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The Chennai tech giant is banking on its 100-million-strong user base to drive uptake of its latest offering.
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Zoho debuts accounting practice management software
20 November 2023
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Technology company Zoho has released an accounting practice management software which it says will be a “single source of truth” for all client services.
Zoho Practice was the latest addition to Zoho’s expansive suite of business software offerings and included client management, document management, task management, timesheet and billing tools.
It also included an AI-based anomaly detection tool for client records, which Zoho claimed was an industry first.
The software had been integrated with Zoho’s in-house accounting application Zoho Books as well as expense applications Zoho Expense and Zoho Payroll.
Chief evangelist Raju Vegesna said the ability to access all accounting-related tools on one platform was the main selling point for the new offering.
“One of the key benefits is how Zoho Practice integrates with other Zoho apps. Building products on our vertical technology stack removes silos, promotes collaboration and increases business efficiency and productivity,” he said.
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Zoho said firms can access a free version of Zoho Practice, which can be used by up to three people. Additional users can be added by purchasing an add-on for $2.50 per month.
The Indian-based company has experienced precipitous growth in recent years by offering free or low-cost applications to businesses and has Australian giants BHP and Qantas among its clients.
It said its global users reached 100 million in September, a two-fold increase from 2019 when it opened its first Australian data centres in Sydney and Melbourne. Its finance platform, Zoho Finance, also experienced a 45 per cent increase in new users.
Mr Vegesna said accountants were a “vital part” of Zoho’s customer base and that it was the right time to launch a product that reflected the “evolving and essential nature of accounting professionals”.
“Our continued investments in building a powerful ecosystem have enabled businesses of all sizes to access the best enterprise-grade tech available.”
“In Australia, our partners are experts in the entire spectrum of financial services, including accounts payable and receivable, reconciliation, bookkeeping, budgeting and planning, business consultation, inventory control, financial statements and payroll.”
As a result, he said Zoho Practice would provide accounting professionals with a holistic view of their clients’ businesses as well as the tools for running their own firm's operations.
“The role and importance of an accountant is constantly evolving … accountants are expected to go beyond providing traditional services. Their clients also expect insight and expertise on an organisational level, like how to manage spend, identify additional revenue sources and accelerate business growth,” he said.
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