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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 2013

Base value: Demand for industry services will return, but sustained unemployment will limit growth

IBISWorld’s Payroll & Bookkeeping Services market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$39bn
Annual Growth 08-13
0.9%
Annual Growth 13-18
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Profit
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Employment
522,329
Businesses
237,171
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. Consequently, IBISWorld estimates that revenue has declined for the Payroll & Bookkeeping Services industry. However, as the economy recovers in the five years to 2018, many businesses that brought payroll and bookkeeping in-house, will begin to outsource once again and focus on core competencies. Furthermore, while an improving labor market will provide the industry with a platform for growth, given the rising number of businesses and employees, the overall trend in unemployment will temper this gain... purchase to read more

Industry Report - Industry Analysis Chapter

The Payroll and Bookkeeping Services industry relies on the decision of time-crunched managers and small operators to outsource these tasks, in order to spend time growing their businesses rather than completing administrative tasks. This trend of small businesses outsourcing noncore tasks fueled industry growth leading up to the recession. However, this growth was largely offset by revenue declines during 2009 and 2010. 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. Consequently, IBISWorld estimates that revenue has declined at an annualized rate of 0.9% to $38.7 billion in the five years to 2013... 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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