Payroll & Bookkeeping Services in the US - Industry Market Research Report

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.