Payroll & Bookkeeping Services in the US - Industry Market Research Report
Description
Payroll & Bookkeeping Services in the US - Industry Market Research Report
Payroll & Bookkeeping Services in the US
The Payroll and Bookkeeping Services industry provides payroll and bookkeeping services on an outsourced basis. The industry has experienced steady growth over the five years to 2019 as clients increasingly subcontracted back-office administrative activities to take advantage of strengthening economic conditions, enabling them to focus their efforts on core business functions. Additionally, the rising complexity of payroll and benefits payments and deductions has led businesses to increasingly outsource these functions to industry operators to ensure compliance. Favorable demand conditions have enabled industry revenue to grow steadily over the five years to 2019, buoyed by increased market penetration, a growing customer base and new technological opportunities. Over the five years to 2024, revenue for the industry is forecast to continue its upward trajectory. While growth will likely decelerate as employment stabilizes, companies in the industry are expected to attract customers with new cloud-based product and service offerings. Similarly, operators will likely increase their reliance on computer systems to improve profitability and employee efficiency. Using latest technology of cloud-based product and computers can increase their selling, general and administrative expenses, which could decrease their operating profit but attract new customers.
Operators in this industry provide outsourced payroll services for clients’ employees and basic bookkeeping services are also included. However, this industry does not include tax preparation companies or certified public accountants.
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.
Payroll & Bookkeeping Services in the US
The Payroll and Bookkeeping Services industry provides payroll and bookkeeping services on an outsourced basis. The industry has experienced steady growth over the five years to 2019 as clients increasingly subcontracted back-office administrative activities to take advantage of strengthening economic conditions, enabling them to focus their efforts on core business functions. Additionally, the rising complexity of payroll and benefits payments and deductions has led businesses to increasingly outsource these functions to industry operators to ensure compliance. Favorable demand conditions have enabled industry revenue to grow steadily over the five years to 2019, buoyed by increased market penetration, a growing customer base and new technological opportunities. Over the five years to 2024, revenue for the industry is forecast to continue its upward trajectory. While growth will likely decelerate as employment stabilizes, companies in the industry are expected to attract customers with new cloud-based product and service offerings. Similarly, operators will likely increase their reliance on computer systems to improve profitability and employee efficiency. Using latest technology of cloud-based product and computers can increase their selling, general and administrative expenses, which could decrease their operating profit but attract new customers.
Operators in this industry provide outsourced payroll services for clients’ employees and basic bookkeeping services are also included. However, this industry does not include tax preparation companies or certified public accountants.
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.
Table of Contents
57 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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