Brunei's largest co-op signs up for ikhlas

BRUNEI'S largest cooperative has signed up for the ikhlas online accounting system from BAG Networks.

With the move, the Ministry of Health Sports and Social Cooperative Limited (BKSS) would be able to better manage its finances, said Haslina Taib (pic), chief executive officer of BAG Networks.

"This system would allow more transparency with the accounts," she said.

She said BKSS Chairman Hj Mohd Salleh Hj Mohiddin wanted the cooperative to sign up for the online accounting system because he wanted to improve transparency, be able to look at the business and project future cash flows and focus on areas of weaknesses in the current business models.

"They can now reap the health of the businesses and get information based on their accounts to grow their company using knowledge that is in front of them," said Haslina.

She said BAG Networks will be pushing for more local companies, specifically small and medium enterprises to use the system.

Haslina, who is also a member of the Apec Business Advisory Council, said, "If more people come on board we would know the progress that they are making as well as see which areas of business they needed help on.

"Previously we know that one of the main issues with local businesses is that they need access to financing, but with more data, we would be able to tell what kind of financing they need," she said.

"We hope that through the success of this programme with BKSS, and how easy it is to use through word of mouth, other SMEs would follow suit and come on board to not just record their accounts but to apply it to their business," she said.

BKSS subscribed to the ikhlas system on May 26 and has already used the system for a few months accumulating "live data, with satisfactory results, BAG Networks said in a press statement.

The Brunei Times