Reckon Strengths, Domain Expertise, and Key Differentiators
Reckon, an Australian software company with a global footprint, stands out through its diverse product portfolio encompassing desktop and cloud-based accounting solutions. Boasting over 600,000 active customers, Reckon's strength lies in its ability to cater to various business sizes and industries. The company's foray into AI and ML is evident in its payroll app adoption, with 19,000 users embracing this innovative solution for Single Touch Payroll compliance in a short time frame.
Reckon Recent Developments
In the realm of accounting solutions, Reckon's recent strides underscore a transformative journey into the digital future. Throughout 2020 and 2021, the company witnessed a series of impactful developments, notably the continuous release of mobile applications complementing the Reckon One suite. The deployment of the Single Touch Payroll reporting application, embraced by over 37,000 users since May 2019, exemplifies Reckon's commitment to innovation, with over 780,000 pay runs processed via the app. Furthermore, the introduction of a feature-rich paid Payroll App and the unveiling of Reckon Mate, an employee-facing mobile app, poised Reckon for continued growth in 2021.
Reckon Mergers and acquisitions (M&A) Activities
In a strategic move, Reckon announced the sale of its Accountants Group to The Access Group in a significant $100 million deal in May 2022. This divestiture positions Reckon as a more focused entity, redirecting its energy towards cloud accounting, payroll solutions for small businesses, and practice management for legal firms. The merger of Reckon's Legal Practice Management Group with Zebraworks Inc in August 2020, culminating in nQueue Zebraworks Inc, illustrates Reckon's commitment to technology development and tapping into new markets.
Reckon Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Reckon applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Reckon and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Reckon One, customers.
Reckon Overview
Ownership: - RKN: ASX
Number of Employees: 300
Functional Market: Absence and Leave Management, Time and Attendance, Payroll,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Reckon Key Cloud and HCM Applications
Reckon One,
Reckon HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Reckon Revenue Breakdown by Type:
Reckon HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Reckon HCM Applications Revenues By Verticals, $M:
Reckon Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Reckon Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Reckon Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Reckon Customers
No. of Reckon Customers: 600000
No. of Reckon HCM Applications Customers: x
No. of Reckon Cloud HCM Customers: 117000
No. of Reckon Cloud HCM Subscribers: 117000
With a staggering 600,000 businesses across Australia and New Zealand relying on Reckon's software, the company's customer base reflects its widespread influence. Reference customers include legal firms, micro-businesses, and allied health service providers. The geographic breakdown showcases a robust presence not only in Australia but also in the United Kingdom and the United States.
Reckon Market Opportunities, M&A and Geo Expansions
The shift towards cloud accounting solutions positions Reckon favorably to tap into the burgeoning opportunities in the digital landscape. With Open Banking initiatives gaining traction, Reckon's certification in the UK highlights its readiness for the evolving financial landscape. The acquisition of perpetual licenses for cloud-based applications from Pose and MicroManager underscores Reckon's commitment to 'cloudifying' its core accounting offering, opening doors to enhanced functionalities and faster processing capabilities.
Reckon Risks and Challenges
While Reckon's strategic divestitures and mergers position it for growth, the integration of diverse solutions into a cohesive ecosystem poses potential challenges. The competitive landscape and evolving market dynamics necessitate agile responses to external risks. Ensuring seamless transitions and effective communication amid these changes will be crucial for sustained success.
Reckon Ecosystem, Partners, Resellers and SI
Reckon's ecosystem is marked by strategic partnerships and collaborations. The alliance with The Career Academy in October 2018 showcases Reckon's commitment to equipping students with hands-on experience using its flagship cloud accounting software, fostering a talent pipeline for the industry. The network effect is amplified through partnerships with global entities like Cannon USA, Pacific Office Automation, and Konica Minolta Worldwide, contributing to Reckon's extensive reach in the UK, USA, and Australia.
Reckon Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Reckon Public Cloud and Infrastructure (IaaS)
- Reckon Platform (PaaS)
- Reckon Application Delivery
- Reckon Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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