Payroll Software for Accountants Market Scope
Payroll accounting software assists corporations or organisations in generating pays tubs, calculating payroll deductions or remunerations, electronically depositing wages, and creating tax forms, to name a few. Not only can they save time, but they also minimize human error. They offer a number of advantages, including the ability to create detailed financial reports, manage employee data, and conduct safe financial transactions. The payroll system is where confidential information about the workers, such as salaries, taxes, bank accounts, and more, is stored. With fine-grained access controls, payroll software will improve the security of your payroll data. You may distinguish between the various roles that each department plays and prevent unauthorized access. Securely collaborate with employees, using the same interface but only allowing payroll employees to see what they need depending on their positions. Nowadays Software can be tailored to the specific needs and employee skills. It is used to keep track of all accounting transactions and monitor the money flowing in and out of the company, which helps to improve productivity.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Epicor Software Corporation (United States), Reckon Ltd. (Australia), Xero Ltd (New Zealand) and Zoho Corporation (India) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Payroll Software for Accountants market throughout the predicted period.
Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Epicor Software Corporation (United States), Reckon Ltd. (Australia), Xero Ltd (New Zealand) and Zoho Corporation (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Paypro workforce management (India), ADP Vista. (India) and Gusto (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Payroll Software for Accountants market by Type , by Application (Payroll Management, Expense Management, Benefits, Bonus Management, Income Tax & Deductions, Record-Keeping and Other) and Region with country level break-up.
On the basis of geography, the market of Payroll Software for Accountants has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
Intuit maker of TurboTax, QuickBooks and Mint, announced that it has completed its acquisition of Credit Karma, Inc., the consumer technology platform with more than 110 million members in the U.S., Canada and U.K. The combined company creates a new consumer finance platform that will make it simple for consumers to make better decisions with their money and take control of their financial lives.
In August 2022, Sage, a leader in accounting, finance, HR, and payroll technology for small and medium businesses, launched Sage Payroll, which combines accounting, payroll, and HR functions into a single integrated platform with Sage Accounting. Sage's new cloud-first solution uniquely positions small businesses, HR, and accounting teams to support business flow by managing payroll and employee data in one platform with employee self-service capabilities.
Influencing Trend:
Increasing Trend Of Accounting Automation and Increasing Demand for Business Accounting Mobile Applications
Market Growth Drivers:
Growing Demand For Advanced Automated Finance Processes and Saves Costs and Eliminates Human Errors
Challenges:
An increasing number of start-ups in emerging market
Restraints:
High Cost of Deployment and Concerns Security and Privacy
Opportunities:
Implementation in Various Small and Medium Enterprises and Increasing Need of Ease of System Enhancements & Updates
Key Target Audience
Software Providers, Network Providers, End-Use Industries and Others