[Kenya] Zoho launches VAT and TIMS-compliant online accounting software for businesses
Zoho Corporation, the Indian-headquartered technology company that builds software for businesses has launched its VAT and TIMS-compliant online accounting software for companies in Kenya.
The accounting software, Zoho Books is meant to help businesses in Kenya ease the process of transitioning to Tax Invoice Management System (TIMS) and ensure compliance.
"Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalisation journey," said Veerakumar Natarajan, Country Head, Zoho Kenya. "We launched ZADE in June to reduce access barriers to technology for MSMEs, and have already seen over 100 subscriptions. Now, in continuation of our commitment to the market, we are launching the localised version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax compliant."
“Zoho Books has been in the market for the past 11 years. We have gained deep expertise in continually solving accounting challenges, and tax and regulatory compliance for businesses worldwide," said Prashant Ganti, Head of Product Management, Zoho Finance Suite. "We have also seen a growing adoption of Zoho Books in the region. This has further strengthened our resolve to provide Kenyan businesses with a one-stop solution to manage their finances. Zoho Books' built-in features enable businesses to simplify VAT-filing and TIMS compliance, and gain deep visibility into their finances.”
According to Kenya Business Guide, there are 1.56 Million licensed MSMEs businesses in Kenya. As per the new TIMS regulation, all VAT-registered businesses must report each invoice and credit note to the Kenya Revenue Authority (KRA) in real-time. Businesses will need to create electronic tax invoices with the mandated fields and format, and push it to the KRA. In addition, the current VAT-filing process requires businesses to manually fill in 11 sheets with transaction details in the VAT Return Form-3.
With the capabilities of Zoho Books launched today, businesses will have an end-to-end accounting solution that will help create TIMS-compliant invoices and push to the KRA in just a few clicks. The accounting software will also generate the VAT Return Form-3 filled-in automatically, which can then be used to file the returns, simplifying tax compliance and saving time.
Zoho Books is a comprehensive, cloud-based accounting software that helps businesses take care of their finance, perform core accounting functions, track stocks, reconcile bank accounts, manage projects, and keep them VAT/e-invoicing compliant. The software also comes with other advanced capabilities like built-in order management, budgeting, workflow automation, customisations, advanced business analytics, and more.
Since the pandemic, the global edition of Zoho Books in the Kenya region has seen a 318% increase in new customers, and a nearly 100% increase in revenue. With the Kenya edition of Zoho Books, businesses will now have a VAT and TIMS-compliant solution that empowers businesses to work remotely or in hybrid mode.
Along with Zoho Books, Zoho Inventory and Zoho Invoice can also help businesses with VAT compliance. Businesses that sell products can use Zoho Inventory to facilitate multichannel sales, manage their order-to-cash process, and raise VAT and TIMS-compliant invoices. Smaller businesses that are looking for a free, simple invoicing solution can use Zoho Invoice to customize and send professional-looking invoices that are VAT and TIMS-compliant.