Managing business finances efficiently is essential for success. In New Zealand, many businesses rely on Reckon Hosted, a cloud-based accounting solution that offers flexibility, accessibility, and powerful financial management tools. This topic explores what Reckon Hosted is, its key features, benefits, and how it compares to other accounting software in the market.
What Is Reckon Hosted?
Reckon Hosted is an online accounting software designed for businesses in New Zealand. It is a cloud-based version of Reckon Accounts, allowing users to manage their finances from anywhere with an internet connection.
Unlike traditional accounting software that requires installation on a computer, Reckon Hosted operates entirely in the cloud, providing real-time access to financial data. This makes it a popular choice for businesses looking for a scalable and secure accounting solution.
Key Features of Reckon Hosted
1. Cloud-Based Accessibility
With Reckon Hosted, businesses can access their accounts from any device with an internet connection. This eliminates the need for software installation and ensures real-time updates across multiple users.
2. Multi-User Functionality
Businesses can grant access to accountants, bookkeepers, or employees, making collaboration easier. Multiple users can work on financial data simultaneously, improving efficiency.
3. Payroll Management
Reckon Hosted includes a comprehensive payroll system that helps businesses manage employee wages, tax calculations, and compliance with New Zealand tax regulations.
4. GST and Tax Compliance
The software is designed to handle New Zealand’s GST (Goods and Services Tax), ensuring that businesses remain compliant with local tax laws. It also generates tax reports for easy submission to the Inland Revenue Department (IRD).
5. Bank Reconciliation
Reckon Hosted allows businesses to connect their bank accounts, simplifying the reconciliation process. Transactions can be automatically matched, reducing manual data entry errors.
6. Customizable Reports
Users can generate financial reports tailored to their business needs. These reports help businesses track expenses, income, and overall financial health.
7. Secure Data Storage
As a cloud-based solution, Reckon Hosted offers automatic data backups and advanced security measures to protect sensitive financial information.
Benefits of Using Reckon Hosted in New Zealand
1. Cost-Effective Accounting Solution
Since Reckon Hosted operates in the cloud, businesses save money on IT infrastructure and software installation. The subscription-based model ensures predictable costs without large upfront expenses.
2. Remote Work Capability
Business owners and accountants can work from anywhere in New Zealand, making it easier to manage finances while traveling or working from home.
3. Seamless Collaboration with Accountants
Reckon Hosted allows accountants to access financial data remotely, reducing the need for in-person meetings and manual data transfers.
4. Compliance with New Zealand Tax Laws
The software is updated regularly to reflect changes in New Zealand’s tax regulations, ensuring businesses remain compliant with GST and payroll requirements.
5. Time-Saving Automation
With features like automated invoicing, bank feeds, and payroll processing, Reckon Hosted minimizes manual work, allowing businesses to focus on growth.
How Reckon Hosted Compares to Other Accounting Software
| Feature | Reckon Hosted | Xero | MYOB |
|---|---|---|---|
| Cloud-Based | ✅ Yes | ✅ Yes | ✅ Yes |
| Multi-User Access | ✅ Yes | ✅ Yes | ✅ Yes |
| Payroll Integration | ✅ Yes | ✅ Yes | ✅ Yes |
| GST Compliance | ✅ Yes | ✅ Yes | ✅ Yes |
| Custom Reports | ✅ Yes | ✅ Limited | ✅ Yes |
| Cost-Effective | ✅ Yes | ❌ Higher cost | ❌ Higher cost |
Reckon Hosted competes closely with Xero and MYOB, two of the most popular accounting software in New Zealand. However, it stands out with affordable pricing and customizable reporting features.
How to Get Started with Reckon Hosted
Step 1: Sign Up for an Account
Businesses can visit Reckon’s website and choose a subscription plan that fits their needs.
Step 2: Set Up Your Business Profile
After signing up, users can enter business details, including tax information and bank accounts.
Step 3: Import Existing Financial Data
For businesses switching from another software, Reckon Hosted allows easy data migration from spreadsheets or other accounting platforms.
Step 4: Customize Settings and Reports
Users can personalize invoices, reports, and financial dashboards to match their business needs.
Step 5: Start Managing Finances
Once set up, businesses can begin tracking expenses, processing payroll, and generating reports in real time.
Who Should Use Reckon Hosted?
Reckon Hosted is suitable for:
-
Small to medium-sized businesses looking for an affordable cloud-based accounting solution.
-
Accountants and bookkeepers who need remote access to client financial data.
-
Freelancers and self-employed professionals who require GST-compliant invoicing.
-
Retailers and wholesalers managing inventory and sales transactions.
Reckon Hosted is a powerful and user-friendly cloud accounting solution for businesses in New Zealand. Its features, including multi-user access, payroll management, and GST compliance, make it a great choice for companies looking for an efficient financial management tool.
With affordable pricing and customizable reporting, Reckon Hosted stands out as a strong alternative to competitors like Xero and MYOB. Businesses seeking a secure, flexible, and cost-effective accounting solution should consider making the switch to Reckon Hosted.