Payroll and Accounting Services Market 2021-2030 Observational Studies


New study reportsPayroll and Accounting Services Market 2021, worldwide Key players analysis, sharing, trends, business updates, future opportunities Forecast at 2030″ has been added. The global payroll and accounting services market was valued at US $ 541.60 million in 2020 and is expected to reach US $ 1,498.12 million by 2030, with growth estimated at a CAGR of 11.6% as of 2020. during the forecast period. At present, the market is strengthening its presence and some of the key players in the study are Accounts & Legal Consultants Ltd, Altman, Rogers & Co., BDO Global (online), Cogneesol, Cronin & Co., CSI ACCOUNTING & PAYROLL, Deloitte ToucheTohmatsu Limited, Econia Ltd, Ernst & Young Global Limited, First Class Accounts, Grant Thornton International Ltd, Ignite Spot, KPMG, International Cooperative, NumberKeepers LLC, Paysquare Consultancy Ltd, PwC, Raymond J. Busch LTD, RayvatAccounting, SLC Bookkeeping Services, The Sovereign Group, TMF Group, Marcum LLP among others. The study is a perfect blend of qualitative and quantitative market data collected and validated primarily through primary data and secondary sources.

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The primary objective of the Payroll and Accounting Services market report is to provide information on the post-COVID-19 impact that will help market players in this area to evaluate their business approaches. Further, this report covers market segmentation by major countries, types, applications / end users, and geography (Southeast Asia, Middle East, Africa, Oceania, North America, East Asia, Europe, Asia South, South America). The payroll and accounting services market is expected to experience significant growth throughout forecast 2021 to 2030. It engages various factors affecting the industry like the market environment, various government policies, past data and trends. market trends, technological advancements, upcoming innovations, market risk factors, market restraints, and challenges within the Payroll and Accounting Services industry.

Global Payroll and Accounting Services Market: Report Highlights

  • Detailed market overview
  • Changing market dynamics
  • Market segmentation
  • Regional market landscape
  • Market assessment based on present and past data collected
  • Historical, current and projected market in terms of volume and value
  • Recent trends and developments in the market
  • Competitive landscape
  • Strategies adopted by key players and products proposed by them

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To get in-depth insights into the Payroll and Accounting Services market size, the competition landscape is provided, namely, Analysis of Revenue (US $ M) by Company (2018-2020), Market Share Segment revenue (%) by players (2018-2020) and further qualitative analysis an analysis is made of market concentration rate, product / service differences, new entrants and future technology trends.

Unlock new opportunities in the payroll and accounting services market; the latest version of Absolute Markets Insights (AMI) highlights key market trends important for growth prospects. Let us know if any specific actors or a list of actors need to be considered for better information.

Industry trends

These services primarily collect data on pay rates and deductions from their clients and generate tax returns and paychecks using tabulation and data processing technologies. The growing demand for audit, payroll and tax preparation services from private and government organizations prevailing in India and China is expected to help the global payroll and accounting services market during the period of forecast.

Typically, companies process payroll at regular intervals. This interval varies from company to company. It often differs for employees within the company. Common payroll frequencies are daily, four-weekly, bi-monthly, quarterly, semi-annually and annually. Each employee displays their individual pay on a physical pay stub or through an online portal. Different components are distinct from each other when viewing this stub, but they all work together to complete the transaction.

Automated processes capture a considerable share and are expected to continue the same trend during the forecast period. Online payroll companies tend to provide a valuable service to small businesses. Using artificial intelligence technology, they automatically calculate the number of employees who should be paid in each pay period. Appropriate deductions are also made for social security and necessary health care benefits. These are primarily cloud-hosted services that provide access to corporate payroll from anywhere. Additional services offered by online payroll companies include new hire reporting, paid leave management (PTO), attendance systems and HR services, among others.

Growing regulatory requirements from government organizations are expected to help the overall payroll and accounting services market. Notable government organizations such as the Internal Revenue Services in the United States have established regulations for organizations across the country regarding payroll processes. Companies are outsourcing their payroll and accounting processes to allocate their time efficiently and increase the savings in terms of money that would be invested for various accounting resources. In doing so, companies must enter into certain contracts with payroll service providers for legal requirements. But, sometimes there are gaps in terms of documented payroll data and respective charges. Thus, taxes must be paid by the organizations. This can lead to limitations as they would choose to invest in strengthening internal payroll teams to avoid mistakes in the future. Such a factor is expected to critically impact the growth of the Payroll and Accounting Services market during the forecast period.

With the advancement of computer technology, IT automation has been used by various verticals to speed up processes of various departments. Back-end processes such as payroll, accounting, and HR documentation have also gained capabilities through the integration of automation. The use of robotic process automation (RPA) allows companies to streamline their payroll processes, as process-related errors are largely minimized along with better turnaround times during regulatory checks.

Payroll and Accounting Services Market Segmentation:

Payroll and Accounting Services Market: By Service Type

  • Accounting and bookkeeping services
  • Tax compliance
  • Payroll administration
  • Administration of personnel files
  • Others (VAT, IPT Services, etc.)

Payroll and Accounting Services Market: By Technology

  • Automated and online platform
  • Manual / Offline

Payroll and Accounting Services Market: By Organization Size

Payroll and Accounting Services Market: By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Highlights of the following key factors of the Payroll and Accounting Services Market report:

  • activity Descrition– A detailed description of the company’s operations and business divisions.
  • Business strategy– Summary by the analyst of the company’s commercial strategy.
  • SWOT analysis- A detailed analysis of the strengths, weaknesses, opportunities and threats of the company.
  • Company history– Progress of key events related to the company.
  • Main products and services- A list of the main products, services and brands of the company.
  • Key Competitors– A list of the company’s main competitors.
  • Important sites and subsidiaries– A list and contact details of the main sites and subsidiaries of the company.
  • Detailed financial ratios for the past five years– The latest financial ratios are derived from the annual financial statements published by the company with a 5-year history.

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