Web services provider Cid Systems has introduced the Oojeema Online Accounting System, a cloud-based online system developed to help the Philippines’ micro, small and medium enterprises (MSMEs) overcome the challenges of accounting.
“In the Philippines, an overwhelming majority of businesses are MSMEs who can’t afford popular business software from global enterprise brands,” said Lumeng Lim, General Manager at Cid Systems. “With Oojeema, they can now have access to a reliable accounting system that will help them automate various internal business processes. It can make managing their businesses easier.”
“Oojeema is also programmed to compute taxes and generate government reports and forms, in compliance with Philippine laws. This helps ease the hassle of abiding by many of the requirements of the Bureau of Internal Revenue (BIR),” Lim added.
The functionalities of Oojeema system were patterned after the double entry accounting system, which are carefully built layer by layer to ensure that these conform to the standard accounting principles and practices.
A user can set up an account in seven minutes or less, claims the company. After the user details, company details, and chart of accounts have been set up, a user can immediately record invoices and receive payments, record purchases, and compute withholding taxes.
Lim said that for chart of accounts, Oojeema has created a template for accounts or items that businesses usually encounter. Aside from this, the system can generate standard reports such as sales, income statement, balance sheet, bank reconciliation, profit and loss statement, and trial balance where the data are based on the invoices generated and recorded.
The system can also be customized to suit individual needs.
Oojeema system supports the following BIR forms: Certificate of Creditable Tax Withheld at source (BIR Form No. 2307); Monthly Value-Added Tax Declaration (BIR Form No. 2550M); Quarterly Value-Added Tax Declaration (BIR Form No. 2550Q); Monthly Percentage Tax Return (BIR Form No. 2551M); and Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded) (BIR form No. 1601E).
The accounting software provides a 30-day trial period for free. Enterprises can choose to upgrade from either Lite account for free and unlimited users but for limited transactions (five invoices, five purchases and 20 bank reconciliations) only, or Pro account for P800 a month with unlimited transactions (invoices, purchases, bank reconciliations) and users. Payment can be made through PayPal.
BIR forms can be generated in both accounts.
Lim notes that subscribers need not worry about the security of their data. Secured by a software and hardware firewall, data processed by the system are protected with a standard daily backup every two hours.
Lim also said that they are looking at giving free subscription for two months to companies that will subscribe for one year.
The platform is designed to run on the most popular Web browsers in the market, while plans are underway for a mobile-based application.
Lim also revealed that they also have plans to develop egovernment and ecommerce solutions.
The system, launched only a week ago, currently targets six or seven industries including trading, services, professionals, and fixed incomes.
“Since we put up our Web site a week ago, we have no clients yet,” said Lim. “A lot are testing the product and we’re getting feedback.”