Reckon (company)

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Reckon Limited
Company typePublic
ASX: RKN
IndustryInformation Technology
Founded1987
FounderGreg Wilkinson
Headquarters
North Sydney
,
Australia
Key people
Sam Allert, CEO
ProductsAccounting software
Number of employees
300
Websitewww.reckon.com Edit this on Wikidata

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]

History[edit]

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[edit]

  • 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[edit]

  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.
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