Do you use Reckon One, or are you considering moving to the cloud accounting system? Here are some features that may help you get your business finances under control.
One of the things we like about Reckon One is that you can pick and choose among a menu of features. So if you need invoicing rather than just a cashbook, you just add the invoicing module. And once you’ve done that, you can send as many invoices as you need for the same price – unlike some other cloud accounting systems which push up the price as the number of transactions rises, or which bundle features that don’t logically fit together.
Being a relative newcomer to the cloud accounting market, Reckon One doesn’t always get as much attention as its more established rivals, so here are five features that you may have missed.
1. Bank feed
Being able to pass transactions from your bank accounts into your books is such an important timesaver that it is almost a must-have for businesses that have more than a few transactions per month. Apart from being a faster and more accurate method of data entry, it can be combined with automatic coding rules to speed reconciliations. Even though it is an optional extra, some 80 percent of Reckon One users take advantage of bank feeds (pictured above).
The addition of a ‘Pay Now’ button to Reckon One invoices along with a simplified merchant enrolment process makes it easier for Reckon One users to accept payment via PayPal (with at least one more payment processor to follow) and makes it easier for customers to pay on receipt of the invoice. Some Reckon One users have told the company that using the Pay Now button has improved their cashflow.
The ability to generate either one invoice for a job or separate invoices for individual tasks, along with provision for time and expenses invoicing is especially important for consultants and people running side businesses, according to Reckon chief operating officer Dan Rabie. This feature is not found in many inexpensive accounting products, he said.
Reckon One’s payroll for an unlimited number of employees costs just $3 a month extra, and includes SuperStream compliance.
5. Cashflow monitoring
Cashflow is "always a massive issue for small businesses," observed Rabie. Reckon One's redesigned dashboard lets users include the information they need in this regard, and displays it in real-time for quicker and more informed decisions.