Analysts are concerned that the spin-off of Reckon's document management division will limit the growth of the business while the cloud accounting software market enters a new, more competitive phase.

"A challenge for the continuing business will be to achieve meaningful revenue growth. In FY16, practice management revenue growth was 2.6 per cent ... while revenue in the business segment was unchanged," Select Equities analysts Paul Bates and Mark Southwell-Keely said in a note.