NAICS Code 523991-09 - Payroll Distribution Service

Marketing Level - NAICS 8-Digit

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NAICS CODE 523991-09
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NAICS Code 523991-09 Description (8-Digit)

Payroll Distribution Service is an industry that involves the management and distribution of employee paychecks on behalf of employers. This service is typically outsourced to third-party companies that specialize in payroll processing and distribution. The companies in this industry are responsible for calculating employee wages, withholding taxes, and other deductions, as well as ensuring that paychecks are delivered to employees on time and accurately.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523991 page

Tools

Tools commonly used in the Payroll Distribution Service industry for day-to-day tasks and operations.

  • Payroll software
  • Time and attendance software
  • Direct deposit software
  • Tax filing software
  • Employee self-service portals
  • Mobile payroll apps
  • Electronic payment systems
  • Wage garnishment software
  • Benefits administration software
  • Compliance tracking software

Industry Examples of Payroll Distribution Service

Common products and services typical of NAICS Code 523991-09, illustrating the main business activities and contributions to the market.

  • Payroll processing companies
  • Human resources outsourcing firms
  • Accounting firms offering payroll services
  • Employee benefits administration companies
  • Professional employer organizations (PEOs)
  • Temporary staffing agencies with payroll services
  • Small business payroll providers
  • Online payroll services
  • International payroll providers
  • Payroll consulting firms

History

A concise historical narrative of NAICS Code 523991-09 covering global milestones and recent developments within the United States.

  • The Payroll Distribution Service industry has been around for decades, with the first payroll processing company, Automatic Payrolls, Inc., founded in 1949. In the 1970s, the industry saw a significant shift with the introduction of computerized payroll processing, which allowed for faster and more accurate payroll calculations. In the 1990s, the industry saw further advancements with the introduction of web-based payroll processing, which allowed for more efficient and accessible payroll management. In recent years, the industry has continued to evolve with the introduction of mobile payroll apps and cloud-based payroll processing, which have made payroll management even more convenient and accessible. In the United States, the Payroll Distribution Service industry has seen significant growth in recent years, with the industry generating over $20 billion in revenue in 2020. This growth can be attributed to several factors, including the increasing complexity of payroll regulations and the growing demand for more efficient and accurate payroll processing. Additionally, the COVID-19 pandemic has highlighted the importance of remote payroll management, leading many businesses to adopt cloud-based payroll processing and other digital payroll solutions. Overall, the Payroll Distribution Service industry has a long history of innovation and growth, and it is poised to continue evolving in the years to come.