Cloud based platform Zoho launched its GST-compliant finance suite, Zoho Finance is making waves among the business community for its seamless integration with the GST accounting framework.
Talking about the out of box solution Zoho Director of Product Management Sivaramakrishnan Iswaran on Wednesday said Zoho Finance Plus offers an end-to-end integrated platform, giving businesses visibility into their order and fulfilment process, zero accounting errors and a hassle-free tax period.
“The proliferation of smartphones, broadband connectivity and upcoming GST regimen is a great opportunity for businesses to move their accounting and other operations online,” he said.
“With Zoho Finance Plus, businesses get a beautiful interface to manage their transactions day to day and file their GST returns, all from a single platform. Zoho Finance Plus simplifies returns filing for businesses and increases compliance,” he added.
The ZOHO official said business will need a comprehensive interconnected suite of financial apps that talk to each other and share data seamlessly. Zoho Finance Plus connects different departments of a business and gives business owners access to real-time information for faster decision making. It also organises all transactions, which can be filed with the GST portal at the click of a button.
The Zoho Finance Plus suite includes Zoho Books or Zoho Invoice, the completely customizable, yet simple invoicing software for freelancers or businesses to get paid on time.
It also has Zoho Expense, an expense reporting solution tailor-made for businesses to automate their employee expense reimbursements.
Besides it has two other solutions Zoho Subscriptions and Zoho Inventory— robust solution for subscription-based businesses to automate their recurring billing and order management and fulfilment solution for retailers in India respectively.
As GST unifies states and union territories with a single indirect tax, businesses can run their entire operations with a single vendor—Zoho. Zoho Finance apps are built from the ground up with the same database. This means that businesses using Zoho Finance Plus do not have to worry about duplicating data across apps or manually adding transactions. Transactions created in one app are made available contextually in the other apps.
Zoho Finance Plus is available for Rs.2, 999 per organisation per month, which includes 10 users and access to Zoho Books or Zoho Invoice, Zoho Expense, Zoho Subscriptions and Zoho Inventory. Businesses that previously subscribed to multiple Zoho Finance apps can now purchase a single license for Zoho Finance Plus instead, accompany statement said.
Once the suite is set up, and user roles have been configured, admins can add new users across all applications from a single console, vastly simplifying the process of granting new employees access to multiple apps.
GSTN has selected Zoho as a GST Suvidha Provider (GSP). With this, Zoho can facilitate end-to-end GST solutions for large corporates, MSMEs, tax practitioners and micro businesses.
SivaramakrishnanIswaran said, “Being a GSP ourselves helps in cost optimization and providing a great experience for our business users. Furthermore, we will leverage our in-depth expertise in developing platforms and ecosystems to support a thriving community of Application Service Providers (ASP) connecting to GSTN through us.”
In an industry-first integration of accounting and banking, Zoho has also partnered with ICICI and Standard Chartered Bank, to deliver a streamlined digital banking experience to customers using Zoho’s cloud accounting software, ‘Zoho Books’.
The current account holders can now securely connect their bank account to Zoho Books which will help businesses eliminate data entry, automate reconciliation, provide multiple payment options to their customers, request working capital loans, enable cross-border payments and pay suppliers directly from their accounting platform.