First Trade Date for Paychex, Inc.
|Company Name||First Trade Date (yyyy-mm-dd)|
|History and Business of Company|
(this information may include date of incorporation)
Paychex, Inc. (PAYX) is a national provider of comprehensive payroll, human resource and employee benefit outsourcing solutions for small to medium sized businesses. At the end of FY 01 (May), PAYX was servicing over 375,000 clients. The company has corporate headquarters in Rochester, NY and more than 100 offices nationwide. In FY 01 the company had two reportable business segments: Payroll and Human Resource and Benefits.|
PAYX provides payroll processing service which includes the preparation of payroll checks, internal accounting records, and federal, state, and local tax returns.
Eighty three percent of the company's clients utilize its Taxpay service, which provides automatic payment of payroll taxes and filing of quarterly and annual payroll tax returns. In connection with Taxpay, the company collects payroll taxes from clients on payday, files the applicable tax returns, and pay taxes to the appropriate taxing authorities on the due date. These taxes are typically paid between one and thirty days after receipt of collections from clients, with some items extending to ninety days.
Fifty three percent of the company's Payroll clients utilize its Employee Pay Services, which provides the employer the option of paying its employees by Direct Deposit, Access Card, a check drawn on a Paychex account (Readychex (Service Mark)) or a check drawn on the Employer's account. For the first three methods, PAYX collects net payroll from the client's account one day before payroll and provides payment to the employee on payday.
PAYX also provides Human Resource and Benefits products and services either on an a-la-carte basis or bundled through the Paychex Adminstrative Services or Professional Employer Organization products.
The Paychex Administrative Services Product (PAS), which was made available nationwide in May 2000, offers businesses a bundled package that includes payroll, employer compliance, human resource and employee benefit administration, and employee risk management. This comprehensive bundle of services is designed to make it easier for small businesses to manage their payroll and benefits costs. The company also operates a Professional Employer Organization (PEO), which provides small and medium sized businesses with the same combined package of services.
INCORPORATED in Delaware in 1979, and on June 4, 1979, acquired 17 corporations engaged in providing computerized payroll accounting services. OFFICE- 911 Panorama Trail South, Rochester, NY, USA 14625-0397 (Tel.: 585-385-6666). Fax - 585-383-3428. WEBSITE- http://www.paychex.com.
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