Zoho Corporation, the India-based technology company that creates software for businesses, has launched its VAT and TIMS compliant online accounting software for businesses in Kenya.
The accounting software, Zoho Books, is intended to help businesses in Kenya ease the process of transitioning to Tax Invoice Management System (TIMS) and ensure compliance.
Under the new TIMS regulations, all VAT-registered businesses must report every invoice and credit note to the Kenya Revenue Authority (KRA) in real time.
Businesses will be required to create electronic tax invoices with the required fields and format, and submit them to KRA, which will make the introduction of the software in the Kenyan market very timely.
“Kenya is a key market for us, and we continue to invest in creating solutions that will help businesses on their digitalization journey,” said Veerakumar Natarajan, Country Director of Zoho. “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 designed to help businesses perform basic accounting functions, track inventory, reconcile bank accounts, manage projects, and keep them VAT/e-invoicing compliant.
The Kenya Revenue Authority has 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 ETR devices to their billing systems”.
According to the Kenya Business Guide, there are 1.56 million licensed MSME businesses in Kenya.
With Zoho Books, businesses get an end-to-end accounting solution that works with just a few clicks. The accounting software will also generate the automatically completed VAT-3 declaration form, which can then be used to file the declarations, simplifying tax compliance and saving you time.
Zoho offers over 55 apps designed for just about every category of business, making it one of the most user-friendly software companies in the world.