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Wolters Kluwer's tax and accounting customers have been the quickest to adopt the company's new technology products, Chief Executive Nancy McKinstry said yesterday. "And that’s because, believe it or not, accountants are early adopters of technology because they get a significant amount of profitability improvement if they can automate their workflow," she said. Wolters Kluwer is the parent of CCH.
McKinstry made those remarks yesterday in a Webcast of the Morgan Stanley Technology Media & Telecoms Conference going on yesterday and today in Barcelona, Spain. Overall, McKinstry said that 50 percent of WK's revenue comes from online and software products and in three years, that will reach 75 percent.
In response to a moderator's question, McKinstry outlined the benefits of CCH's workflow products and as discussed the role paper will continue to play in the product line as it decreases as a percentage of revenue. Print contributes about 11 percent of revenue and that largely represents books, although the company also published professional journals. McKinstry expects book publishing to show low growth.
The loose-leaf business continues to decline, but remains a high-margin business. The reason is that as the number of customers decrease, prices for loose-leaf products go up to cover costs and because the remaining loose-leaf products are must-have products for customers.
McKinstry also said that the biggest reason WK loses customers is that they leave the profession or their businesses are consolidated with another operation. Customers who don't use products they purchase are the second biggest source of lost business. Coming in at No. 3 is loss of customers to competitors. While WK pays attention to those, "We don’t lose a lot of companies to competitors," she said.
Europe has lagged the United States in the adoption of online and software products. That's because there are few large firms there, McKinstry explained. However, the continent is catching up and software and online revenue now comprises 47 percent of the European total.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Wolters Kluwer's
