Are you looking to add Payroll Services Providers to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Payroll Services Providers statistics of 2024.
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On this page, you’ll learn about the following:
Best Payroll Services Providers Statistics
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- 80% of workers would rather stay in a job with benefits than take one that offered more pay but no benefits. [0]
- Organizations that automate and integrate payroll, benefits administration, absence and leave, and compliance reporting 7% less likely to have payroll errors; and 36% more likely to report improved employee productivity. [1]
Payroll Services Providers Market Statistics
- 21% of companies reported using facetoface meetings with customers as a goto market strategy, down from 55% before the crisis. [0]
- In fact, marketing budgets equal 11.2% of company revenue on average, and have been mostly steady in recent years. [0]
- Gartner also found that nearly one third of marketing budgets (29%). [0]
- In one survey, 93% of the most successful B2B companies were very or extremely committed to content marketing. [0]
- 24% of marketers expected to increase their investment in content marketing in 2020. [0]
- The same study found that 77% of the most successful businesses rely on buyer personas for content marketing, compared with only 36% of the least successful. [0]
- Global spending on paid digital marketing was estimated to be around US$100 billion in 2018. [0]
- Businesses spend on average 21% of marketing budgets on advertising, with two thirds of that advertising money now spent online. [0]
- One survey found that 41% of marketers feel that events are their best channel, ahead of content marketing (27%) and email (14%). [0]
- The above survey also discovered that 62% of marketers intended to increase their event budget moving from 2018 to 2019. [0]
- 55% of CMOs plan to increase spending on marketing technology in the next year. [0]
- The global IT outsourcing market is expected to grow by $98 billion from 2020 to 2024, expanding at a CAGR of 5%. [2]
- U.S. outsourcing statistics suggest that outsourcing in the financial services market will continue to rise by almost 7.5% annually. [2]
- The value of the market is projected to increase to $81.5 billion by 2024, rising at a CAGR of 3.51%. [2]
- Digital marketing tasks follow at 34%, with development and human resources at 28%. [2]
Payroll Services Providers Software Statistics
- Another IBISWorld report predicts that U.S. sales of HR and payroll software will grow 8.7% in 2020 to reach $10.8 billion. [3]
- European IT spending was expected to decline 4.7% in 2020 to reach $487 billion. [0]
- This is why payroll management software is expected to grow by 9% over the next six years. [0]
- In 2019, 75% of CRM software spend goes to cloud based technology, usually on a subscription basis. [0]
- In fact, about 64% of outsourced offshore technology functions have to do with software application development. [2]
- About 51% of technology executives say they outsource application and software maintenance, and 40% outsource their data centers. [2]
Payroll Services Providers Latest Statistics
- In addition to errors, paychecks are more likely to be late in companies with 20 or fewer employees. [4]
- In a survey of more than 20,000 individuals across the US, 63% would have a difficult time paying bills if their paycheck was delayed. [4]
- 25% of small businesses use pen and paper to track finances, and 45% donât have their own accountant or bookkeeper. [4]
- Calling employees independent contractors to save on taxes is something 10% to 30% of employers do. [4]
- In a survey of nearly 1,000 small business owners, 45% said third party services prepared their payroll. [4]
- Employment declined, on average, 27% for firms with fewer than 500 employees and about 28% for firms with fewer than 50 employees between midFebruary and mid April 2020, according to a study by the U.S. National Academy of Science. [3]
- As of Dec. 2019 The 31.7 million companies with fewer than 500 employees represented 99.9% of all U.S. businesses. [3]
- Small businesses employed 60.6 million U.S. workersâ47.1% of the private. [3]
- Small businesses accounted for 65% of job growth between 2000 and 2019, creating 10.5 million net new jobs compared with the 5.6 million new jobs created by large businesses. [3]
- Small businesses operate in all sectors of the U.S. economy; the chart below shows the Top 12 sectors with the largest number of small businesses as of 2017, according to the Economic Innovation Group. [3]
- Nearly 70% of employees taking part in a survey by the American Payroll Association said that meeting their financial obligations would be difficult if their paychecks were delayed a week. [3]
- The good news is that 93% of employees said their paychecks are always delivered on timeâalthough only 60% are âvery certainâ that their paycheck deductions and net pay are accurate; a further 27% are âsomewhat certain.â. [3]
- One thing most donât need to worry about is keeping their paychecks safe A large majority, 93%, of U.S. employees are paid by direct deposit. [3]
- A Gallup poll found that 62% of employees worked from home during the COVID 19 pandemic, and the majority of them, 59%, said they would prefer to continue working remotely after the pandemic ends. [3]
- Almost 25% of employees completed new W 4 forms during 2020, per the APAâs Getting Paid in America Survey, and the majority of those workers did so because they wanted to change their tax withholding or their financial circumstances changed. [3]
- Fluctuations in employment combined with revenue interruptions can cause serious cash flow problems More than 60% of small businesses experience fluctuating payroll cash outflows due to changes in employment, according to JPMorgan Chase. [3]
- Yet only half of small businesses have enough cash to continue operating for more than 15 days if revenue is disrupted, and companies with irregular cash flows are more than twice as likely to be forced to shut down permanently, per Chase. [3]
- State level studies show that 10% to 20% of employers misclassify workers as independent contractors, per the Economic Policy Institute. [3]
- Businesses must pay 50% of Social Security and Medicare taxes for employees, but not for contractors. [3]
- There are almost 300,000 payroll and bookkeeping services in the United States, according to IBISWorld. [3]
- Sales increased by an average of more than 10% annually between 2015 and 2020. [3]
- By switching from QuickBooks for accounting and a separate payroll system to NetSuiteâs integrated solution, N&N was able to cut payroll processing time by 84%, balance accounts faster and improve accuracy. [3]
- The share of organizations worldwide who fully outsource their payroll function fluctuated between 2015 and 2019, with 12 percent of respondents in a 2019 survey stating they fully outsource their payroll compared to eight percent in 2015. [5]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [5]
- New hires feelings about onboarding U.S. 2018 Helpfulness of employers with preparation according to new hires by time period 2018 Share of employees who would refer a friend based on the onboarding program U.S. 2018. [5]
- As is customary, hereâs an amazing stat that didnât make the cut below 82% of businesses fail because of cash flow issues. [0]
- 68.9% of respondents in one study felt that their companies were affected either negatively or very negatively by the crisis. [0]
- 69% of companies were expected to decrease ad spend in 2020. [0]
- Ad spends were down 9% on average across Europe, with Germany and France falling by 7% and 12% respectively. [0]
- Google’s ad revenue declined by more than 5%, the first drop in the company’s 16. [0]
- Most business categories saw more than 10% growth in their online customer base. [0]
- 10% of businesses began using chatbots and web based customer communications as a result of the crisis. [0]
- People can easily account for 70% of your companyâs spending. [0]
- 36% of full time British employees say a pay decrease or pay freeze in 2019. [0]
- Notably, the gender pay gap for full time UK employees is 8.9%. [0]
- This has only dropped 0.6% since 2012. [0]
- 17% of small businesses commit 6 10 hours per month on payroll, while 11% spend more than 10 hours every month. [0]
- 54% of the American working population 82 million people are impacted by payroll problems. [0]
- In one study, 20% of employers rely on spreadsheets to manage attendance, as opposed to more advanced modern tools. [0]
- Only 39% of organizations use a cloud. [0]
- Automation helps businesses reduce payroll costs by up to 80%. [0]
- But only 6% of companies in one survey stated they already use process automation in their payroll processes. [0]
- And those little errors add up 35% of an average HR teamâs time is dedicated to payroll and error correction. [0]
- In one survey, 77% of respondents said the opportunity to telecommute sometimes would make them more likely to sign a job offer. [0]
- 86% of U.S. employers give financial incentives to employees who participate in well being programs, with an average incentive of US$784. [0]
- Employers increased spending on training in 2017, up nearly 2% to $1,296 per employee. [0]
- According to the U.S. Small Business Administration, most small businesses cost $2,000 to $5,000 to launch. [0]
- “You can operate a website for less than $100 a month, while operating a restaurant is more likely to cost at least $10,000 a month.”. [0]
- 40% of small businessowners state that bookkeeping and taxes are the worst part of owning their business. [0]
- 28% of small businesses report spending more than US$10,000 per year on taxes, legal fees, and associated costs. [0]
- The average spend on legal fees for companies is 0.38% of total revenue. [0]
- In 2018, 71% of B2B customers said they read blog content before buying. [0]
- Paid search advertising spend is growing 10% yearover. [0]
- Nearly 20% of all advertising spend worldwide goes to search platforms. [0]
- In the United States, 38.6% of digital ad spend goes to Google, and Facebook ads budgets much up 19.9%. [0]
- One often overlooked advertising platform Amazon reported over US$10 billion in ad revenue in 2018, up 95% from the year before. [0]
- 18% of total Facebook spend went to Instagram, with 34% of that Instagram spend on Instagram Stories. [0]
- In one survey, 84% of CSuite executives stated that they feel that in person events are essential for company success. [0]
- 90% of respondents in this survey felt that travel was essential to business growth. [0]
- 57% of work travelers would prefer to book with a single app or tool. [0]
- 30% of those who fly for business do so every single month. [0]
