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An Online Accounting Service for as Low asPhp250 a Month? PH Software Maker ShowsHow It’s DoneHilsoft gives customers the option to pay for the entire package or only components they needBy Elyssa Christine Lopez | Oct 2, 2017

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 Unlike large businesses with accounting departments, keeping track of dailysales and transactions can be a burden for micro and small businessentrepreneurs in the Philippines. More often than not, these startups treatproper accounting work as an afterthought, observed SGV and Co. PartnerSherwin Yason. “Considering the way most SMEs are structured, many do not prioritize their�nance and accounting infrastructure, often due to cost considerations,” Yasonwrote in his weekly column in BusinessWorld newspaper in 2014. “Beyond theissues of credit, having timely, accurate and consistent �nancial statementscan help management and stakeholders make timely �nancial and investmentdecisions.” Hilsoft Inc., a Filipino-owned software company, hopes to change that with itsweb-based accounting platform, Hilsoft Snap, which was designed with smallbusiness owners in mind. For as low as $20, or Php1,000 a month, customers may use the online platform,which performs standard accounting functions such as check preparation,billing, invoicing and �nancial statement preparation. “Most entrepreneurs don’t have knowledge about accounting, most especiallywhen their main focus is sales and operations. Sometimes, all they know iswriting checks,” said Hilsoft Inc. founder and CEO Dennis Hilario. “With Snap, itwill encode and record all of your �nancial transactions and you can access itanytime online.” Hilsoft Snap is the user-friendly and downsized version of the company’s mainproduct: an enterprise resource planning (ERP) system for big businesses. Thesoftware, like most offered in the market, automates a company’sadministrative functions from accounting to inventory management through aseries of applications. Coffee shop chains Coffee Bean and Tea Leaf and UCCCoffee are some of the companies that use the service. 

   

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Here are effective tips to help make your localdelicacy business successful.

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 Hilsoft Inc. founder and CEO Dennis Hilario  But Hilario understands not all businesses need a sophisticated softwaresystem. So in 2016, Hilsoft launched Snap with small and solo entrepreneurs inmind. The service has signed up 200 customers since then. “You may not even purchase the whole accounting platform and just choosethe modules or functions that you need [on Snap]. For example, you just needcheck preparation, then you may avail of that for just $5 (Php250) a month,”Hilario said. “Every module that you add will be charged with the same fee.”  So is it similar to �nancial solution apps for tablets and smartphones? Hilariosaid not necessarily.  “Most of those apps are meant to cater to those who want to keep track ofpersonal expenses, but Snap does more than that. It’s meant to formalize all ofyour �nancial transactions so when auditing comes, whether for internal

   

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purposes or when you need it for tax payments, you have something to show.You have the track record,” Hilario said.

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 Rather than personal �nance tracking apps, Hilsoft Snap works more likeQuickBooks and Xero, the most popular web-based accounting services in theUnited States. According to their respective websites, both �rms have a total of3.5 million customers worldwide. Hilario is bullish Hilsoft Snap can take a slice of that global market because itis more affordable and works just as well as the US brands. “I want Hilsoft to bethe top of mind answer when people ask about software companies in thePhilippines,” the 37-year-old executive said. “There’s no Filipino company likethat yet.” 

Hilsoft Snap is a web-based accounting platform designed for small businessowners

  With Hilario’s storied career, that isn’t farfetched. He has been developingsoftware programs for corporations and large businesses encompassing

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10/8/2017 An Online Accounting Service for as Low as Php250 a Month? PH Software Maker Shows How It’s Done | Entrepreneur Ph

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different industries, from Jollibee Foods Corp. to Unionbank of the Philippinesunder Omega Business Consulting. Hilario founded and ran Omega with his brother and uncle for more than adecade since the early 2000s. However, in 2012, he decided to put up his own�rm, Hilsoft, after he, his brother and uncle decided to end the Omegapartnership and go their separate ways. Since its inception, Hilsoft has been enjoying robust revenues that surged 11-fold from only Php1.1 million in 2012 to Php12.2 million in 2014. Hilarioestimates that revenue likely reached Php20 million last year and could doubleto Php40 million this year “For the longest time, we didn’t have a sales team but once we had one, thatgrew our sales ultimately. We haven’t been aggressive on marketing andbranding since we wanted to ramp up our operations �rst. This year alone, ourteam grew from 30 people to 60,” Hilario said. “We want to be ready once thecustomers come in.” By 2018, the Filipino software company is updating Snap with new functions,including a POS (point of sale) and inventory tracking system. Soon, multi-branch businesses may keep track of their outlets’ sales real-time and maygenerate reports through the online platform. 

Customers can use the online platform for as low as $20, or Php1,000 a month 

   

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Enterprise Resource Planning Software Solutions erp erp systems Hilsoft

Hilsoft Snap pro�le Success Story

Entrepreneurship

 But even before that update, Hilario is already opening of�ces in Australia inOctober and in the US in 2018 to attract customers abroad. “We’ve already proven that this product has traction so we’re opening it forcustomers globally. It’s time,” Hilario added.   *****  Elyssa Christine Lopez is a staff writer of Entrepreneur PH. Follow her onTwitter @elyssalopz

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