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H&R Block – The Noteworthy Company with Top niche tax preparation
H&R Block is a US based tax preparation company that is presently operating in North America, Brazil, Australia and India. Its headquarters is located in Kansas City, Missouri, US. It also offers services in banking, payroll, personal finance and business consulting services. It was founded by the brothers, Henry W. Bloch and Richard Bloch in the year 1955. The company operates in approximately 12,000 retail offices worldwide with 80,000 preparers. It is reported that one out of every six tax returns in the US is prepared by this company. The Block also offers its own consumer tax software and online tax preparation along with electronic filing from their website.
Current Market Value
H&R Block was ranked 1610 in the Global 2000 list of 2015. It was ranked at 411 in America’s Best Employers. It was also ranked 1009 in profits and 1351 in market value division of the Global 2000 list. In the year 2015, the company reported revenue of US$ 3.1 billion. In the same year, they had a net income of US$ 474 million, total assets of US$ 4.5 billion and a total equity of US$ 1.8 billion.
Even though the company was struggling a few years ago due to the mortgage mess and neglecting its core tax, business, it has now seen a solid turnaround. The company’s new CEO, Bill Cobb has refurbished retail locations and added more digital products like mobile app.
Henry W. Bloch always wanted to start a family business with his brothers in Kansas City. In the year 1946, Henry along with his elder brother, Leon, borrowed a $5000 and opened a small bookkeeping business on Main Street in downtown Kansas City. However a few months later, Leon left the business to pursue a degree in law. Nevertheless, Henry did not wish to give up on business. Therefore, as suggested by his mother, Henry hired his younger brother Richard. Likewise, the Block brothers also did some income tax work for their clients. One of their clients suggested them to run an ad for The Kansas City Star newspaper in January 1955, in which they announced $5 tax services. The very next morning they had an office full of clients.
In 1956 they decided to expand the business and picked New York City. But both the brothers were not ready to move to NYC. So NYC became the first H&R Block franchise tax office. They saw a quick growth in the following years and went public in 1962. They opened the first tax training school in 1965 to meet the demand for skilled professionals.
With the passing years H&R Block saw immense growth and they ventured into many new projects to expand their business.
H&R Block is mainly dealing with three business areas. They are the Retail Tax Services, the Digital Tax Services and the H&R Block Bank.
- Retail Tax Services: The company reported to have served 19.9 million clients during the 2007 tax season. It was a record number and it was 3.8 % more than the previous year period. The company said that in the same year, its clients obtained US$ 30 billion in credits, tax refunds and other government benefits.
- Digital Tax Services: H&R Block is one of the top competitors in the digital market shares. It has formed many plans to help its customers to do their returns online. This is supervised by its professionals.
- H&R Block Bank: the bank was chartered in 2006. It is well known for its low cost services for its low-to-moderate income customers.
Due to reformative plans by the current CEO of the company, the HRB stocks have doubled since 2012. With its promising footprints in India, Brazil, Canada and Australia, the company has created a great platform for itself in the foreign market. The company has solid financial and undeniably juicy margins. H&R Block has a strong source of recurring revenues, which is a reliable reason to invest in the company.
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