---
ticker: PAYX
company: Paychex Inc.
filing_type: 10-K
year_current: 2024
year_prior: 2023
risks_added: 0
risks_removed: 0
risks_modified: 1
risks_unchanged: 19
source: SEC EDGAR
url: https://riskdiff.com/payx/2024-vs-2023/
markdown_url: https://riskdiff.com/payx/2024-vs-2023/index.md
generated: 2026-05-10
---

# Paychex Inc.: 10-K Risk Factor Changes 2024 vs 2023

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-05-10  
> All data extracted directly from official filings. No hallucinated content.

> **[AI-Generated Summary]** The paragraph below was produced by a language
> model and may contain errors. All other content on this page is deterministically
> extracted from the original SEC filing.

> Paychex made minimal structural changes to its Risk Factors section between the 2023 and 2024 10-K filings, with only one risk being substantively modified. The company refined its disclosure regarding client insufficient funds, specifically addressing the financial loss risk when Paychex advances payments on behalf of clients who lack adequate account balances. The stability of the risk factor disclosures reflects consistent operational and market conditions facing the payroll services provider.

---

## Summary

| Status | Count |
|--------|-------|
| New risks added | 0 |
| Risks removed | 0 |
| Risks modified | 1 |
| Unchanged | 19 |

---

## Modified: Our clients could have insufficient funds to cover payments we made on their behalf, resulting in financial loss to us.

**Key changes:**

- Reworded sentence: "Similarly, our ability to operate our Purchased Receivable reporting unit is dependent on the ability of our clients' clients to remit their accounts receivable to us."

**Prior (2023):**

As part of our payroll processing service, we are authorized by our clients to transfer money from their accounts to fund amounts owed to their employees and various taxing authorities. It is possible that we could be held liable for such amounts in the event the client has insufficient funds to cover them. We have in the past, and may in the future, make payments on our clients' behalf for which we may not be reimbursed, resulting in loss to us. If a significant number of our clients are unable to cover payments we make on their behalf, our results of operations will be materially adversely impacted.

**Current (2024):**

As part of our payroll processing service, we are authorized by our clients to transfer money from their accounts to fund amounts owed to their employees and various taxing authorities. It is possible that we could be held liable for such amounts in the event the client has insufficient funds to cover them. We have in the past, and may in the future, make payments on our clients' behalf for which we may not be reimbursed, resulting in loss to us. Similarly, our ability to operate our Purchased Receivable reporting unit is dependent on the ability of our clients' clients to remit their accounts receivable to us. If a significant number of our clients are unable to cover payments we make on their behalf or we are not able to collect purchased receivable balances, our results of operations and financial condition could be materially adversely impacted. 13 13 13 Table of Contents Table of Contents Table of Contents

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*Data sourced from SEC EDGAR. Last updated 2026-05-10.*