0
Upcoming Allied Market Research
2023
Payroll And Bookkeeping Services Market

Payroll and Bookkeeping Services Market

by Type (Taxes on Business, Accounting Statements), by Application (Enterprise, Financial Institutions, Nonprofit Organization, Government Agencies) by Marketing Channel (Traditional Marketing Channel (Offline), Online Channel) : Global Opportunity Analysis and Industry Forecast, 2022-2032

Report Code: A47467
Pages: NA
Apr 2023 | 165 Views
Author(s) : Vineet K
Tables: NA
Charts: NA
  • Formats*:

  • pdf

    Single User License, Five User
    License & Enterprise User License

  • xls

    Data Pack Excel License

  • ppt

    It comes with the additional cost
    of $2500.00 contact sales.

 
Payroll and bookkeeping services is essential for any business, regardless of its size or industry. Payroll refers to the process of paying employees for their work, including calculating and distributing their salaries and wages. Payroll services typically include calculating and distributing employee salaries and wages and withholding and remitting taxes and other deductions. This includes calculating and withholding income taxes, social security and medicare taxes, and other deductions such as health insurance premiums. On the other hand, bookkeeping is the process of recording, classifying, and summarizing financial transactions to provide accurate financial information about a business. Bookkeeping services involve recording and classifying financial transactions, such as sales, purchases, and payments. This includes maintaining accurate records of all financial transactions related to sales, purchases, and payments. Together, payroll and bookkeeping services ensure that a business runs smoothly and that all financial obligations are met.
Employee salaries and wages is one of the primary drivers of the payroll and bookkeeping services market. This includes all compensation paid to employees, including salaries, bonuses, and benefits. Businesses need to ensure that they are paying their employees accurately and on time, and that all necessary deductions, such as taxes and insurance, are being made. Payroll and bookkeeping services providers can assist with this process, ensuring that all employee compensation is tracked and recorded accurately. Furthermore, recording and classifying financial transactions is another key driver of the payroll and bookkeeping services market. This includes sales, purchases, and payments made by the business. These transactions need to be tracked and recorded in a timely and accurate manner, and businesses must ensure that they comply with all financial regulations. Payroll and bookkeeping services providers can assist with this process, ensuring that all financial transactions are recorded and classified correctly. In addition, preparing financial statements is a key driver of this market. Financial statements, such as income statements and balance sheet give businesses with a snapshot of their financial health. These statements need to be prepared accurately and timely, and businesses must ensure that they comply with all financial regulations. 
However, competition is a significant restraint in this market. With many providers vying for business, it can be challenging for individual providers to stand out and attract new clients. This can limit their growth and profitability, making it difficult for them to compete with larger and more established providers. One of the main issues with competition in this market is that it can drive down prices, making it difficult for providers to maintain profitability. This can lead to a race to the bottom, where providers are forced to lower their prices to compete with other providers. This can make it difficult for providers to maintain a sustainable business model, especially for specialized or high-end services.
Moreover, data analysis and business intelligence tools are becoming increasingly important in the payroll and bookkeeping services market. They present an opportunity for providers to offer data-driven solutions, helping businesses to make better decisions and improve their operations. These solutions can include identifying trends and patterns in financial data, identifying noncompliant areas, and identifying areas where businesses can improve their employees' engagement and satisfaction.
 
New Mergers and Acquisitions
In Dec 202, Buyers Edge Platform announced the acquisition of Restaurant Accounting Services Inc. (RASI). RASI is a leading accounting, payroll and finance software for the foodservice industry, processing $2.9 billion in annual accounts payable across more than 2,000 clients in the U.S. and processing 20,000 payroll checks per week for restaurant employees. Buyers Edge Platform is a leading digital procurement platform with over $50 billion in total food service spending flowing through its platform. The acquisition is aimed at helping restaurants lower food costs and improve operational efficiency and margins. RASI's powerful software offerings will be packaged alongside existing Buyers Edge Platform service offerings, furthering Buyers Edge Platform's reach in reducing costs and digitizing formerly manual restaurant operations processes. In September 2022, MYOB acquired the workplace financial services platform flare to level the playing field for small and medium businesses (SMEs). The acquisition marks another step in MYOB’s business management platform evolution, which involves adding value for its 1.3 million small business customers and taking the company far beyond accounting to solve new problems for SMEs and their employees. The acquisition will provide more businesses access to comprehensive employee benefits offerings and digitised onboarding experiences.
Segmental Overview
By type: The payroll and bookkeeping services market is divided into taxes on business, and accounting statements. Taxes on business includes services related to the calculation, filing, and payment of taxes for businesses. This can include services such as preparing and filing income tax returns, calculating and paying sales tax, and complying with other tax regulations. Accounting statements include services related to preparing and filing financial statements for businesses. This can include services such as preparing income statements, balance sheets, and cash flow statements. 
By application: The payroll and bookkeeping services market is divided into enterprise, financial institutions, nonprofit organizations, and government agencies. Enterprise includes services for small and large businesses across various industries. Financial institutions include services for banks, credit unions, and other financial institutions. Nonprofit organizations include services for nonprofit organizations such as charities, foundations, and other organizations that operate on a nonprofit basis. Government agencies include services for government agencies such as municipalities, state, and federal agencies. These services can include compliance with financial regulations, accounting and bookkeeping services, and preparing financial statements.
By marketing channel: : The payroll and bookkeeping services market is divided into traditional marketing channel (offline) and online channel. Traditional marketing channel (offline) includes services that are marketed and sold through traditional offline methods such as print advertisements, billboards, and direct mail. Online channel includes services marketed and sold through online methods such as websites, social media, and online marketplaces.
By region: The payroll and bookkeeping services market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America is expected to dominate the payroll and bookkeeping services market due to the presence of a large number of market players.
Competitive Analysis
Competitive analysis and profiles of the major players in the payroll and bookkeeping services BDO International, Cundiff and Associates, Deloitte, Ernst and Young, Grant Thornton, Kline and Company, KPMG, Mayor CPA Group, Paychex, Paycor, PwC, SurePayroll, WandD, and Werdann DeVito LLC HBP are covered in the study. . Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the payroll and bookkeeping services market.

Payroll and Bookkeeping Services Market Report Highlights

Aspects Details
By Type
  • Taxes on Business
  • Accounting Statements
By Application
  • Enterprise
  • Financial Institutions
  • Nonprofit Organization
  • Government Agencies
By Marketing Channel
  • Traditional Marketing Channel (Offline)
  • Online Channel
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players KPMG, Kline and Company, Grant Thornton, Cundiff and Associates, SurePayroll, PwC, Deloitte, Mayor CPA Group, Ernst and Young, Werdann DeVito LLC
HBP, WandD, Paycor, Paychex, BDO International
 

Loading Table Of Content...


 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : +44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Enquiry Now

Purchase Full Report of
Payroll And Bookkeeping Services Market

Start reading.
This Report and over 19,981+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,570
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Single User
  • $5,730
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Enterprise
    License/PDF

  • $9,600
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Library
    Membership

  • $999 $ 1,175
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers