Zoho launched a new edition of its GST-compliant online accounting software Zoho Books for mid-market businesses. With Zoho Books Ultimate, companies that have a turnover of ₹500 crore or more can generate e-invoices for every sales transaction and report them to the Invoice Registration Portal (IRP) starting from October. Businesses can also customize the underlying system to suit their needs, gain visibility into the performance of multiple branches, manage multiple GSTINs, simplify collaboration with suppliers, and get real-time business reports in a single place.
With e-invoicing being introduced as a mandatory requirement, mid-market and large businesses will need a system that seamlessly integrates with the government portal, provide additional fields to capture QR code in addition to managing different aspects of their financial operations. Typically, to address these challenges, businesses have to invest heavily in implementing and customising their ERP systems. This is not only expensive and time-consuming but also complicated. With the capabilities launched today, Zoho Books offers a single, flexible, scalable accounting platform that is built to take care of compliance automatically.
"When we launched our GST compliant accounting solution in 2017, we brought a new dimension to accounting software in India with a consumer-grade interface for finance functions and connected banking. With the new edition of Zoho Books, businesses in the mid-market space and beyond can bring innovative products and services to the market quickly. It addresses the latest e-invoicing requirements, allows businesses to manage their billing and finances remotely, streamlines collaboration with vendors, provides embedded analytics and customisation. These advanced capabilities push the envelope on what an accounting software can do while helping businesses future-proof their accounting and financial operations," said Prashant Ganti, Head of Product Management, Global Tax, Accounting, and Payroll solutions, Zoho Corp.
The highlights of this edition are:
Built in India, Zoho Books recently won the best app in the "Business" category in AtmaNirbhar Bharat App Innovation Challenge conducted by the government. All Zoho apps, including Zoho Books, are committed to protecting the data of its users, and therefore adhere to strict privacy and security standards. The data of Zoho's Indian users is stored in the company's data centres within the country.
Pricing and availability
Zoho Books Ultimate, priced at ₹7999 per month excluding GST, is available immediately. The e-Invoicing feature will be available from the 1st of October.