Wolters Kluwer bags Twinfield
The Dutch Cloud accounting pioneer Twinfield is to become part of the Wolters Kluwer empire, bringing online accounting into the same portfolio as the CCH ProSystem suite of tax and practice tools.
From comments on Twinfield founder Andre Kwakernaat’s blog, the Netherlands link was a major factor and positions Wolters Kluwer as the leading supplier of both accounting systems and professional information in its home market. More significantly for Twinfield, becoming part of Wolters Kluwer will give it more resources for development and expansion, and a global reach that will leave other Cloud accounting players green with envy.
What makes the deal with WK particularly interesting is that Kwakernaat and his colleagues have actively promoted the idea of building XBRL into Twinfield’s accounting engine and outputting an iXBRL file containing the clients’ statutory final accounts for efiling.
Not only does this streamlined view of accounting threaten one of the core services practitioners provide for their clients, if the idea really takes off, it could potentially eat into the revenues of CCH’s ProSystem accounts production software.