Reckon One pricing review – Is it the right choice for your business?

Reckon One is a cloud-based accounting software designed for small to medium-sized businesses looking for flexibility, cost-efficiency, and functionality. With its modular pricing structure, Reckon One allows businesses to only pay for the features they need, making it an attractive option for companies seeking a tailored accounting solution. In this review, we delve into Reckon One features, pricing, and its suitability for UK businesses.

Reckon One features review

Reckon One offers a variety of features essential for effective financial management. These features are divided into modules, enabling businesses to add or remove functions as their needs change:

Core accounting

• Basic bookkeeping functionality, including invoicing, tracking payments, and expense management.
• Suitable for general financial tasks such as managing accounts receivable and payable.

Bank data

• Automatic bank feeds to streamline reconciliation processes.
• Reduces manual data entry and improves accuracy in financial reporting.

Time tracking

• Allows businesses to track billable hours for clients and projects.
• Ideal for service-based industries requiring detailed timesheets.

Projects

• Monitor project budgets, costs, and profitability in real-time.
• Helps manage finances for multiple ongoing projects effectively.

Payroll

• A module designed to handle employee payslips, taxes, and compliance requirements.
• Ensures alignment with UK payroll regulations.
• See our separate guides to payroll services.

Reporting

• Generates financial reports such as profit and loss statements, balance sheets, and cash flow projections.
• Provides insights to support strategic business decisions.

Reckon One pricing review

Reckon One modular pricing is its standout feature, enabling businesses to construct a plan that aligns with their specific requirements. Below is a breakdown of the costs for each module:

• Core module: £3 per month
  This is the base module, required for using Reckon One. It includes essential accounting features like invoicing and expense tracking.
• Bank data: £3 per month
  Adds automatic bank feeds for efficient reconciliation.
• Time tracking: £3 per month
  For managing billable hours and timesheets.
• Projects: £3 per month
  Useful for monitoring project costs and profitability.
• Payroll: From £5 per month
  The price depends on the number of employees, starting at £5 for up to two employees.
• Reporting: £3 per month
  Advanced reporting features to generate custom financial insights.
• Total cost example: A business requiring the core module, bank data, and payroll for two employees would pay £11 per month. For businesses that require all modules, the cost would start from £20 per month.

Pros and cons of Reckon One

Pros:

• Affordable and customisable pricing.
• Easy-to-use interface.
• Cloud-based accessibility from anywhere.
• HMRC-compliant for MTD.

Cons:

• Limited scalability for larger organisations.
• Fewer integrations compared to competitors.

Review verdict – Is Reckon One the right choice for your business?

Reckon One’s affordability and modular pricing make it particularly appealing to small businesses with straightforward accounting needs. However, its suitability will depend on the following factors:

1. Budget – Reckon One is one of the most cost-effective options in the market, making it ideal for startups or businesses with tight budgets.
2. Scalability – The modular system is flexible but may not be as comprehensive as competitors like Xero or QuickBooks, especially for businesses with complex accounting needs.
3. Ease of use – Its intuitive interface is designed for non-accounting professionals, ensuring accessibility for small business owners.
4. Compliance – Reckon One is HMRC-recognised for Making Tax Digital (MTD), which is essential for UK businesses managing VAT.

Final thoughts

To conclude our pricing review, Reckon One is a strong contender for small businesses seeking a budget-friendly, flexible accounting solution. Its modular approach allows businesses to avoid paying for unnecessary features, while its HMRC compliance ensures it meets UK regulatory requirements.

However, for larger businesses or those requiring advanced features and integrations, alternatives like Xero, QuickBooks, or Sage may offer a more robust solution.

By evaluating your business’s specific needs, Reckon One could be an excellent fit, providing cost savings and functionality tailored to your operations.

Interested in learning more? Reckon One offers a free 30-day trial, allowing you to explore its features risk-free and determine if it’s the right choice for your business.

FAQ – Reckon One pricing review