Market Summary
USD116.51+3.79
Market Closed3.36%
PAYX Stock Price
PAYX RSI Chart
PAYX Valuation
PAYX Price/Sales (Trailing)
PAYX Profitability
PAYX Fundamentals
PAYX Revenue
PAYX Earnings
Price Action
52 Week Range
104.09129.70
(Low)(High)
Last 7 days
-2.9%
Last 30 days
-7.5%
Last 90 days
1.8%
Trailing 12 Months
-0.5%
PAYX Financial Health
PAYX Investor Care
Historical Charts for Stock Metrics
Get all data in R, Python etc through our Historical Stock Data APIs
Net sales
Get all data in R, Python etc through our Historical Stock Data APIs
Latest Insider Trading transactions for PAYX
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-08-28 | GOLISANO B THOMAS | gifted | -86,578 | 120 | -716 | - |
2023-08-07 | DOODY JOSEPH | acquired | - | - | 739 | - |
2023-08-01 | Gioja Michael E | sold | -5,724,630 | 124 | -45,810 | sr. vice president |
2023-08-01 | Gioja Michael E | acquired | 2,538,410 | 113 | 22,401 | sr. vice president |
2023-08-01 | Schrader Robert L. | sold (taxes) | -26,923 | 125 | -214 | vp/controller |
2023-07-28 | MUCCI MARTIN | gifted | -7,913,450 | 126 | -62,547 | - |
2023-07-17 | RIVERA EFRAIN | sold | -2,433,730 | 120 | -20,249 | sr. vice president, cfo |
2023-07-17 | RIVERA EFRAIN | acquired | 1,192,950 | 73.53 | 16,224 | sr. vice president, cfo |
2023-07-15 | Gioja Michael E | acquired | - | - | 12,615 | sr. vice president |
2023-07-15 | VELLI JOSEPH M | acquired | - | - | 765 | - |
Which funds bought or sold PAYX recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-26 | M Holdings Securities, Inc. | sold off | -100 | -297,000 | - | -% |
2023-09-26 | DecisionPoint Financial, LLC | unchanged | - | -1,154 | 47,433 | 0.03% |
2023-09-21 | Baystate Wealth Management LLC | added | 2.24 | -367 | 158,658 | 0.01% |
2023-09-20 | BARCLAYS PLC | added | 80.53 | 52,678,000 | 121,769,000 | 0.08% |
2023-09-14 | IMS Capital Management | added | 0.31 | -37,875 | 1,793,390 | 1.00% |
2023-09-13 | CGC Financial Services, LLC | new | - | 7,831 | 7,831 | -% |
2023-09-12 | Farther Finance Advisors, LLC | reduced | -26.21 | -39,608 | 102,025 | 0.02% |
2023-09-07 | ST GERMAIN D J CO INC | new | - | 26,066 | 26,066 | -% |
2023-09-05 | Delos Wealth Advisors, LLC | unchanged | - | -85.00 | 3,468 | -% |
2023-09-05 | Covenant Partners, LLC | unchanged | - | -32,485 | 1,336,060 | 0.48% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
Schedule 13G FIlings of Paychex
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 09, 2023 | vanguard group inc | 8.54% | 30,787,344 | SC 13G/A | |
| Feb 03, 2023 | blackrock inc. | 8.6% | 30,829,500 | SC 13G | |
| Feb 02, 2023 | golisano b thomas | 10.5% | 37,835,955 | SC 13G | |
| Feb 10, 2022 | vanguard group inc | 8.07% | 29,121,393 | SC 13G/A | |
| Feb 03, 2022 | golisano b thomas | 10.% | 3 | SC 13G | |
| Feb 01, 2022 | blackrock inc. | 8.4% | 30,380,253 | SC 13G/A | |
| Feb 10, 2021 | vanguard group inc | 7.41% | 26,739,244 | SC 13G/A | |
| Jan 29, 2021 | blackrock inc. | 8.8% | 31,661,171 | SC 13G/A | |
| Jan 25, 2021 | golisano b thomas | 10.% | 37 | SC 13G/A | |
| Feb 12, 2020 | vanguard group inc | 7.54% | 27,049,108 | SC 13G/A |
Recent SEC filings of Paychex
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Sep 08, 2023 | 8-K | Current Report | |
| Sep 05, 2023 | 8-K | Current Report | |
| Sep 01, 2023 | ARS | ARS | |
| Sep 01, 2023 | DEF 14A | DEF 14A | |
| Sep 01, 2023 | DEFA14A | DEFA14A | |
| Aug 28, 2023 | 4 | Insider Trading | |
| Aug 09, 2023 | 4 | Insider Trading | |
| Aug 02, 2023 | 4 | Insider Trading | |
| Aug 02, 2023 | 4 | Insider Trading | |
| Aug 01, 2023 | 144 | Notice of Insider Sale Intent |
PAYX Fair Value
Loading...
