Zoho Finance Platform achieves 50% year-over-year global growth, powered by expanding product suite and global reach
Zoho Corporation has announced that Zoho's Finance Platform has achieved 50 per cent year-over-year (YOY) revenue growth, supporting more than half a million businesses across more than 160 countries.
Driving the Platform's growth is the global expansion of its cloud-based accounting application, Zoho Books, which now supports all 180 global currencies, 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges. Following today's launch of Zoho Books in Mexico, just a few weeks after launching in Kenya, the accounting application now supports 14 editions, including a global version.
Zoho Books has grown by 34 per cent in the UK alone, and is among the five highest grossing Zoho products. Zoho Books is compliant with HMRC-mandated MTD (Making Tax Digital) requirements which, as of November 1st 2022, requires all businesses to use MTD compliant accounting software to submit VAT returns.
Zoho Books is also a government recognised tax-compliant solution in Saudi Arabia (ZATCA), UAE (FTA) and India (GSP). The accounting application offers editions across the globe, including the US, UK, Canada, India, Australia, UAE, Kenya, and Mexico.
"There are not many finance platforms in the market that support growing global businesses. We have invested efforts in understanding accounting laws and tax regulations in these markets as part of our long-term investment. This requires supporting multiple countries, ensuring compliance with the constantly evolving tax and regulatory rules, and more," said Sridhar Iyengar, Managing Director, Zoho Europe. "We will continue to be innovative, challenge the conventional wisdom and raise the bar in the industry on what a finance platform can be and how businesses in the UK and globally can benefit from it.
Zoho's Finance Platform includes solutions for accounting, travel and expense management, billing and subscription management, and inventory management. These applications are built on the same underlying platform, enabling instant interoperability, seamless data flow, and unification across systems. Typically, businesses start using one of the finance products, and then expand their usage to other applications within the suite. On average, customers using Zoho Books for more than one year adopt at least two other applications within the finance suite.
"In a market where vendors are consolidating and moving out of countries, Zoho is doing the opposite: expanding our reach offering a strong platform for businesses globally," continued Iyengar. "The breadth of the suite, the depth of the platform and the unified set of integrations —internal and external— along with a strong set of native mobile and desktop applications makes it attractive to businesses in the UK and worldwide.”
Adam Petyt, Director, Element Packaging, LTD UK, commented: "Zoho Books and Zoho Inventory systems are well integrated which ensures that no orders are missed and that accounting is centralised for the company. The Zoho Finance suite of products has turbocharged our ability to track real-time data about our business. Having all of our departments seamlessly integrated together allows us to respond quickly and make the right decisions every time."
Javed Iqbal, Operations Director, Voltek Corporation, said: "At Voltek Corporation, we initially used Sage line 50 to manage our business finances. We eventually realised that the version was outdated and needed a cloud-based package for our modern working methods. We were already using Zoho Mail for our email requirements and decided to test out Zoho Books. It ticked all the boxes for us - cloud-based, easy to use, and has great value for money. We love the ease of emailing invoices to customers, the automatic bank feed feature, and the technical support team of Zoho Books! After moving to Zoho, the time on account work has largely reduced, and filing VAT returns is a lot simpler. We recommend Zoho Books because it is versatile, has sensible pricing, and has an excellent technical team."
