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Paychex Launches New Cloud Accounting Application

Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small and medium-sized businesses (SMBs), today introduced a new product line with the launch of Paychex Accounting Online – simple, secure cloud accounting for small businesses.

Paychex Accounting Online is a software-as-a-service (SaaS) accounting solution that is intuitive and accessible directly through the cloud. Paychex Accounting Online subscribers can access the online accounting product through all major Internet browsers or through a free companion iPad® app.

“Paychex’s entry into the cloud accounting market reflects our commitment to providing small businesses with products they need to succeed, and it complements our industry-leading payroll and HR solutions by expanding our suite of services designed specifically for new businesses and entrepreneurs,” said Martin Mucci, Paychex president and chief executive officer.

Mucci added, “Our research shows that for most new businesses, determining how to manage their finances is one of the first decisions they make – even before hiring their first employee. We also found they want simpler tools and, ultimately, integration between accounting and payroll. Paychex saw an opportunity to help these businesses through the early stages of their business lifecycle, by leveraging our strengths and delivering an easy-to-use cloud accounting solution.”

Paychex Accounting Online automates invoicing and billing, tracks expenses and income, and provides small business owners with real-time visibility of their cash flow and financial position. Specialized accounting knowledge or experience isn’t required.

The cloud accounting solution also benefits accountants and business advisors, as it allows real-time collaboration with their clients. Additionally, Paychex Accounting Online gives business owners an easy way to manage financial records, which eases accountants’ year-end burden and lets them focus on the advisory aspects of their practice.

Paychex has partnered with Kashoo, a leading cloud accounting provider, to create and deliver Paychex Accounting Online. Paychex last month announced a strategic partnership and equity investment in Kashoo.

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