Reckon Strengths, Domain Expertise, and Key Differentiators
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. Reckon is listed on the Australian Securities Exchange. Reckon has over 600,000 businesses using its software across Australia and New Zealand.
Reckon Recent Developments
In 2020 Reckon has seen the ongoing release of new mobile suites of applications (or apps) complimenting Reckon One. The first mobile solution released was a free Single Touch Payroll reporting application, which has been taken up by over 37,000 new users since May 2019, with over 780,000 pay runs processed via this app. 2020 saw the release of a more feature-rich paid Payroll App, which is an ideal upgrade path for the free STP app users. Reckon Mate, a new employee-facing mobile app was also released at the end of 2020. 2021 will see the continued rollout of new mobile apps including Mobile invoicing, Timesheets and Expenses.
In May 2019, Reckon released the Single Touch Payroll App in partnership with UX, design and development specialists Thinkmill, primarily for Australia’s 450,000 micro-businesses (1-4 employees). It is available on the Apple App Store and Google Play Store for businesses of any size.
Reckon Mergers and acquisitions (M&A) Activities
Reckon Limited announced on 16 February 2021 that it had reached agreement with NowInfinity Pty Ltd (a wholly owned subsidiary of Class Ltd) and Class Ltd (the Class Buyer Group), to sell the assets comprising the ReckonDocs Business to the Class Buyer Group.
In August 2020 (and completed in February 2021) the Reckon announced the merger of its Legal Practice Management Group with the business of Zebraworks Inc (USA) into a 70/30 venture now known as nQueue Zebraworks Inc. The deal concluded in February 2021. The team from Zebraworks Inc brings a history and pedigree of success in the development of practice management solutions for the cloud. The merged business presents a platform for technology development and new markets.
In July 2018, Reckon acquired the technology and customers of Better Clinics, a business that provides cloud-based practice management software for health, medical and fitness professionals. This business presently focuses on the allied health services market that includes physiotherapists, chiropractors and personal trainers. This comprises a market of an estimated 120,000 customers.
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, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K442, 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 | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud 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:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
Reckon HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % | 2021 HCM Revenues, By Sub-Functional Markets, $M | |
Reckon HCM Applications Revenues By Verticals, $M:
Reckon Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 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: 600000
No. of Reckon Cloud HCM Customers: x
No. of Reckon Cloud HCM Subscribers: 100000
Develops and distributes accounting software solutions on either desktop, hosted or cloud platforms to small and medium sized businesses.It has over 600,000 active customers and supports 6,000 partners. 62,000 of its customers are cloud customers. Reckon Academy currently has 6650 active participants.
In 2019, 19,000 users have adopted Reckon’s new payroll app to ensure compliance with Single Touch Payroll. A significant adoption in a short time period, healthy signup rates are expected to continue with innovative product developments for mobile in the pipeline.
Reckon Market Opportunities, M&A and Geo Expansions
Open Banking is a new government-driven initiative in both Australia and the United Kingdom. Reckon obtained certification in late 2020 and is operational for Open Banking in the UK. Open Banking gives consumers greater access to and control over their financial information with the potential for faster processing and movement of funds.
Reckon acquired perpetual licenses to the source code for two cloud-based applications to enhance its core capabilities. The source codes are from Pose, a leading Israeli web-based point of sale (POS) system provider, as well as MicroManager, a mobile-based time tracker established in New Zealand, and demonstrates a major leap forward in the company’s overarching strategy to ‘cloudify’ its core accounting offering.
Reckon Risks and Challenges
MYOB acquired for $130.7m the assets of Reckon’s Accountants Practice Management division, which included three businesses (Reckon APS, Reckon Elite and Reckon Docs) that provide accounting, tax compliance, and related software to more than 4000 small and large accounting practices in Australia and New Zealand. All clients, IP, systems and 120 employees associated with the division were included in the purchase. According to their annual report, Reckon sold the division with the intention to pay down some debt.
Reckon Ecosystem, Partners, Resellers and SI
In October 2018, Reckon partnered with The Career Academy, aimed at equipping students with hands-on experience using its flagship cloud accounting software Reckon One. The move comes off the back of rising demand from the accounting and bookkeeping industry for graduate talent with practical know-how across multiple accounting software platforms.
Reckon mainly sells direct as well as through its more than 6,000 partners. Reckon Channel Sales Partners are Cannon USA, Pacific Office Automation, Konica Minolta Worldwide and a number of local providers. Reckon operates in UK, USA, and AU.
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).
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