Net income reached $169.4 million for the most recently ended quarter, an increase of 5.8 percent from $160.1 million the prior year. Third-quarter revenue was $704.3 million, up 8.2 percent from $650.4 million in last year's corresponding period.

"Our CPA channel has continued to be strong," Mucci said. He also noted, "We picked up a lot from the bank channel from referral standpoint." Mucci also said the sales force had executed well and that team selling had been beneficial to the top line. Business was also strong in sales to franchisees whose parent companies have named Paychex as a preferred payroll provider.

Paychex' human resource business continued strong growth, reporting revenue of $269.8 million, an increase of 19 percent from $226 million a year earlier. Payroll services revenue hit $423.8 million, up 2 percent from $413.9 million