Monday, April 15, 2024

Pinoy software maker seeks lead in digital accounting in PH

Xirrus, a Filipino-owned company that provides accounting software and business consultancy services to a variety of industries, has set an ambitious goal to dominate the digital accounting field in the Philippines.

John Edward T. Castillo, managing director of Xirrus, looked back when the company started in 2016: “Most of the concerns then were based on the time it took clients to record transactions and generate the reports. Imagine businesses doing recording on manual books or in a glorified spreadsheet.”

Castillo said collaboration between employees within the accounting department was difficult because they were keeping separate and unconnected files. Report generation ranged from days to weeks due to the tediousness of consolidating different sources of data, he noted.

“Another concern was that they had to record the transactions twice. First in their manual spreadsheets, and second in the BIR (Bureau of Internal Revenue) system. One of their biggest wish-list was to have a system where they can just export the data and the same data can be fed to the BIR system to minimize double recording,” he recalled.

Majority of the businesses in the Philippines then and now is in the MSME bracket, according to Castillo. These businesses want a simple accounting system that works, is affordable, easy to setup and easy to use.

It is for this purpose, Castillo said, that Xirrus was put up to help them transition from manual bookkeeping to computerized accounting. The end goal is to make business owners better equipped with the right data for their business-making decisions, he said.

Xirrus tackles client issues two ways: one is by providing consultancy services and another is by introducing products specific to a client problem.

Castillo explains: “Our product lineup is from internationally recognized brands like QuickBooks, both desktop and online, which is developed by Intuit.

“QuickBooks is being enjoyed by more than four million users globally. We consider QuickBooks as our flagship product. Intuit and QuickBooks have a steady development roadmap, which ensures that all product subscribers will definitely see new additions to their QuickBooks experience every year. Another brand is Sage 50, formerly known as Peachtree, developed by Sage.”

For services, Xirrus offers installation, configuration, training, implementation, customization and helpdesk support. The company follows a standard methodology in delivering these services regardless of the client’s industry type. 

So, what is the difference between client concerns then and now? It is the digitalization of transactions, according to the company.

The pandemic has greatly changed the mindset of businesses, especially when the Corporate Recovery and Tax Incentives for Enterprises (Create Law) was introduced. Now, businesses are more open in generating digital invoices and sending it to customer’s email.

Along with this, the pandemic has also forced businesses to adopt and embrace the remote setup, which means that they see cloud-based systems as a viable solution to the work-from-home environment.

Cloud-based systems now offer collaboration even when teams are not in the same office space, unlike in 2016 when the concerns on collaboration are based on localized, on-premise central storage of data.

Xirrus said it has been lucky to have had the chance of working with a diverse set of clients. It has provided products and services to trading and retail, manufacturing, distribution, construction, non-profit, general services, schools, food and restaurants, resorts and hospitality business, and other accounting firms.

Almost all of these clients are looking for one thing — to have an updated accounting solution with steady local support. Xirrus comes in and advises clients what system or systems best work for their needs.

Xirrus said it has a high retention rate for clients. One long-time client who has stayed with the company from the very start has enjoyed a year-by-year revenue increase of 42 percent. The management has gained insight on which markets they will penetrate and has determined which products were providing them maximum profitability.

The tech firm said it believes on three components of business success: people, process and technology. “We want each client to be aware that success lies in choosing the right people, optimizing business process, eliminating redundant tasks and using the right technology,” Castillo said.

Xirrus can be reached at 0917 634 0814 or visit their website.

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