What is Payroll and Bookkeeping Services?
Payroll services include the action of calculating and distributing paychecks to employees on payday, the financial records of employees such as salaries, wages, Bonuses, withheld taxes, deductions etc., and the amount of money a company pays its employees. Moreover, bookkeeping is the recording, storing, and retrieving of financial transactions for an individual, company, or nonprofit organization.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Intuit, Inc. (United States), Paychex (United States), KPMG International (Netherlands), ADP, LLC (United States), SurePayroll (United States), Paycor (United States), Hogan – Hansen (United States), SLC Bookkeeping Services (United States), Volpe (United States) and Kmetz Financial Group (United States) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Payroll Services and Bookkeeping Services) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Payroll and Bookkeeping Services market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Payroll and Bookkeeping Services market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Intuit, Inc. (United States), Paychex (United States), KPMG International (Netherlands), ADP, LLC (United States), SurePayroll (United States), Paycor (United States), Hogan – Hansen (United States), SLC Bookkeeping Services (United States), Volpe (United States) and Kmetz Financial Group (United States).
Market Overview:
In December 2020, Intuit acquired Credit Karma, a personal finance company that offers free credit scores and credit monitoring. This acquisition aimed to expand its consumer finance offerings and create a one-stop shop for consumers to manage their finances.
The payroll and bookkeeping services market is characterized by intense competition, due to presence of large, well-established companies and smaller, specialized providers. These players offer wide range of solutions, from basic payroll processing to advanced human resources management and accounting services. To remain competitive in the market, the companies are focused on the development of their technological capabilities, enhancing the user experience, and extending their product portfolios through strategic partnerships, collaborations and acquisitions.
Influencing Trend:
Automation in Payroll Services
Market Growth Drivers:
The Rising demand for Outsourcing Services Owing to the Owners Core Focus on the Businesses and The Growing Demand for Payroll & Bookkeeping Services from Various Industries
Challenges:
Rising security issues such as data breaches and cyber-attacks
Restraints:
Payroll Fraud & Other Issues
Opportunities:
The Exponential Growth among the Developing Nations
Key highlights of the Global Payroll and Bookkeeping Services market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Payroll and Bookkeeping Services market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Payroll and Bookkeeping Services market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Payroll and Bookkeeping Services Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Payroll and Bookkeeping Services market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Payroll and Bookkeeping Services market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Payroll & Bookkeeping Service Providers, Regulatory & Government Bodies, End Users, Research & Consulting Firms and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.