AUSTRALIAN-developed small-to-medium enterprise cloud accounting software, Reckon One, went live in the UK in May.
ASX-listed Reckon Limited has long seen the UK as a major target market. According to UK Department for Business Innovation and Skills estimates, almost 99 percent of the country’s 5.4 million private sector businesses are SMEs.
The department’s figures show the UK possesses a high level of technological literacy but only a small proportion of SMEs are utilising cloud-based accounting solutions – perhaps as little as 10 percent.
“The size and demographics of the UK’s SME market represents a compelling opportunity for Reckon,” Reckon Ltd CEO Clive Rabie said. “We are well positioned to own the market and educate businesses on the future of online accounting, and support SMEs as they grow from startup to success.
“Our expansion of Reckon One into the UK illustrates our commitment to long-term growth within the company and will cement our reputation as a trusted and innovative software provider. Unlike our major competitors, we have built Reckon One entirely in-house using exclusively Australian resources. We are enormously proud to be expanding and taking on companies in the UK,” he said.
“The news caps-off an exciting 12 months for Reckon. We have launched Reckon One, added a payroll module which has expanded the product’s reach from sole-traders to SMEs and large businesses, and we are now launching the completed product internationally.”
Reckon has more than 20 years’ experience developing accounting solutions and the upcoming launch of Reckon One in the UK is in-line with the company’s commitment to develop a suite of internationally recognised products that will deliver long-term returns.
Reckon Ltd also operates in the US and New Zealand.