Reckon says the long-awaited release now makes the online accounting software a strong and affordable product, “uniquely engineered to be a perfect fit for any business”.
Reckon CEO Clive Rabie says the new payroll solution has been built by Reckon from the ground up after extensive consultation with clients and the broader industry to ensure the tool “could fit their needs better than anyone else”.
And according to Rabie, the Payroll solution is “uniquely engineered” to simplify the day-to-day accounting complexity of a business and allows them to only pay for what they need.
Rabie says Reckon saw its own software build as the only way to ensure a well-priced product, “unhindered by the issues that often burden tacked-on solutions”. “The strategy has paid off and Reckon One’s Payroll module has received high praise from user testing groups.”
“This release marks a huge opportunity for Reckon and is a significant milestone for the company. The lack of Payroll functionality was curbing the uptake of Reckon One. Its introduction enables us to expand from targeting sole-traders, to small to large businesses, significantly increasing our potential market.
“We now have a very strong offering with all the advantages of the competition, and in many respects, better due to our custom build with unlimited employee management, fair pricing for a premium solution, and a next generation user experience. We’re excited to see what it can do to improve operations for Australian business owners. Our Reckon One solution has had a big boost today. It’s game on.”
Rabie cites a 2016 benchmarking report by the Australian Payroll Association’s showing that Payroll-related costs were one of the biggest expenses for SMEs, and for companies with less than 50 employees, the average cost per payslip annually is $4,766.03. “A situation not helped by Reckon’s competitors who charge businesses ever higher prices for online accounting software as they hire more employees,” the report observed.
Rabid says that in June 2015 the Counts of Australian Businesses ABS report showed 37% of businesses in Australia have between 1 to 19 employees, which is more than 780,000 businesses.
“Reckon’s new Payroll functionality for unlimited employees means those businesses will immediately see a benefit using Reckon One, and won’t be charged more for Payroll when growing their workforce.
“Payroll is an essential tool for business owners but can be expensive, especially for SMEs. As we developed our Payroll software in-house, we were able to keep costs much lower for our customers so business owners can rest assured they won’t be charged extra for Payroll as they grow and employ more staff.”
According to Rabie, Reckon couldn’t be launching its Payroll at a more ideal time, with the ATO requiring all employers to be Superstream compliant by the 30 June.
Rabie says Reckon believes that its Reckon One offering is a "compelling solution for the large number of businesses who need to comply with the impending law".
Reckon One allows super contributions to be processed automatically on its $5 per month ‘medium’ Payroll version, and has partnered with the National Australia Bank to facilitate this across all major banks from launch date.
There is also a $3 per month ‘lite’ Payroll offering that will allow businesses to process their contributions manually from the 30 June.
The ‘lite’ Payroll option also includes:
• Unlimited employees
• Pay employees and track leave
• Automatic compliance updates
• Calculate superannuation and obligations
• Process manual and scheduled pay runs
• SAFF download for SuperStream (from 30 June)