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Payroll and Bookkeeping Services in Australia Industry Market Research Report Now Available from IBISWorldMelbourne, Australia, Nov 15, 2012 (PRWeb.com via COMTEX) -- The Payroll and Bookkeeping Services industry in Australia has churned through challenging conditions over the past five years. Industry revenue is expected to grow marginally by an annualised 0.5% over the five years through 2012-13 to reach $2.16 billion. The trend towards outsourcing provided the most benefit to demand for payroll and bookkeeping services. According to IBISWorld industry analyst Aries Nuguid, "Australian businesses increasingly outsourced functions to the industry so they could focus on their core competencies". The greater interconnectedness of businesses through online platforms has also supported the trend toward outsourcing. This has compounded with the higher number of businesses in Australia. However, higher unemployment slowed down work volume and revenue growth. More importantly, poor business sentiment caused the industry's customers to become more price-sensitive. Consequently, competition within the industry intensified, which hurt prices, revenue and profit margins. Industry revenue is expected to grow 1.9% in 2012-13, which represents the industry's continued path to recovery. "Businesses will continue to increasingly outsource their payroll and bookkeeping functions," Nuguid adds. Meanwhile, higher business confidence will mean reduced price competition. However, higher unemployment will dampen demand for industry services. The Payroll and Bookkeeping Services industry in Australia is expected to flourish over the next five years. The number of Australian business will grow and boost demand for industry services. Furthermore, these businesses are more likely to outsource and support revenue growth. Business sentiment is also expected to improve, which will lead to less price sensitivity among the industry's customers. The Payroll and Bookkeeping Services Industry has a low level of market share concentration. The two largest players are Automatic Data Processing and Talent2 International. The industry is fragmented and is populated by many small players. However, there is a great disparity between the market share concentration in respective industry segments. For more information, visit IBISWorld's Payroll and Bookkeeping Services report in Australia industry page. Follow IBISWorld on Twitter: http://twitter.com/#!/ibisworldau IBISWorld industry Report Key Topics Businesses in the industry provide outsourced payroll services for clients' employees. Basic bookkeeping services are also part of the industry. Firms in the industry do not include tax preparation businesses or certified public accountants (CPAs). Companies that retail payroll and bookkeeping software are not part of the industry. Industry Performance Executive Summary Key External Drivers Current Performance Industry Outlook Industry Life Cycle Products & Markets Supply Chain Products & Services Major Markets International Trade Business Locations Competitive Landscape Market Share Concentration Key Success Factors Cost Structure Benchmarks Basis of Competition Barriers to Entry Industry Globalisation Major Companies Operating Conditions Capital Intensity Technology & Systems Revenue Volatility Regulation & Policy Industry Assistance Key Statistics Industry Data Annual Change Key Ratios About IBISWorld Inc. Recognised as the nation's most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886. Read the full story at http://www.prweb.com/releases/2012/11/prweb10137389.htm PRWeb.com |