A few months ago, taxman the Kenya Revenue Authority, KRA, revealed to the public and all VAT-registered taxpayers that they would be required to move from the old electronic tax registers to the Tax Invoice Management System (TIMs). This transition was to be completed before the end of July 2022, but that deadline was extended to September 30.
However, businesses are yet to do so, and KRA has extended the deadline, again, to November 30.
There are a few things to note, however: TIMs is already live. It is also being used by other businesses, which means that they are compliant with the regulations. The system is also in place to ensure effective and efficient capture of data using electronic means. This is to facilitate faster processing of VAT refunds, among other benefits related to business.
The incoming deadline is timely for businesses that have been struggling to go around the entire process of securing the new Electronic Registers and setting them up.
There is also the software part of it, which, sadly, is not an easy task for every business owner out there.
To this end, Zoho, the Indian tech company that is known for its web-based business tools, including automation and ERP programs, has decided to make the entire exercise easy for the affected groups.
Specifically, the company has launched its VAT and Tax Invoice Management Systems (TIMS) and accounting software named Zoho Books.
The tool has been developed with Kenyan businesses in mind, and will therefore help them prepare for the implementation of TIMS, smoothen the transition and ensure compliance.
To note, Zoho Books is not a new product: it has been in the market for the past decade and more, but this is the time that it has been equipped with the TIMs tool.
Zoho adds that businesses will have an end-to-end accounting solution that will help create TIMS-compliant invoices and push to the KRA in just a few clicks.
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.
With the Kenya edition of Zoho Books, businesses will now have a VAT and TIMS-compliant solution that empowers businesses to work remotely or in hybrid mode.
The company also prides itself in what it has been able to achieve ever since the pandemic started. For instance, Zoho Books in the Kenya region has seen a 318% increase in new customers, and nearly a 100% increase in revenue.
Zoho Books has a free plan that comes with VAT and TIMS capabilities and is available for use immediately.
The pricing plan starts at KES 849 per organization, 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.
“Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalization journey,” said Veerakumar Natarajan, Country Head, Zoho Kenya.
“Zoho Books has been in the market for the past 11 years. We have gained deep expertise in continually solving accounting challenges, and tax and regulatory compliance for businesses worldwide,” said Prashant Ganti, Head of Product Management, Zoho Finance Suite.