Zoho to Offer Its Accounting Solution for Free to Indian Businesses with Turnover of Less than 1.5 Crores
Zoho announced that its GST-compliant accounting solution, Zoho Books, will be available for free to businesses with an annual turnover of less than ₹1.5 crores. Eligible businesses will be given free access to the software when they sign up through the GST portal.
Earlier this year, the GST council invited accounting software businesses to offer their software for free, in an effort to support SMEs. Zoho was one of the companies shortlisted for this initiative. Through this effort, Zoho Books will help SMEs manage their accounting and taxes effortlessly, and stay compliant with GST norms.
Speaking about the initiative, Zoho Corp CEO, Sridhar Vembu, said, "At Zoho, we believe that technology should be democratized for businesses of all sizes. By partnering with GSTN and the Government of India, we want to help companies take advantage of cutting-edge technology that helps them considerably improve their business and automate their GST and other compliance needs. Zoho Books will help businesses leapfrog the downsides of desktop accounting software, give instant access to the data, and improve transparency into daily business operations."
Launched globally in 2011, Zoho Books released its GST-compliant version for India on July 1, 2017, on the eve of the GST rollout. Zoho Books comes with an array of features to help businesses streamline their accounting and stay compliant with the GST norms.
Collaborated accounting: Zoho Books is cloud-based, giving businesses the flexibility to work on the move. Businesses can generate GST-compliant invoices, improve cashflow with automated payment reminders, receive online payments, and work concurrently with their accountants without breaking a sweat.
Connected banking: A direct integration with partner banks ensures that businesses can raise loan requests, auto reconcile fetched bank feeds, and make/accept payments using payment modes (cash/cheque/NEFT/RTGS/UPI) directly from the software.
GST compliance: The software is auto-updated with GST laws. It supports direct filing for GSTR-1, GSTR 3B and GSTR 9. Moreover, businesses moving goods within and outside a state can generate e-way bills with just a few clicks.
Scalable ecosystem: Business can automate repetitive workflows to save time and effort. Additionally, Zoho Books works in conjunction with 40+ other Zoho apps, overcoming departmental silos to streamline entire business operations including sales, marketing, human resource, and finance.