Citing solid growth in its proprietary payroll, benefits and human resources product lines, Paychex Inc. posted a 15 percent rise in third quarter earnings, to $92.8 million, versus the third quarter of last year. Company-wide revenue for the third quarter rose just over 9 percent, to about $380 million, versus the year-ago quarter. Paychex said that payroll, the company's largest unit, was boosted by organic client growth, higher use of ancillary services and an increase in prices. For the nine-month period, earnings rose 11 percent, to $267.4 million, while system revenues hit roughly $1.1 billion, an 11 percent jump. Payroll service revenue increased 8 percent for the third quarter and 9 percent for the previous nine months, to $292 million and $851 million, respectively. Human resource and benefits service revenues increased 13 percent for the third quarter and 24 percent for the previous nine months, to $65.1 million and $175.2 million, respectively.
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Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
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The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
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Experts share what young accountants should look for in a firm and how to approach their careers.
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The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
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The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
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The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
March 28