Reckon (company)

Reckon is an Australian software company that provides desktop and cloud-based accounting software for accountants, bookkeepers, small to medium businesses, and personal users. The company has offices in Australia, New Zealand, the United Kingdom, and the United States.^[1] Reckon is listed on the Australian Securities Exchange with a market cap of A$138,000,000.^[2] Reckon has over 600,000 businesses using its software across Australia and New Zealand.^[3][4]

Reckon Limited

Company type	Public
Traded as	ASX: RKN
Industry	Information Technology
Founded	1987
Founder	Greg Wilkinson
Headquarters	North Sydney , Australia
Key people	Sam Allert, CEO
Products	Accounting software
Number of employees	300
Website	www.reckon.com

History

Reckon Limited was founded by Greg Wilkinson in 1987, who was its chief executive officer until 2006.^[5] Funded initially with the $2,000 dollar credit limit on a friend's credit card, Greg Wilkinson started republishing and distributing Quicken & QuickBooks software products in Australia under a licensing agreement with Intuit.^[6] For over 25 years, Reckon managed the marketing, distribution and development of these products.

In 2012, Intuit announced the decision to take back the QuickBooks & Quicken name, release a cloud accounting program called QuickBooks Online and start selling it in Australia. Reckon continues to sell QuickBooks desktop accounting software under its own brand, Reckon Accounts.^[7] The Australian version of the Quicken personal finance products were renamed Reckon Accounts Personal in late 2012.^[8]

In 2013, Reckon launched a cloud accounting program called Reckon One.^[9]

In August 2017, Reckon completed the demerger of its Document Management division into a new London-based company called GetBusy.^[10][11] In November 2017, MYOB announced it would acquire Reckon's Accountants Group for A$180 million.^[12] However, in June 2018, MYOB terminated the deal due to the regulatory processes taking longer than anticipated.^[13]

Since then Reckon has gone on to add many products to its business ecosystem including Reckon Cloud POS, a cloud-based point-of-sale system,^[14] Reckon Loans for business financing^[15] and an allied health practice management software called Better Clinics.^[16] In May 2019, Reckon launched the Reckon Single Touch Payroll App to address ATO legislation for payroll reporting.^[17] The app accumulated over 30,000 downloads in 4 months making it one of Reckon's most popular products to date.^[18]

Reckon includes APS, an accounting practice management software that's used by 70% of the countries top accounting practices, and three of the Big Four accountancy firms.^[19]

In May 2022, Reckon agreed to sell its Reckon Accountants Group to UK-based Access Group for A$100 million. The deal included Reckon's APS and Reckon Elite software.^[20] The acquisition was completed in August 2022.^[21]

Products

• Reckon's business division provides software for small businesses, including accounting software, payroll, STP reporting, business loans and clinic management software.
• Reckon legal division includes billing software for law firms, predominantly run out of the US.

References

1. "Reckon Limited - Retail". Ibisworld.com.au. 31 December 2014. Retrieved 12 August 2015.
2. "RKN share price and company information for ASX:RKN". Australian Securities Exchange. Retrieved 19 July 2022.
3. Shannon Williams (11 March 2015). "bizEDGE NZ - Will Reckon's cloud solution kill Xero?". Bizedge.co.nz. Retrieved 12 August 2015.
4. "Reckon Products". Amable.com.au. Retrieved 12 August 2015.
5. "Reckon founder Greg Wilkinson takes a tablet". Brw.com.au. Retrieved 12 August 2015.
6. "APS Solutions". Newsletters.aps-advance.com. Retrieved 12 August 2015.
7. "Reckon or Intuit – Who Sells QuickBooks in Australia? - The Latest on Accounting Tech For Future Focused Firms". digitalfirst.com. Retrieved 24 October 2019.
8. James, Daniel (2 April 2013). "QuickBooks: It's now called Reckon Accounts 2013". BIT. Retrieved 12 August 2015.
9. "Reckon dumps QuickBooks brand, updates on cloud strategy". digitalfirst.com. Retrieved 24 October 2019.
10. Mills, Jon (7 July 2017). "Reckon gets busy with Document Management demerger". Intelligent Investor. Retrieved 14 November 2022.
11. Brooks, Steve (27 April 2021). "NetSuite powers GetBusy up". Enterprise Times. Retrieved 14 November 2022.
12. Talevski, Julia (16 November 2017). "MYOB forks out $180M for Reckon's accounting management practice". www.arnnet.com.au. Retrieved 7 January 2023.
13. Venz, Sophie (19 May 2022). "Reckon Accountants Group acquired by The Access Group in $100 million deal". SmartCompany. Retrieved 7 January 2023.
14. "Reckon releases cloud POS". Business IT. Retrieved 19 June 2018.
15. PYMNTS (22 July 2016). "Reckon Snubs The Banks With Prospa SME Loan Deal". PYMNTS.com. Retrieved 24 October 2019.
16. "Press Release: Reckon Renews Focus on Independent Growth Strategy". prwire.com.au. Retrieved 24 October 2019.
17. "Reckon releases free single touch payroll mobile app". channellife.com.au. Retrieved 24 October 2019.
18. "Switching to Single Touch Payroll reporting has been easier than expected". SmartCompany. 23 September 2019. Retrieved 24 October 2019.
19. "Reckon Group announces a steady profit in 2018". itbrief.com.au. Retrieved 24 October 2019.
20. Karen, Sasha (19 May 2022). "The Access Group acquires Reckon Accountants Group for $100M". www.arnnet.com.au. Retrieved 14 November 2022.
21. "Reckon completes sale of Accountants Practice Management Group". Financial Newswire. 1 August 2022. Retrieved 14 November 2022.