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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 | Apr 2014

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

IBISWorld’s Payroll & Bookkeeping Services market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$41bn
Annual Growth 09-14
3.2%
Annual Growth 14-19
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Profit
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Employment
539,044
Businesses
242,152
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 Investment Chapter

The industry is labor intensive with a high degree of manual processes involved in most activities. In 2014, IBISWorld estimates that wages and depreciation will represent 61.5% and 1.7% of industry revenue, respectively. Therefore, for every dollar spent on labor, the industry invests $0.03 in capital. While there is some degree of client interaction, the industry has evolved to provide more services online. Many operators now give clients the ability to submit payroll forms, taxation and other returns over the internet. As a result, capital intensity has increased over the five years to 2014. Firms are investing in a greater amount of software and other computer systems to reduce labor costs and provide direct solutions to customers... 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
Bookkeeping servicesCollecting payroll information and processingEmployer contributions and regulatory reportsPreparing special payroll reports
 
Industry Activities
Payroll servicesEmployee benefits administrationBookkeeping services


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