H&R Block confirmed to The Bookkeeper it has set its broad fee acquisition target at $2 million for this financial year. In the last three years, H&R Block has acquired 10 independent practices, totalling about $3 million in fees.
Firms with bookkeeping services will be of particular interest, as H&R Block looks to diversify beyond its core tax preparation services.
This follows rumblings for the last 12 months that H&R Block would be looking to grow its bookkeeping services, after a soft launch of its bookkeeping arm about 12 months ago.
“Bookkeeping was really a gap in our coverage of the market. A lot of small businesses come to us to do their taxes, but we identified a lot of those small businesses wanted bookkeeping support as well,” said H&R Block’s director of tax communications, Mark Chapman, earlier this year.
“There was a gap in the market for us. Filling it has gone well so far, and we expect that to continue,” he said.