Peers (Alternatives to Paychex)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
MA | 374.0B | 23.6B | -1.86% | 36.29% | 36.56 | 15.86 | 13.06% | 5.47% |
PAYX | 40.6B | 5.0B | -7.51% | -0.48% | 26.09 | 8.12 | 8.57% | 11.81% |
IT | 27.7B | 5.7B | 2.19% | 27.38% | 30.03 | 4.83 | 12.68% | 25.63% |
SQ | 27.2B | 19.7B | -19.78% | -17.23% | -100.55 | 1.38 | 20.89% | 45.06% |
BAH | 14.2B | 9.7B | -5.42% | 17.36% | 48.17 | 1.47 | 12.05% | -42.51% |
| MID-CAP | ||||||||
G | 6.6B | 4.4B | -0.71% | -16.39% | 16.17 | 1.5 | - | - |
DXC | 5.5B | 14.2B | -1.02% | -13.92% | 7.64 | 0.37 | -10.50% | -216.97% |
WU | 4.9B | 4.4B | 8.72% | -3.78% | 6.47 | 1.11 | -9.80% | -15.47% |
VRRM | 2.8B | 780.1M | -3.08% | 20.74% | 36.7 | 3.6 | 13.07% | -11.13% |
| SMALL-CAP | ||||||||
RPAY | 661.6B | 290.5M | -19.17% | 3.63% | -20.8K | 2.3K | 12.47% | -281.17% |
CNDT | 733.3M | 3.8B | 6.33% | -1.18% | -2.22 | 0.19 | -4.55% | -409.35% |
HCKT | 635.2M | 290.5M | 2.86% | 31.90% | 17.18 | 2.19 | -1.10% | -18.53% |
UIS | 265.7M | 2.0B | -15.03% | -57.12% | -2.51 | 0.13 | 1.13% | -9.87% |
III | 215.8M | 296.1M | -10.28% | -6.71% | 13.78 | 0.73 | 4.29% | -12.43% |
Paychex News
Returns for PAYX
Cumulative Returns on PAYX
14.0%
10-Year Cumulative Returns
12.3%
7-Year Cumulative Returns
11.6%
5-Year Cumulative Returns
15.4%
3-Year Cumulative Returns
Risks for PAYX
What is the probability of a big loss on PAYX?
36.9%
Probability that Paychex stock will be more than 20% underwater in next one year
19.2%
Probability that Paychex stock will be more than 30% underwater in next one year.
18.5%
Probability that Paychex stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does PAYX drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Paychex was unfortunately bought at previous high price.
Drawdowns
Financials for Paychex
Income Statement (Last 12 Months)(In Millions)
| Income Statement (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | 1.7% | 5,007 | 4,922 | 4,817 | 4,735 | 4,612 | 4,497 | 4,332 | 4,208 | 4,057 | 3,943 | 3,974 | 3,981 | 4,041 | 4,106 | 4,034 | 3,902 | 3,773 | 3,638 | 3,504 | 3,448 | 3,378 |
| Costs and Expenses | 0.9% | 2,974 | 2,948 | 2,892 | 2,842 | 2,772 | 2,697 | 2,627 | 2,588 | 2,596 | 2,536 | 2,566 | 2,585 | 2,580 | 2,619 | 2,584 | 2,572 | 2,401 | - | - | - | 2,086 |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,630 | 2,599 | 2,502 | 2,401 | 2,279 | 2,205 | 2,153 | 2,086 |
| S&GA Expenses | 1.1% | 1,521 | 1,505 | 1,470 | 1,448 | 1,415 | 1,385 | 1,338 | 1,311 | 1,325 | 1,289 | 1,307 | 1,323 | 1,299 | 1,319 | 1,303 | 1,264 | 1,223 | 1,158 | 1,137 | 1,101 | 1,068 |
| EBITDA | -100.0% | - | 2,155 | 2,096 | 2,063 | 2,016 | 1,972 | 1,878 | 1,790 | 1,662 | 1,612 | 1,618 | 1,613 | 1,686 | 1,709 | 1,675 | 1,606 | 1,567 | - | - | - | - |
| EBITDA Margin | -100.0% | - | 0.44* | 0.44* | 0.44* | 0.44* | 0.44* | 0.43* | 0.43* | 0.41* | 0.41* | 0.41* | 0.41* | 0.42* | 0.42* | 0.42* | 0.41* | 0.42* | - | - | - | - |
| Earnings Before Taxes | 3.8% | 2,048 | 1,973 | 1,910 | 1,873 | 1,825 | 1,782 | 1,690 | 1,602 | 1,434 | 1,380 | 1,382 | 1,369 | 1,437 | 1,456 | 1,417 | 1,390 | 1,368 | 1,362 | 1,308 | 1,303 | 1,300 |
