Open Banking

Discover a clearer view of your business finances today.

What is Open Banking?

Open Banking is the secure way to digitally share your financial information with Reckon One. Connect your banks and credits cards today for a complete, real-time view of your finances and cash flow so that you can track your business’s financial health and make better decisions.

What is Payday filing? Payday filing is a new government requirement that changes the way you submit your employee payroll information to the Inland Revenue Department (IRD). Currently employers file employee earnings and PAYE information to the IRD each month, no matter how frequently they pay their employees. Under Payday filing you need to report this information to the IRD every time you pay your employees.
When does Payday filing start?  Payday filing was made mandatory for all employers from 1 April 2019.  Payday filing has been voluntary from 1 April 2018, and switches to mandatory from 1 April 2019. It’s a good idea to start thinking about how you’ll make Payday filing part of your payroll processes before this becomes a requirement.

See all your finances in one place

With all your transactions in one place, gain a centralised view of your finances. Say hello to instant, accurate bank data and goodbye to juggling different financial apps. It will help you budget and make smarter decisions for your business.

Automatic bank transactions

Bank transactions are automatically pulled into Reckon One and then reconciled for you. Save time on manual processing so you can spend more time growing your business!

Easy bank reconciliation With the Reckon One BankData module you can automatically import your latest banking and credit card transactions into Reckon One for easy bank reconciliation. This will help you keep track of your revenue and expenses and ensure your books are ready for your accountant at tax time.
Why has Payday filing been introduced?  In 2018, the New Zealand Government passed Payday filing legislation to streamline the payroll process by aligning payroll reporting requirements with your normal pay cycle. Payday filing replaces your Employer Monthly Schedule (IR348) if you file online or your Employer Schedule (IR348) if you’re a paper filer.  Payday filing also makes it easier to spot and correct mistakes as soon as they’re made and ensures the Government receives up-to-date information for calculating yours and your employees tax and entitlements.

A deeper understanding of your finances

Understand your finances from the past, present and future. Import up to 3 months of historic transaction data and use our handy budgeting tool to help plan your future cash flow.

Stay in control

Remember, it’s always your choice. Choose which providers you allow to access your Open Banking information and even decide how long you’d like them to access your data. Plus, you’re never asked to share your password or login details with anyone other than your own bank, building society or credit card provider. It’s innovation made safe.

What do I need to submit?  Each time you finish a pay run you need to send a report of the employee payroll information to the IRD. Your report will include the following information for each employee:  Pay period, pay cycle (weekly monthly etc) and payday date The employee’s full name, IRD number and tax code The employee’s total gross earnings The amount of PAYE, including tax on scheduler payments Child support or student loan deductions if applicable KiwiSaver deductions KiwiSaver employer contributions if applicable Employer Superannuation Contribution Tax (ESCT) Start and finish dates if an employee starts or stops working for you during the pay period
Why has Payday filing been introduced?  In 2018, the New Zealand Government passed Payday filing legislation to streamline the payroll process by aligning payroll reporting requirements with your normal pay cycle. Payday filing replaces your Employer Monthly Schedule (IR348) if you file online or your Employer Schedule (IR348) if you’re a paper filer.  Payday filing also makes it easier to spot and correct mistakes as soon as they’re made and ensures the Government receives up-to-date information for calculating yours and your employees tax and entitlements.

Get set up in minutes!

Connecting your bank to Reckon One has never been simpler, and what’s more – unlimited bank feeds with no transaction limits are included when you add BankData to Reckon One. Follow a few easy steps to get set up and start securely receiving transactions through a direct connection between Reckon One and your bank.

Open Banking is now available in Reckon One

Connect your bank in minutes and get the full picture of your business finances today.

Reckon One Limited is authorised and regulated by the Financial Conduct Authority (FRN 922892) for the conduct of payment services business in the UK.