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 SWOT Analysis Chapter
The Payroll and Bookkeeping Services industry is in the mature stage of its economic life cycle. The industry is characterized by growth in line with the overall economy, consolidation from the largest players in the industry and wholehearted market acceptance of industry products and services. Payroll and bookkeeping will continue to be demanded by firms in the United States, particularly as the number of businesses and employees increases. Businesses are also expected to continue to outsource human resource functions such as payroll to focus their attention on core operations.
Industry value added, used to measure an industry's contribution to the overall economy, is expected to rise by an average annual rate of 3.3% over the 10 years through 2019... purchase to read more