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Review of Reckon accounting software

With a true blue Aussie backstory – founded 30 years ago off the back of a maxed-out credit card and a loan against a dodgy old Holden Commodore – Reckon today is the accounting software of choice for more than 600,000 businesses across Australia and New Zealand.

The Reckon software range, formerly branded as ‘Quicken’, covers the accounting and documentation needs of small businesses, large businesses, professional accountants and even lawyers. So what can Reckon offer to your business? Find out as Canstar Blue dives into the detail.

Reckon accounting software

Reckon offers a wide range of products and packages for companies of all kinds of sizes, from sole traders to large businesses. While the main focus is on accounting software, the company also offers more software solutions for other kinds of business needs.

Reckon One is the software suite designed for small businesses and sole traders, while larger businesses are served by Reckon Accounts Hosted. Professional accountants and bookkeepers can use Reckon APS (practice management software), Reckon Docs (for business paperwork such as company registration, compliance, SMSFs and employment contracts), and Reckon Elite (for a complete tax, compliance and practice management package). Lawyers and law firms use Reckon Billback, Reckon Docs (with property and business searches), and Virtual Cabinet.

SmartVault (for Reckon Accounts) offers a cloud drive with security and productivity features designed for businesses, while Virtual Cabinet is a document management system that adds the ability to send and approve files with clients online. Reckon Loans offers businesses loans, while Point of Sale is unsurprisingly a sales management program.

Within these different software products are a mix of annually licensed and monthly subscription-based price models.

What features does Reckon offer?

Small businesses are best served by Reckon One, the company’s tailor-made small business accounting software. The base software includes the following functions and features:

  • See cash flow in real-time
  • Unlimited bank reconciliations
  • Budgeting, GST & BAS reports
  • Free 24/7 Reckon support
  • Multi-layered data security and SSL encryption
  • Automatic data backups
  • Share your data with your accountant or bookkeeper
  • 20+ reports to generate
  • Invite unlimited team members
  • Free mobile app (iPhone/Android)
  • Free, regular feature updates
  • Data stored in Australia on AWS servers
  • Manually import your bank statements, then categorise unlimited transactions (or add-on BankData for automatic imports)
  • Free Reckon Invoices app

Reckon software UI dashboard

What plans does Reckon offer?

Unlike many other online accounting software platforms, Reckon One doesn’t come as a set of tiered packages. Instead, the company offers a basics plan for $5/month, with a range of add-on features to choose from for a few extra dollars per month each. This means you can essentially build your own ideal software, and avoid paying more for functions you don’t need.

Each add-on module is priced at $3/month for Lite versions, $5/month for Medium versions, and $7/month for Advanced versions (on top of the $5/month for Basics).

Invoicing

  • Generate customisable invoices
  • Send invoices from your mobile
  • Receive payment for invoices by MasterCard, Visa, American Express or PayPal
  • Enter and pay bills
  • Convert estimate to invoice

Plus in the Medium version:

  • Sales and purchase approvals process across your different teams

BankData

  • Connect to your bank accounts and credit cards using BankData (with participating banks)
  • Automatically import transactions – up to 100 with Lite, up to 250 with Medium, and up to 500 with Advanced

Payroll

  • Unlimited employees
  • Pay employees & track leave
  • Calculate superannuation and obligations
  • Project employee leave balance
  • Process manual and scheduled pay runs
  • Automatic compliance updates
  • Assign pay items to a specific project (with the Projects add-on module)
  • Produce SAFF files to meet SuperStream compliance

Plus in the Medium version:

  • Lodge SuperStream compliant file automatically via NAB Super Pay or Ozedi SuperStream Gateway

Projects & Jobs

  • Create projects & sub projects
  • Bill projects and sub projects (with Invoices add-on module)
  • Project reporting

Plus in the Medium version:

  • Track and bill customers by project (with Invoices add-on module)
  • Track suppliers by project
  • Set up item rate by project

Reckon software time and expenses

Time

  • Daily & weekly timesheets
  • Expense tracking
  • Track time for employee hours
  • Email & print timesheets
  • Enter employee expense claims in a batch

Plus in the Medium version:

  • Project reporting
  • Bill time & expenses (with the Invoices add-on module)
  • Timesheets tracked against projects or customers (with the Invoices add-on module)
  • Bill time & expenses against projects or clients (with the Invoices and Projects add-on modules)
  • Track expenses against suppliers
  • Expense approval
  • Timesheet approval (coming soon)

Should I choose Reckon accounting for my business?

Reckon One really stands out for its affordability. Even if you add the most expensive version of every module to your subscription, that comes to just $32 a month – far less than the most expensive tier of other accounting software packages. However, whether or not this is good value will depend on what you want to get out of your software. While it’s cheaper, it seems that it doesn’t have as many features and functions as some of its competitors – but maybe that’s what you’re looking for? Every business is different, but if you’re looking for cost-effective account solutions you should look further into Reckon One to see if it can meet your business needs.

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