BAG Networks launches web-based accounting solution

BAG Networks yesterday launched a web-based accounting system targeted at small and medium enterprises (SMEs) in a bid to harness business potential in the country's nascent private sector.

After months of being in the beta-testing stage, the web-based accounting solution, dubbed Ikhlas, was unveiled to entrepreneurs at the Empire Hotel & Country Club.

Invited guests were given the opportunity to test the system, and were briefed by the Ikhlas team on the benefits of the system.

The system, which targets "young companies", is a simplified version of an accounting system which replaces accounting jargon with simple layman's terms such as "money in" and "money out".

"A lot of small SMEs in Brunei do not see accounting as a priority, but having a proper accounting record is crucial for every businesses big or small, if they want to secure big venture deals or government tenders or even dealing with banks. We want to help these small and medium enterprises formalize their accounts, provide them the tools to assist with business fundamentals and create platforms to harness business potentials," said Peter Lee, research and development lead at BAG Networks.

He said the company came up with Ikhlas with the aim of providing a fool-proof accounting system which non-accountants or the average businessman would be able to use with ease regardless of their understanding of accounting fundamentals.

"We design the system in its simplest form so that businesses can focus more on their businesses," he said.

The system has already been tested by more than 20 small companies in Brunei which were given a 30-day free trial of the beta version.

Faizul Yahya, the team leader of the Ikhlas team, said Ikhlas is ideal for small businesses in need of an affordable and effective accounting solution.

"Based on our research, most small business owners or entrepreneurs have no clue on what the best platforms are for accounting in the market, and they often purchase expensive or pirated software which are generally difficult to use. Others, especially the traditional ones, opt on hiring external accountants and end up paying between $600 to $800 a month," said Faizul.

Basic subscription for Ikhlas starts at $140 per month for a single admin access, $160 for one admin and one user access, and $200 for a premium account.

"In addition, we help set it up for your business and provide training on how to use the system. We maintain the system, so tech support is always available with just a phone call away," he added.

He stressed there is no need to invest in server hardware, software licences and related support services.

"What sets apart Ikhlas from other accounting systems is that the it is accessible 24 hours and seven days a week from any computer with an internet connection, anywhere, any time," said Faizul.

"You can access it on any computer from a web portal, whether you are using a PC or Mac or even on a mobile device via a dedicated web browser application."

Registered users can sign in with the identification and password details provided by the Ikhlas website at www.ikhlas.com.bn.

The Brunei Times