Lomush Adhikari, country manager of Renegade Nepal, a service export company, says they were able to manage their accounts more efficiently after subscribing to Tigg, a cloud-based accounting system developed by BIC Technology.
“You don’t need to have basic accounting knowledge to use Tigg,” says Adhikari. “We started using it shortly after it launched last year, and have found it very useful so far.”
Dr. Prativa Pandey, founder of cosmetics manufacturer Herveda Botanicals, second Adhikari.
“I like an easy-to-use interface that my sales staff can learn quickly,” says Pandey. “We also like that it’s accessible on the cloud, and we get real-time updates of every transaction.”
Although it has limited functionality at the moment, Pandey hopes they will expand it in the coming days. “Overall a great app for small to medium sized businesses.”
Bipin Regmi, owner of Nepal Automotive Centre, finds Tigg different from the accounting apps he has used so far.
“I’ve been using it since the start of the current fiscal year, and it’s easy to use,” Regmi said. “It certainly has weaknesses like most of the software we use. However, it has many features although it is still under development, and I am optimistic about its future possibilities.
Launched in mid-July last year, Tigg is available in both web and app versions, and has gained more than 560 subscribers, according to Ramesh KC, CEO of BIC Technology.
“We earned around Rs4.5 to Rs5 million from it,” says KC, 33, who is also a chartered accountant.
In April, Tigg received the Best Startup Award at CAN Infotech 2022, one of the country’s largest tech-related expos.
“It was a proud moment for us,” says Prarthana Saakha, co-founder of Tigg and its director of business development. “We believe our software will gain more success in the coming days.”
KC, originally from Nawalparasi district, came to Kathmandu ten years ago with the dream of becoming a chartered accountant. In addition to studying, he started doing work related to accounting. He quickly became dissatisfied with the way accounts were kept.
“When accounting for various clients, either they had to visit us or we had to go to them to exchange data and information,” KC explains. “There were desktop apps, but they lacked remote access.”
We often used to discuss this issue among friends, he added.
“We talked about the prospects for developing a cloud-based accounting system in Nepal,” says KC. “But there were foreign software and we weren’t sure we could compete with them.”
KC and his friends, most of whom worked in finance and information technology, began their research in 2017. Development of Tigg began in 2020. “The idea was to develop an accounting system based on the easy-to-use cloud,” KC said.
At the start of 2020, Covid-19 hit the world, forcing countries to experience lockdowns and restrictions. “It took us a year to develop the basic version of Tigg,” KC said. “We launched it in mid-July last year.”
The software was designed in collaboration with top accounting firms in Nepal, KC adds.
“The work-from-home policy that most organizations followed during the Covid-related restrictions made our product more relevant,” says KC. “It’s aimed at small and medium-sized businesses, and so far we’re happy with our success.”
“Of the Rs22 million collected to develop Tigg, we have already spent Rs18 million. We are adding more features,” KC said.
“One can easily create transaction records and manage all documents in one place. Multiple users can work together on the platform and create real-time reports. One does not need basic financial and accounting knowledge to use it. And we’re offering free remote training and support to all subscribers,” he said.
“It’s also less expensive than the foreign software that’s currently used by most companies,” KC said.
Tigg is currently available in three versions. While the standard version is for small businesses, the professional version is for medium-sized businesses, and the enterprise version is for businesses and corporations.
“Subscription prices are Rs. 15,000 and Rs. 25,000 per year respectively for the standard and professional versions. The features and price of the enterprise version can be customized as required through negotiation,” KC said.
Subscriptions are also available for three years, five years and lifetime with prices set accordingly.
Although all versions offer similar features such as unlimited users and storage, and offer year-round free remote training and support, they differ in terms of the number of products and transactions during a financial year.
The standard version allows up to 1,000 products and 10,000 transactions per year, and the professional version allows up to 2,500 products and 25,000 transactions.
“The main challenges for us right now are paying the servers as they have to be in Nepal as per Nepali law, getting skilled manpower to maintain the system and gaining the trust of a bigger number of commercial companies to use our product,” KC said.
Sakhha thinks entrepreneurs will also find Tigg useful.
“Most of the apps I’ve used so far to manage accounts have been quite difficult,” said Saakha, who has seven years of professional experience in the field of entrepreneurship and is currently the senior vice president. of the Nepalese Young Entrepreneurs Forum in Kathmandu. chapter.
“For entrepreneurs who don’t have basic financial knowledge, it can be very useful, especially for reporting. Feedback from our customers has been positive,” added Saakha.
“Most of the queries we get from our potential customers are about data security,” KC said. “We also felt the need to work to gain the trust of companies that were using other software.”
“Currently, Tigg provides accounting and inventory management functionality,” KC explains. “We are working on adding additional features based on feedback received from our customers.”