Indian multinational technology company that makes web-based business tools Zoho Corporation, has launched a VAT and Tax Invoice Management System (TIMs) accounting software for companies in Kenya called ‘Zoho Books’.
With the creation of Zoho Books, the company seeks to help Businesses in Kenya ease the process of transitioning to tax invoice management system and compliance.
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.
In Kenya, the new TIMS regulation in the country mandates that 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 the Kenya Revenue Authority, making the introduction of the Zoho Books software to the Kenyan market very timely.
Speaking on the launch of ‘Zoho Books’ in Kenya, Zoho Country Manager Veerakumar Natarajan said the system has been rolled out first in Kenya to assist all business owners to prepare for the upcoming implementation of the TIMS by the Kenya Revenue Authority (KRA).
His words, “Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalization journey.
“We are launching the localized version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax 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 the ETR devices with their invoicing systems.”
With Zoho Books, businesses can 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.