One of the biggest challenges for an entrepreneur, freelancer or small business owner is growing his or her business. Whether you’re a restaurateur, travel blogger or a tech innovator, scaling up is the only way to go in order to reach new markets as well as new financial heights for the business.
In the accounting industry, this growth requires new accounting complexities that need to be addressed, such as more hours spent on accounting administration and additional paperwork. And for non-accountants, this can result to bottlenecks in the workload, causing unnecessary delays. Fortunately, there are several tools available online to address this critical issue.
Reckon One, developed by Reckon, is a cloud accounting software that promises a viable solution. Known for its ease of use and competitive pricing, the platform has its own set of advantages and disadvantages compared to other accounting platforms like Xero, MYOB, Intuit and Quickbook Online.
In this review, we will look at how Reckon One performs in different focus areas of comparison, including pricing, features, functionality, and many others.
Ease-of-Use and Design
Reckon One is uniquely designed to be simple, making sure that only the functions needed for easier accounting are made visible. Hence, you won’t have to scramble around to see how many bills you need to pay or how many invoices are overdue. You can, if you have linked your accounts, see bank balances and track them over past months.
The customisable, refreshing dashboard offers a powerful yet sophisticated feel compared to its rivals – a personalised experience that includes the KPIs relevant to one’s business and a real-time overview of their finances. Even by just using the free trial package and with no prior experience in any accounting software, Reckon One is designed to be very comprehensive and easy to use.
Its modern interface design enables a seamless user experience for superior workflows, without the unnecessary accounting clutter. On top of the personalisation options, the software uses a simple language and has lots of tools to increase productivity.
Design is indeed one of the exclusive values of being the latest to market, compared to other competitors that are working on old user interfaces. However, this can also disadvantage especially since old competitors have already established their authority in the industry and could leverage the depth of their experience in creating value.
Reckon One has powerful functionality, making difficult accounting tasks seem easy.
Following through a mix-and-match approach, Reckon One is definitely acing the demand for a personalised experience in the digital era, allowing users to only see the functions they want to use on a regular basis. Its straightforward navigation avoids confusion on the features that users only need to see.
The recent announcement of Reckon One’s new payroll module addresses some early concerns over its absence, but it didn’t remove the doubts that came along the company’s move to launch a project’s module first before payroll, highlighting how complicated payroll works in Australia.
Another concern over Reckon one is the absence of an application programming interface (API) – a set of routines, protocols and tools for building software applications. For instance, Xero develops third-party programs that maximises the usability of an accounting program in different directions.
Two of the features that Reckon One lacks are inventory and multiple currencies. The lack of inventory won’t matter if you’re a service-based business, or if there’s a third-party inventory app that can be easily integrated with the accounting software.
Reckon One’s pricing scheme is very competitive, which means big savings for small businesses. Because it offers a smarter pricing model, you can personalize the customer experience and only pay for your specific needs – a big relief for businesses paying hundreds of bucks a year for accounting software.
Hailing itself as an ‘app store’ for businesses, Reckon One offers a smart pricing model shown below:
These are the minimum fees that users have to pay, with increasing monthly costs depending on the volumes of the transaction.
Most of the pricing is based on a low, flat fee, with no limits. Its competitive pricing is also consistent across all countries, offering no steep increases from one bundle to another, and with only optional add-ons on top of the flat pricing structure. It is also beneficial for seasonal businesses since the add-on options can be turned on and off throughout the year, making it a cost-efficient option.
Reckon One also offers a 30-day free trial, and 24/7 unlimited customer support, which includes direct call availability, callback service, email support, and a 24/7 online community.
Security and Backups
Since all of Reckon One’s data is locally hosted, it provides relief to customers who are not comfortable with offshore hosting. And given the rise of cyber attacks in the past few years, Reckon One is one step ahead of its competitors whose data are hosted offshore.
Reckon One uses highly secured SSL encryption and Amazon Web Services for security, hosting and storage. It also provides automatic and secure backups.
For individuals and small and medium businesses looking for flexibility and affordability in accounting software, Reckon One surely offers a great deal. And its best selling points are user control and competitive pricing.
Reckon One marks the birth of a new breed of radically smarter online accounting software, delighting customers with a more personal, productive and pleasurable experience. It may be just new in the market, but if you’re a small business used to spreadsheets, Reckon One could be the best first deal to step into the cloud.
Before choosing the accounting software for your business needs, it’s important to have a deep understanding of your industry, your product or service and business model, your level of software and accounting knowledge, and your budget for such technology.
Being specific with what you want will lead you closer to the right technology that is fit for your business, especially since any software will have its own advantages and disadvantages. Remember, it pays to have a systematic approach in deciding which accounting software is most suitable for your business.
To know more about Reckon One, you may visit: reckon.com/au/one