India revenue for Zoho Books rose 81% in 2021
Getting customers is the toughest obstacle. Zoho is experiencing high retention rates despite the fact that the cost of customer acquisition has increased as a result of macroeconomic factors.
admin
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 inventory management, billing, subscription management, travel and expense management, and payroll management, Zoho Finance also includes 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, global head of the Zoho Finance and Operations Suite, "while 88 percent of the accountants said they were able to save up to 10 hours a week using Zoho's cloud-based accounting software, over 85 percent reported being able to provide more advisory services because of the time saved on performing 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 that are now offered in India are either slow to scale or incompatible with the most recent regulatory developments. We foresee enhanced growth in 2022 after QuickBooks' withdrawal, among other reasons, he said.
In addition to QuickBooks' departure, Iswaran added that Zoho's capacity to scale and adapt to any new regulatory and policy changes also contributed to the expansion of the company.
350 businesses in India that used Zoho Books were surveyed by the company. According to the survey, 75% of the businesses could automatically follow up with customers, which boosted collections.
"Usually, companies start off utilising one of our finance tools before moving on to other programmes in the suite. Customers who use Zoho Books for longer than a year often also use at least two additional financial suite products, according to a press release from the business.
Aside from India, Zoho Finance is placing significant bets on the Middle East and Africa.
India is undoubtedly a key investment for us. However, South Africa, Kenya, Mexico, and other developing nations are also adopting the technology more frequently, according to Iswaran.
Last week, 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 CEO and co-founder Sridhar Vembu predicted that the company might reach the top spot in ten years.
"Finding new clients is the toughest task. However, Iswaran noted, "Once a client is on board, they hardly ever change the accounting software.
Despite macroeconomic factors that may have caused the Customer 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, where there was significant demand and growth. All companies, including Zoho's, will suffer somewhat (due to macroeconomic pressures). We are, however, well organized. We don't sell expensive software, he continued.
