Following Wolters Kluwer’s acquisition of Cloud accounting supplier Twinfield last year, the subsidiary is on track to deliver live links to the CCH ProSytem accounts production module by the summer.
“We see great synergy between the companies. We believe Twinfield is one of the best bookkeeping applications, it’s not just aimed at small companies, but is totally scalable,” said Kevin McLoughlin, UK Manager at Twinfield.
CCH, meanwhile, has a strong presence within mid-tier accounting firms and when the integration between the two systems is in place these firms will have a system that will feed adjustments within the final accounts system back into the clients’ bookkeeping ledgers.
In McLoughlin’s view, mid-size firms need to adapt more quickly to the Cloud computing surge that is taking hold within the profession.
“With web-based accounting, the people who are embracing it quickest are the smallest firms. The mid-size firms who do final accounts and audit are suffering from the intensified competition for clients at the low end, and from larger firms who are using technology to reduce their audit costs,” McLoughlin said.
“Everyone is going to the Cloud, but they’re not challenging themselves why,” he continued. “They need to work differently with everthing. If you look at some small and medium size firms who say they’ve changed, you see that they’ve become computerised, but are delivering exactly what they did in the 1970s. Is that where the value is?”
Online accounting gives a platform for capturing expenses more quickly and delivering better financial information in a more timely way so they can be used to advise the business.
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.