Global technology company Zoho’s finance and operations suite witnessed a revenue growth of 50 per cent in India last year. Further, the technology company has also introduced several new features.
This includes improvements to its GST-compliant accounting software, Zoho Books; its inventory management tool, Zoho Inventory; and the practice management app for accountants, Zoho Practice. One of the key announcements indicates that the technology company aims to make tax-related tasks easier for businesses.
To put it simply, Zoho Books has come up with a new feature that will allow businesses to integrate with the Invoice Management System (IMS) on the GST portal. The company claims that this integration is a first in the industry.
Speaking about the same, Prashant Ganti, Head of Product Management, Finance and Operations Business Unit, Zoho Corp, told Outlook Business, “What we have done at Zoho is our accounting software, Zoho Books, comes integrated with the same Invoice Management System, so all invoices supported into that IMS are automatically shown in your Zoho Books.”
Ganti added that this is a major update for India that the company is bringing on top of the various other enhancements over the period of time. “This integration is significant because we’re the first accounting software to do so. This will help businesses in India reconcile GST invoices seamlessly,” he added.
Ganti further added that they have made updates to features like fixed asset management, advanced warehouse management, progress invoicing, and enhancements to their practice management product.
Zoho also recently launched its payments gateway. Zoho Payments intends to provide unified payment solutions for businesses. Soon after the launch, the company said in a statement, “Moreover, Zoho Payments is tightly integrated with the applications from the finance and operations suite, like Zoho Books, Zoho Billing, and Zoho Invoice. This allows businesses to directly connect with the solution to quickly start accepting payments online instead of having to integrate with third-party payment gateways and create a third-party payment account.”
At a time when the central bank has been increasing its regulation on the fintech sector, Ganti said, “We believe it is essential to balance innovation with compliance. For all our products, including Zoho Payments, we understand that compliance is a continuous process, not just a one-time activity. That’s why we prioritize proactive engagement with regulators and ensure that we adhere to all the necessary standards set by the RBI at every step.”
