InvestorsCorporateNovember 14, 2013

CCH acquires accounting software company Best Practice Solutions

Acquisition is a natural extension of the content and software already provided by CCH.

CCH, a Wolters Kluwer business, today announced the acquisition of the business operated by Melbourne-based accounting software company, Best Practice Solutions (BPS). This acquisition will significantly expand CCH’s ability to provide a holistic software-plus-content solution to accounting firms in Australia and New Zealand so that they can better serve their clients who operate Small- to Medium-sized Enterprises (SMEs).

Headlining 2013 research of over 1,000 SMEs commissioned by CCH shows that SMEs trust their accountant ahead of their financial planner, business partner or lawyer when it comes to which external adviser they trust most, yet only 37% of accountants are sufficiently freed up from transactional work to be able to provide them that strategic business advice.

A natural extension of the content and software already provided by CCH, the addition of BPS software solutions will better equip Accounting Firms with a single source of authoritative and practical information, software and services to become that keenly-sought trusted advisor to their SME clients.

Mr Russell Evans, President of Wolters Kluwer Tax and Accounting Asia Pacific and Chief Executive Officer of CCH Asia Pacific, said this is why clients of BPS and CCH will benefit significantly from the acquisition.

"We welcome the addition of the BPS team and its fantastic accounting software products to Wolters Kluwer Tax and Accounting. Our CCH iFirm cloud software suite and BPS’ revolutionary ATO Paper Buster product is proven to save an accounting firm around 1,000 hours a year so we will make it even easier for accountants to be that trusted adviser to their SME clients,” Mr Evans said. “SMEs are often cited as the engine room of the Australian economy, but this should more accurately be described as ‘successful’ SMEs.”

Mr Ron Drost, founder and Director of BPS, said the BPS team is looking forward to working with its new CCH colleagues.

“We are very excited about joining Wolters Kluwer Tax and Accounting, whose services set global standards. This acquisition demonstrates a clear commitment to investing in leading Australian Intellectual Property and builds on the strengths of both organisations, as well as enhancing our services to our clients and customers.

“CCH will be retaining all BPS employees and BPS clients can expect to receive the same high levels of service and attention to detail that they have become accustomed to, as well as newly-available software and content solutions that can further improve their efficiency, productivity and profitability,” Mr Drost continued.

Mr Drost, a well-respected thought leader within the Australian accounting profession, will continue in a management role with CCH.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.