| EBT Margin | -100.0% | - | 0.40* | 0.40* | 0.40* | 0.40* | 0.40* | 0.39* | 0.38* | 0.35* | 0.35* | 0.35* | 0.34* | 0.36* | 0.35* | 0.35* | 0.36* | 0.36* | 0.37* | 0.38* | - | - |
| Net Income | 3.6% | 1,557 | 1,503 | 1,467 | 1,438 | 1,393 | 1,860 | 1,780 | 1,720 | 1,098 | 1,055 | 1,059 | 1,046 | 1,098 | 1,108 | 1,078 | 1,055 | 1,034 | 1,022 | 1,064 | 1,027 | 994 |
| Net Income Margin | -100.0% | - | 0.31* | 0.30* | 0.30* | 0.30* | 0.30* | 0.30* | 0.29* | 0.27* | 0.27* | 0.27* | 0.26* | 0.27* | 0.27* | 0.27* | 0.27* | 0.27* | 0.28* | 0.28* | - | - |
| Free Cashflow | -100.0% | - | 1,497 | 1,502 | 1,351 | 1,373 | 1,431 | 1,260 | 1,307 | 1,146 | 1,137 | 1,185 | 1,240 | 1,314 | 1,174 | 1,216 | 1,167 | 1,148 | 1,190 | 1,135 | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | -0.5% | 10,546 | 10,604 | 9,214 | 9,126 | 9,635 | 10,284 | 9,688 | 9,367 | 9,227 | 9,666 | 8,615 | 8,377 | 8,551 | 9,467 | 8,702 | 8,638 | 8,676 | 10,363 | 7,002 | 7,050 | 7,915 |
| Current Assets | -0.9% | 7,528 | 7,595 | 6,198 | 6,085 | 6,582 | 7,237 | 6,632 | 6,317 | 6,170 | 6,622 | 5,592 | 5,340 | 5,465 | 6,389 | 5,628 | 5,556 | 5,678 | 7,292 | 5,290 | 5,076 | 5,894 |
| Cash Equivalents | -7.2% | 1,222 | 1,317 | 1,097 | 1,184 | 370 | 268 | 636 | 1,102 | 995 | 787 | 694 | 836 | 1,660 | 780 | 601 | 586 | 935 | 696 | 511 | 440 | 2,301 |
| Net PPE | 2.9% | 396 | 385 | 393 | 398 | 401 | 400 | 399 | 395 | 396 | 393 | 392 | 396 | 407 | 404 | 402 | 403 | 409 | 405 | 394 | 389 | 394 |
| Goodwill | 0.0% | 1,834 | 1,834 | 1,830 | 1,825 | 1,832 | 1,832 | 1,832 | 1,817 | 1,821 | 1,820 | 1,799 | 1,797 | 1,791 | 1,790 | 1,786 | 1,783 | 1,783 | 1,782 | 811 | 813 | 814 |
| Liabilities | -2.1% | 7,053 | 7,203 | 6,009 | 5,989 | 6,550 | 6,998 | 6,568 | 6,324 | 6,279 | 6,690 | 5,726 | 5,598 | 5,769 | 6,707 | 6,132 | 6,119 | 6,057 | 7,765 | 4,578 | 4,663 | 5,559 |
| Current Liabilities | -2.6% | 5,805 | 5,958 | 4,754 | 4,702 | 5,269 | 5,688 | 5,222 | 4,958 | 4,938 | 5,356 | 4,380 | 4,263 | 4,427 | 5,390 | 4,824 | 4,824 | 4,845 | 6,550 | 4,307 | 4,397 | 5,297 |
| Short Term Borrowings | 0% | 10.00 | 10.00 | 10.00 | 10.00 | 9.00 | 9.00 | 9.00 | 7.00 | 7.00 | 7.00 | 7.00 | 6.00 | 5.00 | 51.00 | 51.00 | 57.00 | - | 54.00 | 57.00 | 57.00 | - |
| LT Debt, Non Current | 0.0% | 798 | 798 | 798 | 798 | 798 | 798 | 798 | 797 | 797 | 797 | 797 | 797 | 797 | 797 | 797 | 797 | 796 | 800 | - | - | - |
| Shareholder's Equity | 2.7% | 3,493 | 3,401 | 3,205 | 3,137 | 3,085 | 3,286 | 3,120 | 3,044 | 2,948 | 2,976 | 2,890 | 2,779 | 2,781 | 2,760 | 2,569 | 2,519 | 2,620 | 2,598 | 2,425 | 2,387 | 2,357 |
| Retained Earnings | 1.5% | 2,023 | 1,994 | 1,811 | 1,736 | 1,670 | 1,799 | 1,607 | 1,513 | 1,446 | 1,499 | 1,419 | 1,370 | 1,431 | 1,433 | 1,301 | 1,265 | 1,410 | 1,426 | 1,303 | 1,268 | 1,263 |
| Additional Paid-In Capital | 1.1% | 1,626 | 1,608 | 1,589 | 1,569 | 1,546 | 1,531 | 1,506 | 1,482 | 1,447 | 1,416 | 1,394 | 1,325 | 1,290 | 1,278 | 1,253 | 1,224 | 1,206 | 1,188 | 1,166 | 1,151 | 1,127 |
| Shares Outstanding | 0% | 361 | 361 | 361 | 360 | 360 | 361 | 361 | 360 | 360 | 361 | 360 | 359 | 359 | 359 | 358 | 359 | 359 | 359 | 359 | 359 | 359 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | 4.4% | 1,699 | 1,627 | 1,636 | 1,484 | 1,506 | 1,558 | 1,385 | 1,431 | 1,260 | 1,259 | 1,307 | 1,361 | 1,441 | 1,301 | 1,339 | 1,293 | 1,272 | 1,310 | 1,254 | 1,207 | 1,276 |
