Zoho adds Warehouse and GST Features to Finance Apps

Zoho, a major global technology firm located in Chennai, said today that its finance and operations suite saw a 50% revenue increase in India in 2023.

The company also announced significant updates to its GST-compliant accounting software Zoho Books, inventory management platform Zoho Inventory, and accountant practice management app Zoho Practice.

This announcement features Zoho Books’ industry-first interface with the GST portal’s Invoice Management System (IMS), which allows businesses to verify and claim Input Tax Credit (ITC) directly from the Zoho Books application.

“We see a high adoption rate of Zoho’s finance and operations applications in India, because of an 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.

He added, “We are deeply committed to creating solutions that simplify the complexity of financial and operational procedures. With the newest improvements, our products assist organisations in increasing efficiency, eliminating manual errors, and providing accurate financial visibility, allowing them to focus on growth.”

The Zoho Finance and Operations suite’s strong growth momentum in India is being driven by demand from businesses across industries for a unified solution that provides comprehensive financial management capabilities, addresses compliance issues, and integrates seamlessly with other business solutions.

The top three products driving growth are Zoho Books, Zoho Payroll, and Zoho Expense. The network supports businesses in 160 countries, with applications available in 17 languages, including Hindi, Tamil, Marathi, and Telugu.

The Goods and Services Tax Network introduced the Invoice Management System (IMS) on the GST site on October 14, 2024. The IMS dashboard improves the invoice validation and reconciliation process, reducing disputes and allowing for speedier credit claims.

Zoho Books, a GST and e-invoicing compliant accounting software solution, now offers an industry-first integration with the IMS dashboard, allowing businesses to retrieve supplier invoices, compare them to their existing records in the application, make necessary adjustments, accept or reject them, and push the status to the IMS Dashboard-all without switching between the GST portal and Zoho Books.

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

Zoho Inventory has added advanced warehouse management features such as improved location tracking and labelling, stock counting, stock out alerts, and role-based access to help manage warehouse operations. This allows for better inventory control, accurate stock levels, and quicker order processing. Furthermore, the solution now supports the moving average inventory valuation method, which assists organisations in calculating the entire asset value when prices fluctuate. Furthermore, the product’s mobile apps allow warehouse staff to complete their responsibilities more quickly, increasing efficiency.

Workpapers have been added to Zoho Practice, a practice management platform designed specifically for accounting firms, to streamline audit and compliance procedures. It enables firms to access financial statements from clients who use Zoho Books, allowing for quick comparison, modifications, document management, and collaboration for reviews and approvals.

The new self-service portal allows accountants to engage with clients who use third-party accounting software by easing document requests, digital signatures, and communication.

The most recent version of Zoho Practice also allows accountants to simply build and manage ledgers for clients that do not have a complete accounting system, ensuring a single point of truth. Furthermore, advanced features such as workflow automation, custom functions, and scheduling options facilitate the customisation of operational workflows.