News DeskDubai, UAE – Zoho, a global technology leader, has announced a 65% growth in recurring revenue for its finance and operations suite in the UAE over the past year. Alongside this growth, Zoho introduced significant updates to its VAT-compliant accounting solution Zoho Books, inventory management tool Zoho Inventory, and practice management app Zoho Practice. The enhancements aim to improve operational efficiency, automate financial tasks, and streamline compliance for businesses and accounting firms.
Prem Anand Velumani, Associate Director of Strategic Growth, Zoho MEA, emphasized the region’s increasing demand for integrated financial tools, stating, “Zoho’s Finance and Operations suite’s remarkable revenue growth in the UAE is a testament to the growing need for smart, integrated financial and operational tools that are both powerful and easy to use. Our latest updates to Zoho Books, Zoho Inventory, and Zoho Practice are a direct response to the evolving needs of businesses and accountants in the region.”
Prashant Ganti, Head of Product Management, Finance and Operations BU at Zoho, added, “With our latest updates, we aim to simplify critical financial and operational processes, including compliance for businesses and accounting firms, helping them operate more efficiently with less effort. Zoho is committed to offering advanced and innovative capabilities that will enable businesses to stay ahead in an ever-evolving market and regulatory landscape.”
Major Enhancements to Zoho’s Finance and Operations Platform
For Businesses:
Zoho Books: The FTA-approved, VAT-compliant, and IFRS-compatible accounting solution now includes advanced features:
- Revenue Recognition: Automatically recognizes revenue based on contractual obligations or service delivery.
- Fixed Asset Management: Simplifies bookkeeping by enabling automatic depreciation calculations and forecast reports.
- Progress-Based Invoicing: Allows periodic invoicing based on project milestones to improve cash flow.
- Construction Industry Support: Businesses can create invoices that reflect retention amounts based on contract terms and adjust payments automatically. If conditions aren’t met, retained amounts can be written off.
- Profit Margin Scheme: Automates VAT calculations on profit margins for second-hand goods to ensure compliance.
- Corporate Tax Filing: Generates Corporate Tax Returns reports to streamline the filing process ahead of deadlines.
Zoho Inventory: Enhancements focus on advanced warehouse management:
- Enhanced Location Tracking & Labelling: Improves inventory control and stock accuracy.
- Stock Counting & Alerts: Ensures accurate stock levels and prevents stockouts.
- Role-Based Warehouse Access: Enhances operational security and management.
- Moving Average Valuation: Helps calculate asset values for fluctuating product prices.
- Mobile App Empowerment: Allows warehouse employees to manage tasks on the go, boosting productivity.
For Accountants:
Zoho Practice: A practice management tool for accounting firms now includes:
- Workpapers: Simplifies audit workflows by fetching financial statements from Zoho Books, enabling easy comparison, adjustments, and document collaboration.
- Self-Service Portal: Facilitates client collaboration, including document requests, digital signatures, and communication for clients using third-party accounting software.
- Ledger Management: Enables accountants to create and manage ledgers for clients without full accounting systems.
- Workflow Automation: Provides advanced options like custom functions and scheduling to customize workflows efficiently.
The updates to Zoho’s Finance and Operations suite aim to address common business challenges such as manual financial processes, delays, and regulatory compliance hurdles. By offering innovative features, Zoho continues to support businesses and accountants in enhancing efficiency and adapting to an evolving market landscape.
