Zoho Corporation, a tech company, announced that the Zoho Finance Platform has achieved 50% YoY revenue growth, supporting more than half a million businesses in 160 countries.
Driving the growth is the expansion of its cloud-based accounting app, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a global tax engine that solves country-specific tax compliance challenges, like GST and Single Touch Payroll in Australia.
What is behind the robust YoY revenue growth?
Launched in 2011, Zoho Books is among the five highest grossing Zoho products, with revenue growing 50% YOY. The app offers editions across the globe, including Australia, the US, UK, Canada, India, UAE, Kenya, and Mexico. Zoho Books is a government recognised tax-compliant solution in the UK (MTD), Saudi Arabia (ZATCA), UAE (FTA) and India (GSP).
“There are not many finance platforms in the market that support growing global businesses. This requires supporting multiple countries, complying with constantly evolving tax and regulatory rules, and more,” commented Raju Vegesna, Chief Evangelist for Zoho.
“By offering 14 editions of Zoho Books—and growing—we are moving towards being the most comprehensive financial platform in the world. We’re working to build a truly innovative Finance Platform that provides end-to-end automation excellence for businesses globally.”
“In a market where vendors are consolidating and moving out of countries, Zoho is doing the opposite: expanding our reach offering a strong platform for businesses,” said Vegesna.
“The breadth of the suite, the depth of the platform and the unified set of integrations along with a strong set of native mobile and desktop applications makes it attractive to businesses worldwide. Where others are resting on their laurels, Zoho continues to invest heavily in R&D and building the integrated solutions Australian businesses need to start, scale and succeed.”
What is the product offering of Zoho’s Finance Platform?
Zoho’s Finance Platform includes solutions for accounting, inventory management, travel and expense management, billing and subscription management, and payroll management.
These applications are built on the same underlying platform, enabling instant interoperability, seamless data flow, and unification across systems. Businesses start using one of the finance products, and then expand their usage to other apps. 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 also benefit from the strength of the robust ecosystem. The finance platform comes with a growing network of payment gateways, banks, travel partners and shopping carts. 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.
What are the thoughts of Zoho’s clients on the platform?
“Interquip Healthcare is a products- and service-based company, which means that our business operations have to be efficient. As our business grew and our requirements evolved, we were in search of a financial software solution that could keep up with these changes, particularly one that was broad and user friendly for a growing business,” said Ken Grace, Director at South-Aussie-based business Interquip Healthcare commenting on Zoho Books.
“Our previous platform, Xero, no longer catered to our requirements. Zoho Books, however, gives us good control of our business within a unified system, as well as the flexibility to use third party logistics and drop ship options much more easily than Xero. And with easy integrations, it means that we need not rely on complicated siloed solutions. Switching to Zoho Books adds that missing link to our business operations,” Ken Grace further said.
Jason Kimber, CEO of Adelaide-based Zoho Channel Partner, Solutions to Success, said: “Over the last 12 months, we’ve seen a huge influx of clients seeking out Zoho’s Finance Platform. It’s been a pronounced trend, not only amongst new businesses, but existing businesses migrating away from their existing platform like, for example, Xero.”
“The beauty of Zoho is how we can customise the platform to the unique needs of every business and local regulations, like GST compliance and Single Touch Payroll. Having a powerful, adaptable and intuitive financial platform is critical today, and one that integrates with an entire business operating system – like Zoho does – is worth its weight in gold.”