(MoneyNewsWire.Net, August 06, 2018 ) Payroll services comprise 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.
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The global payroll and bookkeeping services market was valued at $288 billion in 2017. This is due to economic growth and technology development.
North America was the largest geographic region in the market, accounting for two-fifth of the global market share, due to high demand for services such as accounting, legal, advertising, photographic services and other professional services from companies across all industries.
The market is split into segments: payroll services and bookkeeping services.
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The USA was the largest country in the market, accounting for two-fifth of the global market share, due to the presence of a large number of commercial establishments seeking accounting, legal, and management
consulting, advertising and other professional services.
The major competitors in the market are Intuit, Paychex, ADP, SurePayroll and Paycor. Intuit Inc. is a business and financial software company that develops and sells financial, accounting, and tax preparation software and related services for small businesses, accountants, and individuals.
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