Payroll Administration is a core function of any business with employees and this is that one thing that they should get it right. Payroll and tax problems can have an enormous impact on businesses for managing cash flow, employee morale, tax compliance and many other areas. Some of the inconsistencies associated with payroll administration are timeliness of tax deposits, compliance with state employment compensation and tax laws, getting payroll processed and out on time and consistent and accurate deductions and withholdings.
The PEO payroll administration simplifies a complicated process. They mainly differentiate commissions, pay rates and payroll taxes amongst others that poses various difficulties for business owners at large. PEO Payroll administration solutions allow employers to make just one simple payment per payroll cycle that they know is accurate, covers all their liability, on-time and takes care of everything. Time is an important factor that needs to be taken into consideration. Payroll is itself a very tedious and complex task. The payroll services also reduces liability costs at large.
The detailed research study provides qualitative and quantitative analysis of global payroll & accounting services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global payroll & accounting services is anticipated to reach US$ 12 million by 2027, growing at an estimated CAGR of 11.6% over the forecast period owing to favorable regulatory requirements from government
- Small & medium organizations is expected witness the highest CAGR over the forecast period. They tend to play an important role to country’s economic growth. Payroll is mainly the first entry point and thus, the HR Tech solution providers focus on this area. Most of the human resource software providers tend to have payroll as one of the features embedded in their solution.
- Some of the players operating in the global payroll and accounting services market 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 amongst others.
Global Payroll & Accounting Services Market:
By Service Type
- Accounting and Bookkeeping Services
- Tax Compliance
- Payroll Administration
- Administration of Personnel Files
- Others (VAT, IPT Services, etc.)
- Automated and Online Platform
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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