Technology company, Zoho Corporation has announced today that the Zoho Finance Platform has achieved 70% year-over-year (YOY) revenue growth in the Middle East and Africa (MEA) region, 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 180 currencies, and 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges.
The accounting application now supports 14 editions, including Kenya where it is compliant with TIMS. Since the pandemic, the global edition of Zoho Books in Kenya has seen a 318% increase in new customers and a nearly 100% increase in revenue.
“We’ve seen excellent adoption of Zoho’s finance suite of applications by businesses in the MEA region, and also across the world,” says Veerakumar Natarajan, Country Head, Zoho Kenya.
“Zoho’s finance platform offers businesses an unparalleled breadth and depth in terms of product capabilities. This enables businesses to customize the applications, extend their capabilities, and scale the solutions to evolve rapidly with their changing needs. The consistent global growth of the applications that we’ve seen over the years is a testament to this fact. We will continue to invest in the platform to make it a truly innovative solution that businesses can leverage to reach their full potential.”
Launched in 2011, Zoho Books is among the five highest-grossing Zoho products, with revenue growing 50% YOY globally.
The accounting application offers editions across the globe, including the US, UK, Canada, India, Australia, UAE, Kenya, and Mexico. Zoho Books is a government-recognized VAT-compliant solution in UAE (FTA), and also a VAT and e-invoicing-compliant solution in the Kingdom of Saudi Arabia (ZATCA).
Zoho’s Finance Platform includes solutions for accounting, inventory management, travel and expense management, and billing and subscription 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.
Beyond products and the platform, businesses can benefit from the strength of the ecosystem. Businesses can also connect with any third-party applications through APIs and Zoho Marketplace. This significantly reduces the need to invest in IT resources and enables them to quickly go to market with any change.
Zoho Finance Plus and Zoho Books Pricing:
Zoho Finance Plus starts at KES 11,920 monthly per organization.
Zoho Books has a generous free plan that comes with VAT and TIMS capabilities. The pricing plan starts at KES 599 per organization, per month. Businesses that sign up within the next 6 months will get a perpetual special discount of 40% on all paid plans.
Zoho Privacy Pledge
Zoho respects user privacy and does not have an ad-revenue model in any part of its business, including its free products.
The company owns and operates its data centers, ensuring complete oversight of customer data, privacy, and security. More than 80 million users around the world, across hundreds of thousands of companies, rely on Zoho every day to run their businesses, including Zoho itself.