wellness. alveolar consonant. vision. and life. Paychex besides offers on-line HR disposal package merchandises for employee benefits direction and disposal and clip and attending solutions. Paychex HR Online offers tools for pull offing employee benefits. forces information. and human resource conformity and coverage. The company’s other human resource services and merchandises include the outsourcing of program disposal under subdivision 125 of the Internal Revenue Code ; province unemployment insurance services ; and employee enchiridions. direction manuals. and forces and needed regulative signifiers.
Thomas Golisano founded Paychex. Inc. ( Paychex or “the company” ) as Paymaster in 1971 in Rochester. New York. the US. In 1988. the company started its personal services division. In the undermentioned twelvemonth. the company reached the 100. 000 clients grade and opened its Taxpay division. This enlargement continued into the 1990s. In 1991. Paychex formed the human resource services ( HRS ) division. with new offerings such as employee enchiridions. employee rating. employee testing tools. insurance merchandises and services. and subdivision 125 cafeteria programs. Paychex acquired two California based companies. Pay-Fone and Payday in 1995.
The company expanded its client base to 210. 000 clients and its Taxpay division reached 100. 000 clients grade. During 1995. Paychex’s HRS division introduced its 401 ( K ) Recordkeeping service. In 1996. the company acquired California-based Olsen Computer Systems and Florida-based National Business Solutions. Paychex acquired Advantage Payroll Services ( Advantage ) . a supplier of paysheet and tax-filing services. in 2002. The acquisition of Advantage provided Paychex with more than 49. 000 new clients.
Paychex acquired InterPay. a entirely owned subordinate of FleetBoston Financial ( a Boston. Massachusetts–based bank ) . in 2003. for $ 182. 3 million. In the same twelvemonth. the company was selected by the American Institute of Certified Public Accountants ( AICPA ) for its paysheet services. Subsequently. Paychex acquired Stromberg’s ( a supplier of clip and attending and work force direction solutions ) ‘Time in a Box’ merchandise line. a Windows-based clip and attending solution for little to moderate-sized endeavors ( SMEs ) .
In 2005. the company and the American Bar Association ( ABA ) . a voluntary saloon association of attorneies and jurisprudence pupils. teamed up to offer lawyers countrywide free entree to go oning legal instruction ( CLE ) through a series of unrecorded teleconferencings. In the same twelvemonth. Paychex launched Accountant Advisory Boards in three metropoliss in the US. further stressing its focal point on partnering with accounting professionals who play a critical function in act uponing the purchase determinations of little concern proprietors.
Paychex added Paychex COBRA Administration to its suite of human resource services for SMEs. in 2006. In the undermentioned twelvemonth. the company introduced Tax Credit Services. a merchandise that provided SMEs across the US with a tool to assist them place and use for wage-based revenue enhancement credits they may be eligible to have. Subsequently. Paychex acquired Hawthorne Benefit Technologies. a in private held company in San Diego. California. and BeneTrac. a supplier of on-line employee benefit disposal solutions.
In 2007. the company launched Paychex workers’ compensation payment service. which is an expanded service to include Paychex major market services ( MMS ) clients. In the same twelvemonth. Paychex and Taleo. a supplier of on-demand endowment direction solutions. formed a strategic confederation to let SMEs to vie in the recruiting and keeping of top endowment. Subsequently. Paychex and BeneTrac integrated Paychex prevue paysheet package and BeneTrac’s web-based benefits registration and disposal engineering. Later in the twelvemonth. Paychex launched the Paychex accountant cognition centre. an on-line resource centre available on the accounting portal of World Wide Web. paychex. com.