- But 62% of flyers only take wing once a year. [0]
- This number is projected to grow 118% by 2020. [0]
- The average company changes its subscription stack by 43% every year. [0]
- Artificial intelligence is likely to grow even further, hitting more than US$52 billion in 2021. [0]
- Cloud based sales CRMs now account for 84% of spending on sales CRM deployment. [0]
- Global R&D spending is now almost US$1.7 trillion per year, with 80% of that coming from just 10 countries. [0]
- 71.5% of American R&D spending comes from businesses. [0]
- In Germany that number is 67.7%, in France itâs 63.6%, and in the U.K. 65.1%. [0]
- Countries in the European Union spent more than âŹ320 million on R&D in 2017 2.07% of total GDP. [0]
- 40% of small business owners say bookkeeping and taxes are the worst part of owning a business. [1]
- In fact, payroll stats say that companies that outsource payroll save 18% over businesses that tackle it themselves. [1]
- 82 million U.S. employees â or 54% of the American workforce â are affected by payroll problems. [1]
- 49% of workers would begin a new job search after only two issues with their paycheck. [1]
- 66% of Americans would experience financial difficulty if their paychecks were delayed by one week. [1]
- Payroll mistakes occur twice as often in homegrown payroll solutions as compared to third party solutions, 11.4% vs 6.1% respectively. [1]
- 30% of organizations surveyed said they would strongly consider switching to a new provider for a better user experience. [1]
- 54% of employers state there is room for improvement in their current payroll policies and practices.40% of small to mid. [1]
- Research has shown that 78% of full time workers live paycheck to paycheck, including 1 in 10 people making $100,000 or more. [1]
- 40% of small business owners say bookkeeping and taxes are the worst part of owning a business. [1]
- The Cost Manually preparing 100 time cards will take an estimated 11.67 hours to complete. [1]
- A majority of small businesses spend $1,000 or more on annual costs on the administration of taxes, internal costs, legal fees, etc, with specific breakdowns looking like this 23% spend $1,000 or less. [1]
- 16% spend $20,000 or more Organizations with integrated Payroll and HCM. [1]
- are 44% more likely to utilize business intelligence or data query tools to mine their payroll data. [1]
- Organizations with integrated Payroll and HCM are 38% more likely to use dashboards and reporting tools to combine workforce and business data. [1]
- Organizations with integrated Payroll and HCM are turning data into insight, and are 37% more likely to use predictive analytics solutions to help with forecasting workforce planning. [1]
- The value is less than .005 percent of industry employment. [6]
- General accounting services Tax services 00.5% increase 0. [7]
- According to the 2020 Annual Survey of Manufactures, fluid milk manufacturing shipments were valued at $38.2 billion and involved 56,122 employees. [8]
- Despite identifying these tasks, Paychex found that 39% of businesses do payroll manually â 23% of which use a desktop solution and 22% use an online solution â yet only 17% would consider changing from a manual to an outsourced solution. [9]
- Respondents from the Paychex poll* echo these sentiments 54% of manual payroll users rate easy and accurate tax filing and payment as a very important benefit of an outsourced solution. [9]
- According to the IRS, more than 1.8 million tax returns were audited in 2016 for businesses with income between $200,000 and $1 million, and 978,564 businesses were assessed civil penalties. [9]
- Businesses understand how critical compliance is in their operations, and 52% of Paychex poll respondents* agreed, noting that peace of mind with regulations is very important. [9]
- A 2019 Paychex Pulse of HR Survey found that 84% of HR leaders identified that providing self service options to employees is a key to their success. [9]
- Each survey has a +/ 5.66% margin of error. [9]
- Almost 54% of all companies use third party support teams to connect with customers. [2]
- 78% of businesses all over the world feel positive about their outsourcing partners. [2]
- 71% of financial service executives outsource or offshore some of their services. [2]
- It is not surprising, then, that during the height of the Great Recession, 86% of Americans blamed outsourcing for exacerbating the crisis. [2]
- 45% of outsourcing businesses worry that a cloud based service may not be stable or reliable enough. [2]
- Some 35% of respondents identify a fear of losing intellectual property as their biggest concern. [2]
- Freeing up resources to focus on core business is the most widely cited reason for outsourcing IT functions, at 49%. [2]
- About 45% of companies outsourcing IT functions say that their information technology outsource projects are meant to save money. [2]
- About 46% say outsourcing lets them access skillsets that arenât available in. [2]
- About 70% of retail and transportation firms do the same, while job outsourcing statistics show that the top spot remains reserved for pharmaceutical companies, roughly 82% of which outsource services. [2]
- Whatâs more, 81% of financial companies are satisfied with their robots, meaning that continued growth is all but guaranteed. [2]
- IT security and data center operations saw the biggest reductions in outsourcing three years ago, with a 6% decrease compared to the year before. [2]
