Zoho Finance and Operations suite sees 50% revenue growth in India #IndiaFinance

Zoho has announced that its finance and operations suite saw a revenue growth of 50 per cent in India in 2023. The company also enhanced its GST-compliant accounting software Zoho Books, inventory management software Zoho Inventory, and practice management app for accountants Zoho Practice.

The announcement includes what the company claims to be is Zoho Books’ industry-first integration with the Invoice Management System (IMS) on the GST portal, offering businesses a way to verify and claim Input Tax Credit (ITC) from within the Zoho Books’ application.

“We see a high adoption rate of Zoho’s finance and operations applications in India, driven by the increasing demand for tools that ease compliance, streamline financial workflows, and optimise day-to-day operations,” said Prashant Ganti, Head of Product Management, Finance, and Operations Business Unit, Zoho Corp.

“We are committed to providing solutions that reduce complexity in managing financial and operational processes. With the latest updates, our solutions help businesses improve productivity, eliminate manual errors, and provide accurate financial visibility, allowing them to focus on their growth.”

According to the company, the Zoho Finance and Operations suite’s growth momentum in India is fuelled by demand from different industries for a unified solution offering financial management capabilities, solving compliance challenges, and interoperating with other business solutions.

Zoho Books, Zoho Payroll, and Zoho Expense are driving this growth, the company said. The platform supports businesses across 160 countries, and the applications can be used in 17 languages, including languages like Hindi, Tamil, Marathi, and Telugu.

IMS on GST portal

The Goods and Services Tax Network launched the Invoice Management System (IMS) on the GST portal, effective in October 2024. The IMS dashboard enhances the invoice validation and reconciliation process, aiming to reduce disputes and enable faster credit claims.

Zoho Books, a GST and e-invoicing-compliant accounting software solution, provides integration with the IMS dashboard, enabling businesses to fetch supplier invoices, compare them with their existing records in the application, make adjustments, accept or reject them, and push the status to the IMS Dashboard–without switching between the GST portal and Zoho Books.

Zoho Books now includes fixed asset management, enabling the recording of asset details, automatic depreciation calculation based on the chosen percentage, method, and period, and the generation of forecast reports. Progress-based invoicing allows businesses to invoice customers based on the completion of project milestones, improving the cash flow.

Zoho Inventory has introduced warehouse management capabilities like enhanced location tracking and labelling, stock counting, stock-out alerts, and role-based access to manage warehouse operations. The solution also supports the moving average inventory valuation method, helping businesses calculate the total asset value with fluctuating prices.

Zoho Practice, a practice management app for accounting firms, has introduced Workpapers to simplify audit and compliance workflows. It allows firms to fetch the financial statements of the clients using Zoho Books, enabling comparison, adjustments, document management, and collaboration.

The new self-service portal enables accountants to collaborate with clients using third-party accounting software, facilitating document requests, digital signatures, and communication.

The latest version of Zoho Practice also enables accountants to create and manage ledgers for clients without a full accounting system.