Zoho Corporation has launched its VAT and Tax Invoice Management Systems (TIMS) compliant, accounting software, Zoho Books for businesses in Kenya.
The online software will help businesses in Kenya prepare for the upcoming implementation of TIMS, and also smoothen the transition and ensure compliance.
Under the new TIMS regulation, all VAT registered businesses are required to 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 send it to the KRA. In addition, the current VAT filing process requires businesses to manually fill in 11 sheets with transaction details in the VAT Return Form 3.
With Zoho Books, businesses will have an accounting solution that will help create TIMS compliant invoices. The accounting software will also generate the VAT Return Form-3 filled in automatically, which can then be used for filing the returns, thereby simplifying tax compliance and saving time.
Zoho Books is a comprehensive, cloud-based accounting software that helps businesses take care of their finance, perform core accounting functions, track stocks, reconcile bank accounts, manage projects, and keep them VAT/e-invoicing compliant. The software also comes with other advanced capabilities like built-in order management, budgeting, workflow automation, customisations, advanced business analytics, and more.
Pricing and Availability
Zoho Books has a free plan that comes with VAT and TIMS capabilities, and is available for use immediately. The pricing plan starts at Ksh. 849 per organisation, per month (billed annually). Businesses that sign up within the next 6 months will get a perpetual special discount of 40% on all paid plans. To sign up, go to zoho.com/books