Zoho Corporation, the Indian-headquartered technology company that builds software for businesses has launched its VAT and TIMS-compliant online accounting software for companies in Kenya.
The accounting software, Zoho Books is meant to help businesses in Kenya ease the process of transitioning to Tax Invoice Management System (TIMS) and ensure compliance.
As per the new TIMS regulation, all VAT-registered businesses must 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 them to KRA, making the introduction of the software to the Kenyan market very timely.
“Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalization journey,” said Veerakumar Natarajan, Zoho Country Manager. “We are launching the localized version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax compliant.”
The cloud-based accounting software is built to help businesses perform core accounting functions, track stocks, reconcile bank accounts, manage projects, and keep them VAT/e-invoicing compliant.
The Kenya Revenue Authority extended the deadline for businesses to comply with the Tax Invoice Management System to November, 30 this year, noting that “a number of taxpayers are still in the process of acquiring and integrating the ETR devices with their invoicing systems.”
According to Kenya Business Guide, there are 1.56 Million licensed MSMEs businesses in Kenya.
With Zoho Books, businesses get an end-to-end accounting solution that works in just a few clicks. The accounting software will also generate the VAT Return Form-3 filled-in automatically, which can then be used to file the returns, simplifying tax compliance and saving time.
Zoho has more than 55 apps built for just about any business category, making it one of the world’s most business-friendly software companies.
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