Revenue translates to about $114 million. Reckon is interesting for several reasons: It was Intuit's QuickBooks distributor in Australia for several years. It is moving its cloud-based Reckon One, low-cost accounting system, into the United Kingdom, widening its battle with Xero. And it has introduced its Virtual Cabinet document management system into the United States. Seats for that product were up 25 percent in its International Group although we don't know up from what. However, in a prepared statement, the language of CEO Clive Rabie has the sound of a company that has built itself up and is ready to grow. "In 2014 we stepped up our investment in the cloud, by increasing our sales teams, enhancing our infrastructure and investing in product development," Rabie said. He also made this statement: "We remain committed to re-investing some of this additional revenue growth into sustaining the long-term success of the business with a particular focus in further expanding our cloud capability and reach, as well as targeting new markets for our product range."
AUSTRALIA'S RECKON EYES EXPANSION Featured
Australia-based Reckon, one of the online accounting pack, saw a 3-percent decrease in net earnings for the year ended December 31 on a 3-percent rise in revenue. On the glass half-full side, non-IFRS basis earnings were up 5 percent. Either way you look at it, the bottom line was about $20 million as the difference between non-IFRS and IFRS was in the 2013 results.
