(Entertainment-NewsWire.com, November 14, 2018 ) Payroll and bookkeeping services are increasingly moving their business operations to the cloud to reduce their operational expenditures. It eliminates the need for installing and updating programs and reduces investments on hardware and server equipment. It also integrates with banking and accounting software, thereby saving time and costs and ensuring the safety and security of the data.
North America was the largest geographic region in the market, accounting for more than two-fifth of the global market. The USA was the largest country accounting for one-third of the global payroll & bookkeeping services market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, data security saw a growth due to the high functionality in online by smartphones and tablets. Companies are using data security protocols for their payroll services and ensuring the data to be encrypted. For instance, AICPA survey found half of institute members using cloud-based accounting services.
Intuit was the largest player in the payroll & bookkeeping services market, with revenues of $428 million in 2016. Intuit’s growth strategy aims at building connections between customers and products. For example, TurboTax customers can obtain a credit score for personal finance offering.
The payroll services market comprises establishments that collect information on hours worked, pay rates, deductions and other payroll-related data from their clients to generate paychecks, payroll reports, and tax filings. These establishments may use data processing and tabulating techniques as part of providing their services.
Payroll & Bookkeeping Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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