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Zoho, a global technology company, recently announced that the Zoho Finance Platform has achieved a 45% increase in new customers globally. The company also made a significant expansion to its Finance Platform with 230+ extensions in Zoho Marketplace and a dedicated developer portal.

Additionally, it also launched Zoho Practice, an end-to-end practice management solution for accounting professionals. These additions strengthen the Finance Platform’s ecosystem, helping businesses tailor their applications and collaborate with their accountants to enhance their operations.

“Over the last 15 years, our Finance Platform has grown from a single app to a unified suite, then a comprehensive platform,” said Gibu Mathew, Vice President and General Manager at Zoho APAC. “Our continued investments in building a powerful ecosystem have enabled businesses of all sizes to access the best enterprise-grade tech available.”

Gibo added: “The expanded Zoho Finance Platform ecosystem offers full customisation, ensuring the software continues to meet their business needs with unparalleled efficiency, even as they evolve. Moreover, accountants, being one of the vital part of our ecosystem, have been going beyond their traditional role by supporting their clients in their path to success. Zoho Practice will serve as an all-in-one solution, helping them manage their firm and their clients, spend less time on repetitive tasks and more time delivering value-added services.”

Zoho Practice, a Modern Solution for Accountants

Today, accountants are expected to go beyond providing traditional services like day-to-day accounting, bookkeeping, financial reporting, auditing, and tax filing. Clients also expect insights on an organizational level, like how to curb spend, identify additional revenue sources, and accelerate business growth. However, to provide these bespoke services with excellence, accounting professionals would require a holistic view of their clients’ businesses, in addition to efficiently running their own firm’s operations.

Zoho Practice, a one-stop solution meticulously crafted for the modern accounting firm, launches with extensive client management, document management, task management, timesheet, and billing capabilities. The application also offers industry-first functionalities built from the ground up for distributed firms, including artificial intelligence (AI)-driven anomaly detection for client records; built-in collaboration through chat, voice, or video calls; and a unified platform to act as a single source of truth for all client services. This practice management solution comes pre-integrated with Zoho Books (accounting app) and Zoho Expense (travel and expense management app), providing a comprehensive central repository while enabling seamless interoperability between an accounting practice and their clients’ finances.

Continued Growth of Zoho Finance Platform

Zoho has also introduced Zoho Billing, a multifaceted solution built for growing businesses to experiment with pricing and quickly go to market. The finance platform ecosystem experienced a 63% increase in the global accounting partner network last year.

Continuing on this momentum, Zoho also launched an enterprise-grade Developer Portal. This allows third-party developers to build solutions easily that customize specific functions of their finance applications, automate routine processes, and publish the extensions in Zoho Marketplace. Additionally, businesses can use the portal to build their own extensions for use within their organizations.

Today, there are 230+ extensions in Zoho Marketplace for the Finance Platform that go beyond the functionalities offered natively, helping solve advanced requirements. Some of the most common uses of extensions include:

1. Connections to local payment gateways to offer more convenient payment methods to customers
2. Verifying a contact’s email address and bank account details to ensure data accuracy
3. Syncing financial data automatically with other business intelligence and forecasting apps
4. Adding pin location within a map while recording customer or vendor addresses

Pricing and Availability

Zoho Practice is available for use immediately and is free for accounting firms with up to 3 users.  Additional users can be added by purchasing the add-on which works up to USD $2.5 monthly, per user.

Customers of Zoho Finance Platform can install the extensions offered in the Zoho Marketplace from within the applications. The pricing will depend on the monetization model that the developer follows for that extension.

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