Zoho Finance Platform Achieves 70% YOY Growth

Zoho Corporation has announced that its Finance arm, the Zoho Finance Platform, has achieved 70 per cent year on year(YOY) revenue growth in the Middle East and Africa region. Since its launch, the platform has supported more than half a million businesses across more than 160 countries.

Driving the Platform’s growth is the global expansion of its cloud-based accounting application, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges. The accounting application now supports 14 editions.

“We’ve seen excellent adoption of Zoho’s finance suite of applications by businesses in the MEA region, and also across the world,” says Veerakumar Natarajan, Country Head, Zoho Kenya. “Zoho’s finance platform offers businesses an unparalleled breadth and depth in terms of product capabilities. This enables businesses to customise the applications, extend their capabilities, and scale the solutions to evolve rapidly with their changing needs. The consistent global growth of the applications that we’ve seen over the years is a testament to this fact. We will continue to invest in the platform to make it a truly innovative solution that businesses can leverage to reach their full potential.”

Launched in 2011, Zoho Books is among the five highest grossing Zoho products, with revenue growing 50% YOY globally. The accounting application offers editions across the globe, including the US, UK, Canada, India, Australia, UAE, Kenya, and Mexico. Zoho Books is a government recognised VAT-compliant solution in UAE (FTA), and also VAT and e-invoicing-compliant solution in the Kingdom of Saudi Arabia (ZATCA).

Zoho’s Finance Platform includes solutions for accounting, inventory management, travel and expense management, and billing and subscription management. These applications are built on the same underlying platform, enabling instant interoperability, seamless data flow, and unification across systems. Typically, businesses start using one of the finance products, and then expand their usage to other applications within the suite. 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 benefit from the strength of the ecosystem. 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.