Outsourced HR firm Paychex ( PAYX) provides small and medium-sized businesses with payroll and more specialized HR services -- working with around 550,000 clients in all. Paychex benefits from the complexity and administrative burden of payroll processing. Because of the bevy of tax and compliance issues involved in a small business paying its people, the firm is able to earn profits for its expertise. That gives PAYX a role that isn't easily replicated, but that also requires very limited capital to operate in.
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