SaaS Unicorn Zoho Launches ‘Zoho Practice’ To Boost Productivity Of Chartered Accountants

Chennai-based SaaS unicorn Zoho has unveiled Zoho Practice, a free end-to-end practice management solution tailored for chartered accountants (CAs). The platform is designed to increase productivity and operational efficiency for CAs, enabling them to channel their focus towards the strategic growth of their firms.

The software provides accountants a one-stop solution to streamline their firm’s workflows and seamlessly collaborate internally and with their clients, Zoho said in a statement.

“Over the last 15 years, we have gone from offering an invoicing solution to a suite of products, and now we have evolved into a comprehensive platform, powered by a strong ecosystem. As we have grown, working closely with various stakeholders, we have also broadened our understanding of the financial ecosystem. This has enabled us to not just expand geographically but also innovate and launch new solutions,” Sivaramakrishnan Iswaran, global head of Zoho Finance and Operations Suite, said.

Zoho Practice comes with client management, document management, task management, and timesheet and billing capabilities. The application also offers other features such as advanced collaboration through chat, voice or video call, and document sharing.

It also offers AI-driven anomaly detection to identify inconsistencies in transactions. The practice management solution comes pre-integrated with Zoho Books (accounting app), Zoho Expense (travel and expense management app), and Zoho Payroll (payroll management app).

Founded in 1996 by Padma Shri awardee Sridhar Vembu, Tony Thomas, Zoho was initially known as AdventNet INC. It has offices in the US, Singapore, the UAE, and Japan. The company offers more than 50 integrated online applications that support multiple business operations spanning sales and marketing, finance, email and collaboration, app creation and analytics, among others.

Earlier this year, Zoho unveiled its unified communications platform, Trident. It is Zoho’s first desktop native application that brings collaboration, productivity and communication experience in one place.

SaaS unicorn Zoho saw a 37% year-on-year rise in its revenue from India in the calendar year 2022, according to cofounder and CEO Sridhar Vembu.

Without giving the revenue number for India, Vembu said that the country has emerged as the fastest-growing market for the SaaS giant. India is currently the third-biggest market for Zoho, after the US and the EU.

The bootstrapped unicorn posted a net profit of INR 2,749 Cr in FY22, registering a 43% jump from INR 1,917 Cr in FY21. Recently, Zoho surpassed 100 Mn users across its various business applications. Zoho competes with the likes of Freshworks, Hubspot, Salesforce, and Microsoft.