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Nearly 50 years ago, Paychex was launched as a provider of outsourced payroll services to small and midsize businesses in Rochester, N.Y. Since then, the company has expanded dramatically. Today, its 14,000-plus employees serve more than 8 percent of all private-sector workers in the United States. The company’s menu of services and solutions has also grown. Now clients can outsource most HR activities to Paychex, from hiring and employee on-boarding to time-keeping, retirement services, and insurance services. A robust software platform enables Paychex to make most of these offerings available via self-service online portals.

Still, payroll processing remains core to the business. And the Paychex risk management team recently uncovered a missed revenue opportunity in a crucial payroll-related process. Extreme risk aversion among operational decision-makers was eliminating a significant amount of interest income on clients’ tax payments.

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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