Zoho has released three beefed-up tools to the Canadian market. They are Zoho Books, Zoho Inventory, and Zoho Practice. All are part of the Finance and Operations platform. Zoho Books now supports electronic filing for both the Canadian and Quebec governments, Zoho Inventory adds advanced warehouse management capabilities and Zoho Practice is for accountants.
Zoho has announced the addition of significant new capabilities in three of its tools: Zoho Books, Zoho Inventory, and Zoho Practice. They are designed to help Canadian businesses and accountants enhance operational efficiency, simplify routine financial tasks, and ensure regulatory compliance.
“All these products are based on a single Finance and Operations platform, and there are three different ones in this launch, said Purnima Meenakshi, Regional Head of North America, Finance and Operations Business Unit, Zoho. The platform enables seamless management of financial operations. “We have added significantly more advanced functionality. Canadian businesses on a subcontractor model in particular will benefit.”
Zoho Books has introduced a suite of new features, including support for electronic filing of T4A and T5018 slips with the Canada Revenue Agency. Businesses from Quebec can generate combined GST/HST-QST returns that include both federal and provincial returns that can be easily filed online with the Revenu Quebec. Progress-based invoicing allows businesses to invoice customers for the duration of a project incrementally, improving cash flow. With bill pay capabilities, businesses can autoscan, 3-way match for accuracy, and pay multiple bills from different vendors, simplifying the entire accounts payable process. Advanced features like revenue recognition automatically recognize revenue based on contractual obligations or when the service is delivered, while the fixed asset management feature allows recording of asset details, automatic depreciation calculations, and generate forecast reports, simplifying the bookkeeping process.
“The addition of contractor tax form updates is significant in terms of system management,” Meenakshi said.
Zoho Inventory provides advanced warehouse management capabilities such as enhanced location tracking and labeling, stock counting, stock out alerts, and role-based access to the warehouse operations. This provides better inventory control, ensures accurate stock levels, and provides faster order processing. The product’s mobile apps empower warehouse employees to perform their tasks more efficiently, improving productivity.
“This new launch of Inventory adds significant new capabilities for the business,” Meenakshi stated.
Zoho Practice is targeted at accountants and includes new features to help them deliver client services efficiently. Workpapers simplifies audit and compliance workflows by automatically fetching client financial statements from Zoho Books, enabling easy comparison, adjustments, document management, and collaboration for seamless review and approval. The self-service portal enables accountants to collaborate with clients that use third-party services, facilitating document requests, digital signatures, and communication. Accountants can easily create and manage ledgers without a full accounting system, helping them maintain a single source truth. Advanced capabilities like workflow automation, custom functions, and scheduling options support a complete tailoring of their operational workflow.
“Practice lets the accountant create and manage ledgers without a full system, and a very small system will work well,” Meenakshi said. “We sell it through our channel, but it is not the only channel here as we also target accountants and sell it to small business owners.”
All the new features announced for Zoho Books, Zoho Inventory, and Zoho Practice are available now.