Reckon's all-new cloud accounting system debuts

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Reckon's all-new cloud accounting system debuts

Is the latest entrant to the cloud accounting market in Australia for you? Here is a brief introduction to Reckon One.

Australian accounting software company Reckon has been talking about its cloud-based Reckon One product for over a year (we noted the company's plans last March), but it's now a reality.
While not everyone is sold on the idea of cloud accounting - and Reckon is continuing to offer its traditional desktop Reckon Accounts software - it does have several advantages. You can use it from any reasonably modern computer with an internet connection, you can give your accountant access so there's no messing around with copies of files, and integration with other online services is simplified. 
While Reckon One has a contemporary design (see our gallery of screenshots from the beta release), what we find particularly interesting about Reckon One is its modularity and pricing structure.
The idea is that unlike the monolithic product editions we're used to with desktop software you can mix and match the features you need. And unlike some other cloud accounting systems that are priced according to transaction volumes and only make certain features available at higher tiers, Reckon keeps the two things separate.
So the only mandatory part of Reckon One is the Core module, which costs $5 per month. If you just want to handle payments, receipts and budgets, that's all you need. Mobile apps for iOS and Android are free, by the way.
If the idea of having bank transactions imported automatically appeals, take the BankData module as well. The monthly charge starts at $3 for up to 100 transactions, rising to $5 for 250 and $7 for 500. If your bank account is busier than that, Reckon will quote a price.
The other initial modules are Invoices ($3 per month, or $5 if you need sales and purchase approvals) and Projects ($3 or $5 a month depending on your tracking requirements). More advanced versions of these modules are on their way.
Probably the biggest shortcoming is that the Inventory and Payroll modules are still under development, which rules Reckon One out of consideration for some types of business at this stage.
Also missing at launch are Time & Billing ("coming very soon") and GovConnect for online BAS lodgement ("coming soon").
An important part of Reckon One's modularity is that you can turn individual modules on or off (or up and down) as needed. An obvious example is GovConnect - if you lodge your BAS quarterly, you won't need GovConnect in the other months. And highly seasonal businesses may find that the basic BankData tier is fine for all but their busiest months.
If you operate more than one set of accounts - perhaps you have a side business in addition to your main venture - volume discounts start at 5% for just two books.
As usual with such accounting services, a 30-day free trial of Reckon One is offered. 
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