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%.
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