Paychex has found its business stabilized or improved in some key areas in May. The company said recently despite the deterioration after mid-March, in the second half of April it saw some positive signs.Still, it is going to be a long way back to normal, according to CFO Efrain Rivera. ”We believe recovery is going to be more gradual than at first we had assumed,” Rivera said during a recent webcast.
The payroll services company provided the analysis as part of a business update in which it addressed the impact of the COVID-19 virus. Paychex also issued a new financial forecast for the fiscal year ending May 30.
Among the signs of improvement are “Clients who had missed payrolls are resuming processing,” according to CEO Martin Mucci.
In May, the company said there was stabilization and modest improvement in employees paid and check volumes in both payroll and HR Outsourcing. Also, Paychex said it saw strong client retention. Despite sales headwinds, there was some “positive momentum, especially in SurePayroll, Virtual Sales and HR Outsourcing,” Paychex said.