- On the contrary, spending on outsourcing increased to 13.6% of the average IT budget in 2020. [2]
- why small business outsourcing stats show that 37% of all accounting and IT tasks get outsourced. [2]
- United States outsourcing statistics show that another common reason (18%). [2]
- The latest research has also shown that 52% of small businesses will continue to outsource especially noncore functions even in the post COVID. [2]
- According to the FLSA these records should be maintained for a minimum of three years and provided to the DOL within 72 hours of a representative’s request. [10]
- According to the U.S. Census Bureau’s County Business Patterns , the 907,426 businesses in the Health Care and Social Assistance sector topped all others with 20 million employees and over $1.0 trillion in annual payroll in 2018. [11]
- Nationally, there were 7,912,405 businesses in all sectors in 2018, up 51,731 (or 0.7%). [11]
- The 2019 American Community Survey estimated 2,523,490 registered nurses in the United States. [11]
I know you want to use Payroll Services Providers, thus we made this list of best Payroll Services Providers. We also wrote about how to learn Payroll Services Providers and how to install Payroll Services Providers. Recently we wrote how to uninstall Payroll Services Providers for newbie users. Donât forgot to check latest Payroll Services Providersstatistics of 2024.
Reference
- spendesk – https://blog.spendesk.com/en/company-spending-statistics.
- zenefits – https://www.zenefits.com/workest/payroll-stats-small-business/.
- fortunly – https://fortunly.com/statistics/outsourcing-statistics/.
- netsuite – https://www.netsuite.com/portal/resource/articles/financial-management/small-business-payroll-statistics.shtml.
- fitsmallbusiness – https://fitsmallbusiness.com/payroll-statistics/.
- statista – https://www.statista.com/statistics/1040474/hr-payroll-outsourcing-worldwide/.
- bls – https://www.bls.gov/oes/current/naics4_541200.htm.
- ibisworld – https://www.ibisworld.com/united-states/market-research-reports/payroll-bookkeeping-services-industry/.
- census – https://www.census.gov/programs-surveys/susb.html.
- paychex – https://www.paychex.com/articles/payroll-taxes/five-reasons-to-outsource-payroll.
- businesspayrollservice – https://businesspayrollservice.com/payroll-service-providers-information/.
- census – https://www.census.gov/library/stories/2020/10/health-care-still-largest-united-states-employer.html.
How Useful is Payroll Services Providers
One of the most significant advantages of using a payroll services provider is the time and cost savings it offers. By outsourcing payroll tasks to a specialized provider, businesses can eliminate the need to hire dedicated payroll staff or invest in expensive software and technology. This allows organizations to focus their resources on other core functions and strategic initiatives, ultimately improving their bottom line.
In addition to saving time and money, payroll services providers also help businesses maintain compliance with ever-changing regulations and tax laws. Payroll is a complex and often time-consuming process that requires a high level of accuracy and attention to detail. By outsourcing payroll tasks to experts in the field, organizations can ensure that their payroll processes are handled in accordance with all relevant laws and regulations, reducing the risk of costly errors or penalties.
Furthermore, payroll services providers can also offer a high level of security and confidentiality when it comes to handling sensitive payroll information. With data breaches and cyberattacks on the rise, businesses must take every precaution to protect their employee data from unauthorized access or theft. Payroll services providers implement robust security measures to safeguard payroll information, giving businesses peace of mind that their data is secure.
Another benefit of using a payroll services provider is the access to advanced technology and tools that can improve efficiency and accuracy. Most payroll services providers offer cutting-edge software that automates payroll processes, reduces manual errors, and provides real-time reporting and insights. This can help businesses streamline their payroll operations, avoid costly mistakes, and gain valuable insights into their payroll data.
Additionally, by outsourcing payroll tasks to a specialized provider, businesses can free up valuable time and resources that can be better spent on growing their business. Payroll processing is a time-consuming and often tedious task that can distract key employees from more strategic activities. By handing off payroll responsibilities to a dedicated provider, organizations can offload this burden and refocus their efforts on driving innovation and growth.
Overall, the use of payroll services providers is a valuable investment for businesses looking to streamline their payroll processes, improve compliance, enhance security, and increase efficiency. By outsourcing payroll tasks to experts in the field, organizations can save time and money, avoid costly errors, and free up resources to focus on core business objectives. Payroll services providers offer a range of benefits that can help businesses operate more effectively and achieve their long-term goals.
In Conclusion
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