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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 | Aug 2014

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

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
$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 Products Chapter

Firms in the Payroll and Bookkeeping Services industry assist business by collecting information on the hours worked and the pay rates for employees. Furthermore, these businesses use this information to generate paychecks, payroll reports and assist with tax filings. Typically, firms bundle services and offer full payroll services. Full-service payroll services are estimated to account for 84.9% of payroll services, while separately sold services account for 15.1%.

Payroll services

The collection of payroll information and processing of information is estimated to account for 51.6% of industry revenue in 2014. Firms in the industry collect payroll information, process checks, pay deposits and create statements for businesses and employees... 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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