Powered by LevrNAICS 541214: Payroll services
NAICS 541214 is the industry code for payroll services. Use it on loan applications, tax forms and registrations. Explore financing for professional services and start your application when you are ready.
What 541214 covers
Payroll services process payroll and related tax filings for employers. Payroll tax filing services are included, but professional employer organizations are not.
Included in this code
- Payroll processing
- Payroll tax filing
- Professional employer organizations providing payroll only
Not this code
- PEOs: see 561330 Professional employer organizations
- Accountants: see 541211 Offices of certified public accountants
- Bookkeepers: see 541219 Other accounting services
Businesses that use 541214
Financing for this trade
Payroll firms use SBA 7(a) and term loans to buy client books, valued on recurring processing fees. Lenders look at client retention and controls over payroll tax trust funds.
Apply for funding with AIIs 541214 the right code for a payroll company?
Yes, if you process payroll for employers. PEOs that co employ workers use 561330. The closest alternatives are 561330 (professional employer organizations) and 541211 (offices of certified public accountants). Use whichever matches your largest revenue stream, and keep it consistent across tax filings, SBA forms and lender applications.
What is the SBA size standard for 541214?
The SBA size standard for 541214 is $39M in average annual receipts. SBA averages total gross receipts over the last five completed fiscal years and adds in any affiliates under common control. A payroll company at or below that figure counts as small for SBA 7(a) and 504 loans and for federal small business contracts.
How do payroll companies finance growth?
SBA 7(a) loans and term loans fund acquisitions of payroll client books. Lenders review client retention and trust account controls. Expect lenders to ask for receivables and payables agings, recent bank statements and a debt schedule, which also help a broker match the request to the right lender quickly.
What does NAICS 541214 cover?
Payroll services. Industry level code in NAICS 2022, under 54 Professional, scientific, and technical services, 541 Professional, scientific, and technical services, 5412 Accounting, tax preparation, bookkeeping, and payroll services, 54121 Accounting, tax preparation, bookkeeping, and payroll services.
What financing do NAICS 541214 businesses use?
Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for professional services businesses. Start an application and the AI matches the deal to lenders that fund this code.
Where do I put NAICS 541214?
On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.