"We made good progress towards our growth goals," CEO Martin Mucci said during this week's earnings webcast. He said client satisfaction and retention remained near record highs while the payroll growth exceeded expectations. Moreover, he noted that checks per payroll have improved for 14 consecutive quarters.

Net income for the most recently ended period was $162.8 million, up from $153.1 million a year earlier. Payroll revenue rose to $395.2 million from $385.9 million while total revenue of $607.9 million compared to $578.2 million a year earlier.

Executives noted Paychex recently moved into the Brazilian market through a partnership with a company in that South American company. They also cited continued investment in SaaS and mobile products with a recent update to Paychex's smartphone app enabling users to edit and submit payroll on the go.