| Share Based Compensation | 5.0% | 63.00 | 60.00 | 56.00 | 55.00 | 53.00 | 54.00 | 53.00 | 52.00 | 53.00 | 49.00 | 49.00 | 50.00 | 47.00 | 49.00 | 47.00 | 46.00 | 46.00 | 49.00 | 48.00 | 47.00 | 45.00 |
| Cashflow From Investing | 99.4% | 219 | 110 | 92.00 | -175 | -1,420 | -1,028 | -421 | -246 | -460 | -192 | -283 | -9.10 | 772 | -725 | -1,116 | -1,239 | -1,628 | 26.00 | 1,803 | 1,866 | 999 |
| Cashflow From Financing | 38.9% | -711 | -1,164 | -1,727 | -1,577 | -979 | -791 | -476 | -465 | -636 | -1,086 | -1,305 | -1,457 | -1,488 | -2,209 | -269 | -311 | -1,008 | 1,371 | -2,111 | -1,951 | -423 |
| Dividend Payments | 3.2% | 1,175 | 1,139 | 1,093 | 1,046 | 1,000 | 953 | 938 | 924 | 909 | 893 | 892 | 891 | 889 | 890 | 868 | 847 | 827 | 805 | 784 | 762 | 740 |
| Buy Backs | - | - | - | - | - | 145 | - | - | - | 156 | 76.00 | 29.00 | 29.00 | 172 | 196 | 196 | 196 | 57.00 | 82.00 | 82.00 | 82.00 | 143 |
PAYX Income Statement
2023-05-31Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
|---|---|---|---|
May 31, 2023 | May 31, 2022 | May 31, 2021 | |
| Revenue: | |||
| Total service revenue | $ 4,907.3 | $ 4,554.0 | $ 3,997.5 |
| Interest on funds held for clients | 99.8 | 57.7 | 59.3 |
| Total revenue | 5,007.1 | 4,611.7 | 4,056.8 |
| Expenses: | |||
| Cost of service revenue | 1,453.0 | 1,356.3 | 1,271.2 |
| Selling, general and administrative expenses | 1,521.0 | 1,415.4 | 1,324.9 |
| Total expenses | 2,974.0 | 2,771.7 | 2,596.1 |
| Operating income | 2,033.1 | 1,840.0 | 1,460.7 |
| Other income/(expense), net | 15.1 | (15.4) | (26.5) |
| Income before income taxes | 2,048.2 | 1,824.6 | 1,434.2 |
| Income taxes | 490.9 | 431.8 | 336.7 |
| Net income | 1,557.3 | 1,392.8 | 1,097.5 |
| Other comprehensive loss, net of tax | (26.0) | (185.7) | (4.7) |
| Comprehensive income | $ 1,531.3 | $ 1,207.1 | $ 1,092.8 |
| Basic earnings per share | $ 4.32 | $ 3.86 | $ 3.05 |
| Diluted earnings per share | $ 4.30 | $ 3.84 | $ 3.03 |
| Weighted-average common shares outstanding | 360.4 | 360.6 | 359.9 |
| Weighted-average common shares outstanding, assuming dilution | 362.3 | 363.1 | 362.1 |
| Management Solutions [Member] | |||
| Revenue: | |||
| Total service revenue | $ 3,730.5 | $ 3,442.7 | $ 3,023.4 |
| PEO And Insurance Solutions [Member] | |||
| Revenue: | |||
| Total service revenue | $ 1,176.8 | $ 1,111.3 | $ 974.1 |
PAYX Balance Sheet
2023-05-31Consolidated Balance Sheets - USD ($) $ in Millions | May 31, 2023 | May 31, 2022 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 1,222.0 | $ 370.0 |
| Restricted cash | 49.8 | 50.3 |
| Corporate investments | 373.4 | 853.9 |
| Interest receivable | 24.4 | 22.3 |
| Accounts receivable, net of allowance for credit losses | 873.3 | 723.8 |
| PEO unbilled receivables, net of advance collections | 528.5 | 572.1 |
| Prepaid income taxes | 48.1 | 34.0 |
| Prepaid expenses and other current assets | 289.8 | 272.3 |
| Current assets before funds held for clients | 3,409.3 | 2,898.7 |
| Funds held for clients | 4,118.8 | 3,682.9 |
