Payroll & Bookkeeping Services in Canada
Business outsourcing has become increasingly common over the past decade, particularly as businesses try to become more efficient and streamlined. This ongoing trend, coupled with improving macroeconomic conditions, has resulted in the Payroll and Bookkeeping Services industry performing well over the five years to 2017. Moving forward, steadily improving corporate profit and a rising number of businesses in Canada are expected to underpin industry growth, as businesses will likely continue outsourcing payroll and other noncore functions to specialist companies. Furthermore, new technology will provide greater incentive for a variety of businesses to begin outsourcing payroll as online systems provide more convenient and potentially lower-cost services. Over the next five years, the high level of competition that characterizes the industry will likely encourage operators to lower prices to remain competitive; companies unable to effectively lower their prices may lose clients or get forced out of the industry altogether.
This industry provides outsourced payroll services for clients’ employees. Basic bookkeeping services are also covered in this report. This industry does not include tax preparation firms and certified public accountants (CPAs).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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