Company:Reckon

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Short description: Australian software company
Reckon Limited
TypePublic
ASX: RKN
IndustryInformation Technology
Founded1987
FounderGreg Wilkinson
Headquarters
North Sydney
,
Australia
Key people
Sam Allert, CEO
ProductsAccounting software
Number of employees
300

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

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. 2014-12-31. http://www.ibisworld.com.au/enterprisefull/default.aspx?entid=8529. Retrieved 2015-08-12. 
  2. ↑ "RKN share price and company information for ASX:RKN" (in en-US). https://www2.asx.com.au/content/asx/company.rkn.html. 
  3. ↑ Shannon Williams (2015-03-11). "bizEDGE NZ - Will Reckon's cloud solution kill Xero?". Bizedge.co.nz. http://bizedge.co.nz/story/will-reckons-cloud-solution-kill-xero/. Retrieved 2015-08-12. 
  4. ↑ "Reckon Products". Amable.com.au. http://www.amable.com.au/Reckon%20Products.html. Retrieved 2015-08-12. 
  5. ↑ "Reckon founder Greg Wilkinson takes a tablet". Brw.com.au. http://www.brw.com.au/p/entrepreneurs/reckon_founder_greg_wilkinson_takes_5RUqv6fwxQzT1EhseqkhgP. Retrieved 2015-08-12. 
  6. ↑ "APS Solutions". Newsletters.aps-advance.com. http://newsletters.aps-advance.com/solutions/quicken.htm. Retrieved 2015-08-12. 
  7. ↑ "Reckon or Intuit – Who Sells QuickBooks in Australia? - The Latest on Accounting Tech For Future Focused Firms". https://digitalfirst.com/who-sells-quickbooks-in-australia/. 
  8. ↑ James, Daniel (2013-04-02). "QuickBooks: It's now called Reckon Accounts 2013". BIT. http://www.bit.com.au/News/338384,quickbooks-its-now-called-reckon-accounts-2013.aspx#ixzz3i5SuQkeY. Retrieved 2015-08-12. 
  9. ↑ "Reckon dumps QuickBooks brand, updates on cloud strategy". https://digitalfirst.com/reckon-dumps-quickbooks-brand-updates-cloud-strategy/. 
  10. ↑ Mills, Jon (2017-07-07). "Reckon gets busy with Document Management demerger" (in en). https://www.intelligentinvestor.com.au/recommendations/reckon-gets-busy-with-document-management-demerger/139572. 
  11. ↑ Brooks, Steve (2021-04-27). "NetSuite powers GetBusy up" (in en-GB). https://www.enterprisetimes.co.uk/2021/04/27/netsuite-powers-getbusy-up/. 
  12. ↑ Talevski, Julia (2017-11-16). "MYOB forks out $180M for Reckon's accounting management practice". https://www.arnnet.com.au/article/630074/myob-forks-180m-reckon-accounting-management-practice/. 
  13. ↑ Venz, Sophie (2022-05-19). "Reckon Accountants Group acquired by The Access Group in $100 million deal" (in en-AU). https://www.smartcompany.com.au/finance/mergers-and-acquisitions/reckon-acquisition-the-access-group/. 
  14. ↑ "Reckon releases cloud POS". https://www.bit.com.au/news/reckon-releases-cloud-pos-489255. 
  15. ↑ PYMNTS (2016-07-22). "Reckon Snubs The Banks With Prospa SME Loan Deal" (in en-US). https://www.pymnts.com/news/b2b-payments/2016/reckon-loans-prospa-sme-small-business-lending-finance-banks-partnership-integration/. 
  16. ↑ "Press Release: Reckon Renews Focus on Independent Growth Strategy". https://prwire.com.au/pr/77634/reckon-renews-focus-on-independent-growth-strategy. 
  17. ↑ "Reckon releases free single touch payroll mobile app" (in en). https://channellife.com.au/story/reckon-releases-free-single-touch-payroll-mobile-app. 
  18. ↑ "Switching to Single Touch Payroll reporting has been easier than expected" (in en-US). 2019-09-23. https://www.smartcompany.com.au/partner-content/articles/single-touch-payroll-reporting-transition/. 
  19. ↑ "Reckon Group announces a steady profit in 2018" (in en). https://itbrief.com.au/story/reckon-group-announces-a-steady-profit-in-2018. 
  20. ↑ Karen, Sasha (2022-05-19). "The Access Group acquires Reckon Accountants Group for $100M". https://www.arnnet.com.au/article/698283/access-group-acquires-reckon-accountants-group-100m/. 
  21. ↑ "Reckon completes sale of Accountants Practice Management Group" (in en-AU). 2022-08-01. https://financialnewswire.com.au/accounting/reckon-completes-sale/. 




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