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 Analysis Chapter
The Payroll and Bookkeeping Services industry relies on the decision of time-crunched managers and small operators to outsource administrative tasks, in order to spend time growing their businesses rather than completing these tasks. This trend of small businesses outsourcing noncore tasks fueled industry growth, though, growth was derailed in 2009 and 2010 due to the recession. Higher levels of unemployment and fewer businesses reduced client payrolls and, therefore, the need for payroll and bookkeeping services.
Nonetheless, the industry has returned to growth since 2011, and an improving labor market and business environment are causing the industry to expand... purchase to read more