723531--7/20/2009--PAYCHEX_INC

related topics

{system, service, information}

{operation, international, foreign}

{cost, contract, operation}

{cost, operation, labor}

{acquisition, growth, future}

We may be adversely impacted by any failure of third-party service providers to perform their functions: We may make errors and omissions in providing services, which could result in significant penalties and liabilities for us: We may experience a loss as the result of our clients having insufficient funds to cover payments we have made on their behalf to applicable tax or regulatory agencies and employees: Our business and reputation may be affected by our ability to keep clients information confidential: We may be exposed to additional risks related to our co-employment relationship within our PEO business: We may not realize the anticipated benefits from acquisitions:

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