Zoho Books reports an 81% surge in India revenue in 2021
The global technology giant Zoho Corporation, with its Chennai headquarters, reported 81 percent yearly growth in India for its Zoho Books division in 2021 and 50 percent year-over-year (YoY) growth overall for its Zoho Finance platform. More than 500,000 businesses are supported by Zoho Finance in 160 different countries. Online accounting tool Zoho Books facilitates departmental collaboration and streamlines company procedures.
In addition to providing solutions for managing inventory, invoicing, subscription management, travel and expenditure management, and payroll administration, Zoho Finance also incorporates Zoho Books. According to a media release on Friday, Zoho recently conducted a poll to learn more about the advantages of cloud accounting software over legacy systems for accountants and financial advisors.
According to Sivaramakrishnan Iswaran, head of global Zoho Finance & Operations Suite, in an interview with Moneycontrol, “while 88 percent of the auditors said they were allowed to save ten hours a week using Zoho’s cloud-based accounting system, over 85 percent reported becoming able to provide more expert advice because of time saved on conducting crucial accounting tasks.”
Iswaran added that the growth statistics for Zoho Books were obtained before QuickBooks stopped operating in India. “Zoho Books is the clear choice because the majority of alternative solutions now offered in India are either slow to scale or incompatible with the most recent regulatory developments. He said that we foresee enhanced growth in 2022 after QuickBooks‘ withdrawal, among other reasons.
In addition to QuickBooks’ departure, Iswaran said that Zoho’s capacity to scale and adapt to any new regulatory and policy changes also contributed to the expansion of the company.
The company polled three hundred fifty firms in India that have used Zoho Books. According to the report, 75% of businesses could automatically follow up with clients, which boosted collections.
“Usually, companies utilize one of the finance tools before moving on to other programs in the suite. According to a press release from the business, customers who use Zoho Books for longer than a year also use at least two additional financial suite products.
Aside from India, Zoho Finance is placing significant bets on the Middle East and Africa. India is undoubtedly an essential investment for us. However, Africa, Kenya, Mexico, and other emerging nations are adopting the technology more frequently, according to Iswaran. Last Monday, Zoho announced that it had earned $1 billion in revenue in 2021.
Even if growth has slowed, India is still our fastest-growing market. It might overtake number two in five years and quickly overtake the third spot for us. When releasing the results last week, Zoho co-founder and CEO Sridhar Vembu predicted that the company might reach the top spot in ten years.
“Finding new clients is the most challenging task. However, Iswaran noted, “Once clients are on board, they hardly ever change the accounting software. Despite macroeconomic factors that may have caused the Client Acquisition Cost (CAC) to increase by 3 to 5 percent, he continued, “Zoho Books has one of the greatest retention rates.”
When discussing macroeconomic pressures, Iswaran stated that Zoho has and will continue to benefit from organic growth, strategic recruiting, and rigorous marketing budgets. “All the years won’t be like 2021 when there was significant demand and growth. All companies, including Zoho’s, will suffer somewhat (due to macroeconomic pressures). We are, nevertheless, highly organized. We don’t sell expensive software, he continued.
“Typically, groups start by utilizing one of our financial products before expanding their use of the other tools in the suite. Customers who have been using Zoho Books for a few years often utilize at least one other product in the financial suite, the company said in a media release.
In addition to India, Zoho Finance is placing a large wager on Africa and the Middle East. India is a strategic hunch for us, to put it mildly. However, we are also observing increased use in South Africa, Kenya, Mexico, and other developing nations, according to Iswaran.
Last Monday, Zoho announced that it had recorded $1 billion in sales for 2021. India is our fastest-growing market, despite the boom that has long since ended. We are quickly approaching the range of three functions, and in 5 years, it will become range 2. When announcing the figures last week, Zoho President and co- founder Sridhar Vembu predicted it would reach number one in ten years. “Getting new clients is the biggest project. However, once a customer is on board, they never extradite the accounting software, according to Iswaran.
He stated, “We’re experiencing one of the highest retention costs for Zoho Books, even though the Customer Acquisition Cost (CAC) could also have long gone up with the assistance of using three-five percent due to macroeconomic circumstances.
edited and proofread by nikita sharma
