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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 provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 - Starting a New Business Chapter

Barriers to entry are low for the Payroll and Bookkeeping Services industry. It is relatively easy for small players to enter the industry and set up operations providing payroll, bookkeeping and certain employee benefits administration services. There are few capital requirements needed to begin operations and many small firms exist that service only local markets. Regulatory requirements provide the single largest barrier to entry as firms are required to have extensive understanding of taxation and employee relation laws to operate. Furthermore, industry operators are subject to privacy, data-security and anti-money laundering laws... 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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