Indian-based tech firm Zoho has introduced VAT and Tax Invoice Management Systems (TIMS) compliant accounting software for local SMEs to help smoothen migration of businesses to the new system.
The firm has added the feature to its Zoho Books, a cloud-based accounting solution that helps businesses track stocks, reconcile bank accounts and manage projects.
Its unveiling comes at a time the Kenya Revenue Authority (KRA) has given traders an extension of up to the end of November to acquire internet-enabled tax registers (ETRs) in a bid to seal tax loopholes.
“We are launching a product that is compliant with the local regulations and that will be available at Sh849 per organisation per month (billed annually),” said Parashant Ganti, Zoho Finance Suite head.
Zoho Books has existed for over a decade and is available in the USA, Canada, Australia, UK and emerging ones like India and the Middle East.
The solution has five different plans, including Standard, Professional, Premium, Elite and Ultimate. The highest plan comes with advanced capabilities such as analytics, budgeting and workflow automation.
The tech firm founded by Indian billionaire Sridhar Vembu entered the Kenyan market in January 2021 to rival what the likes of Google and Microsoft were already offering.
It has more than 51 applications, including email, finance, human resource, customer relations and marketing packages/bundles that businesses require to run their day-to-day operations.
The KRA has extended the deadline for businesses to acquire the new ETRs for the second time amid a supply hitch that has delayed the migration. The new automated registers will help KRA to receive sales and invoice data daily in the latest push to curb tax evasion and boost revenue collections.
The new registers will allow the taxman to scrutinise deals in trader’s point of sale.