NAICS Code 541214-02 - Payroll Preparation Service

Marketing Level - NAICS 8-Digit

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NAICS CODE 541214-02
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NAICS Code 541214-02 Description (8-Digit)

Payroll Preparation Service is an industry that involves the preparation and processing of payroll for businesses. This service is provided by companies that specialize in managing employee payrolls, including calculating wages, taxes, and deductions. The industry is responsible for ensuring that employees are paid accurately and on time, and that all payroll-related taxes and filings are completed in compliance with government regulations.

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 541214 page

Tools

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

  • Payroll software
  • Time and attendance software
  • Tax filing software
  • Direct deposit software
  • Employee self-service portals
  • Electronic payment systems
  • Wage garnishment software
  • Benefits administration software
  • Human resources information systems (HRIS)
  • Compliance management software

Industry Examples of Payroll Preparation Service

Common products and services typical of NAICS Code 541214-02, illustrating the main business activities and contributions to the market.

  • Payroll processing
  • Tax preparation
  • Wage calculation
  • Benefits administration
  • Time and attendance management
  • Direct deposit services
  • Employee self-service portals
  • Compliance management
  • HRIS management
  • Electronic payment processing

History

A concise historical narrative of NAICS Code 541214-02 covering global milestones and recent developments within the United States.

  • The "Payroll Preparation Service" industry has a long history dating back to the early 1900s when payroll processing was done manually. The first payroll software was introduced in the 1960s, which revolutionized the industry by automating the payroll process. In the 1980s, the industry saw the introduction of the first online payroll processing system, which allowed companies to process payroll from anywhere in the world. In recent years, the industry has seen a shift towards cloud-based payroll processing, which has made it easier for companies to manage their payroll from anywhere with an internet connection. In the United States, the industry has seen significant growth in recent years due to the increasing complexity of payroll regulations and the need for companies to outsource their payroll processing to save time and money.