| Total current assets | 7,528.1 | 6,581.6 |
| Long-term restricted cash | 25.5 | |
| Long-term corporate investments | 3.8 | 5.0 |
| Property and equipment, net of accumulated depreciation | 396.3 | 401.3 |
| Operating lease right-of-use assets, net of accumulated amortization | 61.5 | 78.7 |
| Intangible assets, net of accumulated amortization | 187.4 | 224.6 |
| Goodwill | 1,834.0 | 1,831.5 |
| Long-term deferred costs | 470.1 | 433.3 |
| Other long-term assets | 65.2 | 53.7 |
| Total assets | 10,546.4 | 9,635.2 |
| Liabilities | ||
| Accounts payable | 84.7 | 105.7 |
| Accrued corporate compensation and related items | 209.9 | 225.4 |
| Accrued worksite employee compensation and related items | 763.9 | 683.4 |
| Short-term borrowings | 10.2 | 8.7 |
| Deferred revenue | 47.3 | 38.4 |
| Other current liabilities | 395.4 | 388.4 |
| Current liabilities before client fund obligations | 1,511.4 | 1,450.0 |
| Client fund obligations | 4,294.0 | 3,819.2 |
| Total current liabilities | 5,805.4 | 5,269.2 |
| Accrued income taxes | 83.0 | 58.1 |
| Deferred income taxes | 112.1 | 165.5 |
| Long-term borrowings, net of debt issuance costs | 798.2 | 797.7 |
| Operating lease liabilities | 57.3 | 74.8 |
| Other long-term liabilities | 197.2 | 184.7 |
| Total liabilities | 7,053.2 | 6,550.0 |
| Commitments and contingencies - Note P | ||
| Stockholders' equity | ||
| Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.5 shares as of May 31, 2023 and 359.9 shares as of May 31, 2022 | 3.6 | 3.6 |
| Additional paid-in capital | 1,626.4 | 1,545.9 |
| Retained earnings | 2,023.1 | 1,669.6 |
| Accumulated other comprehensive loss | (159.9) | (133.9) |
| Total stockholders' equity | 3,493.2 | 3,085.2 |
| Total liabilities and stockholders' equity | $ 10,546.4 | $ 9,635.2 |
Paychex, Inc. provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing. It also provides HR solutions, including payroll, employer compliance, HR and employee benefits administration, risk management outsourcing, and the on-site availability of a professionally trained HR representative; and retirement services administration, including plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services. In addition, the company offers cloud-based HR administration software products for employee benefits management and administration, time and attendance, digital communication solutions, recruiting, and onboarding solutions; plan administration outsourcing and state unemployment insurance services; various business services to small to medium-sized businesses comprising payroll funding and outsourcing services, which include payroll processing, invoicing, and tax preparation; and payment processing services, financial fitness programs, and a small-business loan resource center. Further, it provides insurance services for property and casualty coverage, such as workers' compensation, business-owner policies, cyber security protection, and commercial auto, as well as health and benefits coverage, including health, dental, vision, and life. The company markets and sells its services primarily through its direct sales force. Paychex, Inc. was founded in 1971 and is headquartered in Rochester, New York.