Payroll & Bookkeeping Services in the US

In recent years, the Payroll and Bookkeeping Services industry has experienced a growing demand for its services, particularly among small businesses and self-employed individuals. This has led to a shortage of qualified professionals, driving up wages and increasing competition in the market. In th...

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Bibliographic Details
Format:	Market Research
Language:	eng
Subjects:	Billing services Bookkeeping and compilation services Bookkeeping services Full-service payroll services General accounting services Payroll services Payroll services sold separately Tax planning and consulting services Tax preparation and representation services Tax services
Online Access:	Request full text
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Summary:	In recent years, the Payroll and Bookkeeping Services industry has experienced a growing demand for its services, particularly among small businesses and self-employed individuals. This has led to a shortage of qualified professionals, driving up wages and increasing competition in the market. In the last five years, the industry has seen a shift toward automation and efficiency in payroll processes. Cloud-based solutions have become increasingly popular, making payroll services more accessible and flexible. At the same time, the rise of smaller, tech-savvy players has increased competition and reduced the market share concentration of established providers. Payroll and bookkeeping services revenue has been growing at a CAGR of 3.8% over the past five years, including an estimated 3.0% boost in 2023, and is expected to total $70.0 billion in 2023. In the same year, profit is expected to inch upward to 14.2% Looking ahead, operators are poised for further technological disruption in the next five years. Advances in artificial intelligence and machine learning are likely to further streamline payroll processes and reduce the need for manual intervention. Companies in the industry will need to invest in these new technologies to remain competitive. With the growing trend towards self-employment and remote work, companies will need to offer more flexible and mobile-friendly solutions to meet the changing needs of their clients. Payroll and bookkeeping services revenue is expected to grow at a CAGR of 3.6% over the next five years, reaching $83.6 billion in 2028, when profit is estimated to climb to 14.6%.