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Payroll & Bookkeeping Services in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Payroll & Bookkeeping Services Market Research Report | NAICS 54121b | Dec 2014

Base value: The improving labor market will boost demand for industry services

IBISWorld’s Payroll & Bookkeeping Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$61bn
Annual Growth 09-14
3.0%
Annual Growth 14-19
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Profit
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Employment
986,822
Businesses
290,344
Industry Analysis & Industry Trends

The recession caused unemployment to rise, reducing client payrolls and causing more businesses to go bankrupt. In turn, this movement reduced the pool of clients that once required payroll and bookkeeping services. However, as the economy recovers in the five years to 2019, many businesses that brought payroll and bookkeeping in house will begin to outsource once again and focus on core competencies. The improving labor market will also boost demand for industry services... purchase to read more

Industry Report - Industry Products Chapter

Payroll services

Payroll services account for the largest proportion of industry revenue, with an estimated 61.3% of industry revenue. The vast majority of these services are offered as full-service payroll services, with an estimated 56.1% of revenue, while services sold separately account for an estimated 4.1% of revenue. This segment includes collecting payroll information and processing paychecks and paying deposits, withholding amounts from employees' pay for government-mandated and other deductions as well as remitting the amounts withheld to the appropriate authorities and plan administrators. Additionally, this segment includes filling regulatory and tax reports with regard to deductions and preparing special payroll reports at client's requests... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Payroll & Bookkeeping Services Industry?

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.

Industry Products
Full-service payroll servicesPayroll services sold seperatelyBilling servicesBookkeeping and compilation servicesGeneral accounting servicesTax planning and consulting servicesTax preparation and representation servicesOther services
 
Industry Activities
Payroll servicesBilling servicesBookkeeping servicesGeneral accounting servicesTax services


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