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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 2017

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

IBISWorld’s Payroll & Bookkeeping Services market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$74bn
Annual Growth 12-17
5.4%
Annual Growth 17-22
Annual Growth
Profit
Profit
Employment
1,025,173
Businesses
295,553
Industry Threats & Opportunities
  • A growing customer base and new technological opportunities have boosted industry performance
  • With more businesses and larger workforces, the need to engage payroll operators and bookkeepers grew, increasing industry demand
  • The national unemployment rate will remain low, creating industry demand
  • ... purchase to read more

Industry Analysis & Industry Trends

The Payroll and Bookkeeping Services industry has grown over the five years to 2017 as clients increasingly subcontracted back-office administrative activities to focus efforts on core business functions to take advantage of strengthening economic conditions. As the number of businesses in the United States has grown each year over the past five years, the industry's consumer base has grown and corporate profit expansion has given more businesses the resources to afford outsourcing their payroll. Over the five years to 2022, revenue is forecast to continue to increase, though at a slower rate compared with the previous five-year period as employment stabilizes, and companies in the industry are expected to attract customers to new cloud-based products and services... ... purchase to read more

Industry Report - Industry Investment Chapter

The Payroll & Bookkeeping Services industry is labor intensive with a high degree of manual processes involved in most activities. Industry laborers often have specialized degrees or training because clients expect operators to handle their payroll and bookkeeping needs in accordance with complicated taxation and accounting legislation. Operators have been increasingly incorporating depreciable technology into their day-to-day operations, but labor spending remains the majority of industry revenue. In 2017, IBISWorld estimates that for every dollar spent on labor, the industry invests $0.02 in capital.

The level of capital intensity is calculated with reference to industry wages and depreciation, representing 58.6% and 1.3% of industry revenue, respectively. Ind.. ... purchase to read more

Additional Insights for the Payroll & Bookkeeping Services Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Payroll & Bookkeeping Services Industry are

  • Access to quality personnel management
  • Ability to quickly adopt new technology
  • Accessibility to consumers/users
  • IBISWorld analysts also discuss how external factors such as Outsourcing to the Business Services sector and National unemployment rate in the Payroll & Bookkeeping Services industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    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
    Full-service payroll servicesPayroll services sold separatelyBilling servicesBookkeeping and compilation servicesGeneral accounting servicesTax planning and consulting servicesTax preparation and representation servicesOther services
     
    Industry Activities
    Payroll servicesBilling servicesBookkeeping servicesGeneral accounting servicesTax services


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Outsourcing to the Business Services sector
  • National unemployment rate
  • Number of businesses
  • Corporate profit
  • External competition for the Payroll & Bookkeeping Services industry
  • Current Performance
  • Outsourcing growth leads to product penetration
  • New employment drives growth
  • Technological opportunities
  • Changing industry structure
  • Chart: Revenue Growth
  • Industry Outlook
  • Growing customer base
  • Large companies to increase profit
  • Rising competition
  • Table: Payroll & Bookkeeping Services Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Payroll & Bookkeeping Services Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Manufacturing
  • Retail Trade
  • Finance and Insurance
  • Professional, Scientific and Technical Services
  • Healthcare and Social Assistance
  • Arts, Entertainment and Recreation
  • Key Selling Industries
  • Commercial Leasing
  • Computer Stores
  • Office Supply Stores
  • Wired Telecommunications Carriers
  • Products & Services
  • Full-service payroll services
  • Billing services
  • General accounting services
  • Tax preparation and representation services
  • Bookkeeping and compilation services
  • Payroll services sold separately
  • Tax planning and consulting services
  • Other services
  • Chart: Payroll & Bookkeeping Services Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Other private businesses
  • Technology-producing companies
  • Healthcare providers
  • Manufacturing companies
  • Individuals
  • Government agencies and nonprofits
  • Chart: Major Market Segmentation for the Payroll & Bookkeeping Services Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Payroll & Bookkeeping Services
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Payroll & Bookkeeping Services Industry
  • Industry Globalization
    Major Companies
    ADP LLC
  • Table: ADP LLC - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Payroll & Bookkeeping Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Payroll & Bookkeeping Services Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Corporate profit (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
    Bookkeeping
  • Keeping record of a business' financial transactions.
  • In-Housing
  • When businesses bring outsourced functions in-house to save money or improve service quality.
  • Outsourcing
  • To procure goods or services under contract with an outside supplier.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Payroll & Bookkeeping Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Payroll & Bookkeeping Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Payroll & Bookkeeping Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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