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Zoho announces finance platform achieves 50% YOY revenue growth
Wed, 16th Nov 2022
FYI, this story is more than a year old

Zoho Corporation, a global technology company, announced that the Zoho Finance Platform has achieved 50% year-over-year (YOY) revenue growth, supporting 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, such as GST and Single Touch Payroll in Australia.

Raju Vegesna, Chief Evangelist for Zoho, says, "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.

"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."

Launched in 2011, Zoho Books is among the five highest grossing Zoho products, with revenue growing 50% YOY.

Vegesna says, "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 globally.

"The breadth of the suite, the depth of the platform and the unified set of integrations internal and external 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."

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, 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.

Jason Kimber, CEO of Adelaide-based Zoho Channel Partner, Solutions to Success, says, "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, for us and for our clients, 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 so important today, and one that integrates with an entire business operating system - like Zoho does - is worth its weight in gold."

Beyond products and the platform, businesses can benefit from the strength of the ecosystem, the company states. 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.