Zoho has announced that its finance and operations suite has been able to achieve a 42% growth in revenue in Kenya in 2023.
The company also announced the addition of key product capabilities in its VAT-compliant accounting solution Zoho Books, inventory management solution Zoho Inventory, and practice management app for accountants Zoho Practice. The newly-launched capabilities aim to help businesses and accountants enhance operational efficiency, simplify routine financial tasks, ensure regulatory compliance, and streamline internal processes.
Zoho Books
Zoho Books is a VAT-compliant accounting software, and KRA approved eTIMs integrator software. It now includes fixed asset management, which allows recording of asset details, automatically calculate depreciation based on specified percentage, method, and period, and generates depreciation forecast reports.
With Zoho Books, businesses can push error-free invoices to the eTIMS portal with one click. Once validated, these invoices are automatically updated in Zoho Books with a QR code along with other reference details, which businesses can send to customers.
Additionally, the VAT Returns Form-3 report will be updated based on the eTIMS invoices raised. Any updates mandated by the KRA will be supported by Zoho Books, helping Kenyan businesses easily manage their tax obligations, reducing the manual effort involved in staying compliant.
Zoho Inventory
Zoho Inventory has introduced advanced warehouse management capabilities such as enhanced location tracking and labelling, stock counting, stock out alerts, and role-based access to manage the warehouse operations. These newly-launched capabilities offer better inventory control, ensure accurate stock levels, and provide faster order processing. Additionally, the solution now supports the moving average inventory valuation method, helping businesses calculate the total asset value of products that have fluctuating prices. The product’s mobile apps empower warehouse employees to perform their tasks on the go, improving productivity.
Zoho Practice
Zoho Practice, is a practice management application for accounting firms. It has now introduced Workpapers to simplify audit and compliance workflows. It allows firms to fetch financial statements of the clients who use Zoho Books, enabling easy comparison, adjustments, document management, and collaboration for reviews and approvals. The new self-service portal enables accountants to collaborate with clients that use third-party accounting software, facilitating document requests, digital signatures, and communication.
The latest version of Zoho Practice also enables accountants to easily create and manage ledgers for clients who don’t have a full accounting system, maintaining a single source of truth. Furthermore, advanced capabilities like workflow automation, custom functions, and scheduling options help customise operational workflows.
All the features for Zoho Books, Zoho Inventory, and Zoho Practice are available for immediate use.