Zoho launches platform to assist MSMEs ready for upcoming TIMS compliance
Zoho Corporation launched a solution-based tax compliant platform dubbed Zoho Books at Radison Blue on Tuesday, September 27.
Zoho Books is a Value Added Tax (VAT) and Tax Invoice Management System (TIMS) compliant software that has been devised for all Micro and Small Medium Enterprises (MSMEs) in the country.
It is a cloud-based accounting software devised to help businesses take care of their finance, perform core accounting functions, track stocks, reconcile bank accounts, manage projects, and keep them VAT/e-invoicing compliant.
Other enabled capabilities in the platform include built-in order management, budgeting, workflow automation, customisations, and advanced business analytics.
Speaking to Metropol Digital after launch, Zoho country Manager Veerakumar Natarajan said the system has been rolled out first in Kenya to assist all business owners prepare for the upcoming implementation of the TIMS by the Kenya Revenue Authority (KRA).
“Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalisation journey,” said Natarajan.
With 11 years of service, Zoho Books prides in gained deep expertise that assists in solving accounting challenges, tax and regulatory compliance for businesses worldwide
According to Prashant Ganti, Head of Product Management, Zoho Finance Suite, the company is eyeing Kenya’s 1.56 million registered MSMEs to assist them manage their finances.
“We are launching the localised version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax compliant.
Zoho Books’ built-in features enable businesses to simplify VAT-filing and TIMS compliance, and gain deep visibility into their finances,” said Ganti.
As per the new TIMS regulation, all VAT-registered businesses are required to report each invoice and credit note to the Kenya Revenue Authority (KRA) in real time.
Businesses will need to create electronic tax invoices with the mandated fields and format, and push it to the KRA.
In addition, the current VAT-filing process requires businesses to manually fill in 11 sheets with transaction details in the VAT Return Form-3.
The accounting software will also generate the VAT Return Form-3 filled-in automatically, which can then be used for filing the returns, thereby simplifying tax compliance and saving time.