Zoho Books update December 2024
Welcome to the Zoho Books update for December 2024! This month’s release introduces a host of powerful features and enhancements designed to elevate your accounting processes and optimise your financial management strategies.
Join us as we delve into the exciting new updates that promise to streamline your financial workflows and enhance productivity. Let’s get started with the Zoho Books update for December 2024!
CIS Enhancements in Zoho Books
Simplify tax compliance with Zoho’s new CIS feature! Automatically calculate contractor and subcontractor deductions, file CIS returns with HMRC, record payments, and generate detailed reports—all in one place. Stay compliant and save time effortlessly!
Business Benefits of CIS Enhancements in Zoho Books
- Streamlined Tax Compliance: Automate CIS calculations and filings to reduce manual errors and ensure accuracy, helping you stay compliant with HMRC regulations.
- Time Savings: Eliminate repetitive tasks like manual deductions and reporting, freeing up your team to focus on more strategic activities.
- Improved Financial Accuracy: With automated calculations for contractor and subcontractor CIS deductions, your records remain precise, reducing the risk of discrepancies.
- Enhanced Reporting: Gain valuable insights into your CIS payments and deductions through comprehensive reports, enabling better financial analysis and planning.
- Seamless Record Management: Track payments and keep all CIS-related information organized in a single platform, simplifying audits and financial reviews.
- Compliance Made Easy: Directly file CIS returns with HMRC, removing the hassle of switching between systems or managing separate submissions.
By integrating CIS features into Zoho Books, businesses can enjoy a smoother workflow, reduced administrative burden, and greater confidence in their tax management processes.ss to manage workflows with greater flexibility, improving productivity and scalability.
BACS Generation in Zoho Books
Zoho Books now allows users to generate BACS files for their bills, simplifying payment processes. With this new feature, you can create BACS files directly within Zoho Books to facilitate secure payments. Once generated, the BACS file can be imported into your bank account, enabling seamless bill payments. Additionally, Zoho Books automatically records these payments, keeping your financial records accurate and up to date.
Business Benefits of BACS Generation in Zoho Books
- Effortless Payment Processing: Generate BACS files quickly and streamline your bill payment workflow, reducing manual effort and time.
- Enhanced Security: BACS payments offer a secure way to transfer funds, protecting your business transactions.
- Improved Accuracy: Automatically record bill payments in Zoho Books, ensuring precise financial tracking and eliminating manual errors.
- Time Savings: Eliminate the need for repetitive data entry or manual bank submissions by importing BACS files directly to your bank.
- Simplified Financial Management: Manage bills and payments in one place, maintaining organized and up-to-date financial records.
- Scalable Solution: Ideal for businesses handling multiple transactions, offering an efficient way to process bulk payments.
With the new BACS feature, Zoho Books empowers businesses to simplify payment workflows, reduce administrative overhead, and maintain accurate financial records effortlessly.
Early Payment Discount – Skonto
Zoho Books introduces Skonto, an early payment discount feature that enables businesses to reward customers for timely payments. By offering discounts for early settlements, you can encourage faster payment cycles and enjoy better cash flow management. The feature is seamlessly integrated into Zoho Books, allowing you to track discounts automatically and maintain accurate accounting records effortlessly.
Business Benefits of Early Payment Discount – Skonto
- Accelerated Cash Flow: Incentivise customers to pay sooner, improving cash availability for your business operations.
- Stronger Customer Relationships: Rewarding early payments fosters goodwill and strengthens customer loyalty.
- Reduced Credit Risks: Encourage quicker settlements to minimise the risk of bad debts or delayed payments.
- Optimized Financial Planning: Faster payments enable better financial forecasting and planning for future expenses or investments.
- Accurate Accounting: Automated tracking ensures that all discounts are properly recorded, reducing manual errors in financial records.
- Time Savings: Simplifies the process of managing and applying discounts, reducing administrative workload.
- Enhanced Business Growth: Improved cash flow and reduced payment delays create opportunities for reinvesting in your business.
With Skonto, Zoho Books empowers businesses to strengthen cash flow, build better customer relationships, and maintain efficient, accurate financial operations.
Partial Invoicing with Progress Invoices
Businesses can now break down their quotes into custom amounts for each line item, allowing for partial invoicing. This feature empowers businesses to issue progress invoices, enabling customers to make proportional payments as services are rendered or items are delivered.
By aligning payments with project milestones or delivery stages, this feature provides greater flexibility and ensures smoother cash flow management for businesses and customers alike. Perfect for service-based industries or long-term projects, partial invoicing simplifies financial tracking and enhances transparency in transactions.
Business Benefits of Partial Invoicing with Progress Invoices
- Improved Cash Flow
By invoicing customers in stages, businesses can receive payments throughout the project or service delivery, ensuring a steady cash flow rather than waiting for full payment at the end. - Enhanced Flexibility
Progress invoices provide the flexibility to bill customers for completed milestones or partial deliveries, making it ideal for long-term projects or phased services. - Greater Transparency
With custom amounts for each line item, businesses can provide clear and detailed billing that aligns with the progress of the project, fostering trust and clarity with customers. - Customer Convenience
Allowing customers to make proportional payments reduces financial pressure, making it easier for them to commit to larger projects or services. - Streamlined Financial Tracking
Breaking down invoices into smaller, manageable amounts simplifies accounting and ensures that revenue and receivables are tracked accurately. - Better Alignment with Project Timelines
Progress invoicing aligns billing with project completion, ensuring businesses are compensated as work progresses rather than waiting until the end.
This feature not only makes billing more manageable but also strengthens customer relationships by offering payment flexibility and transparency.
Manage Retention Payments with Ease in Zoho Books
Construction businesses often operate under contracts that involve payment retention—where a portion of the invoice amount is withheld until specific project milestones are met or contract terms are fulfilled. This ensures quality and compliance while aligning with industry standards.
With Zoho Books’ new Retention feature, businesses can seamlessly manage payment retention. You can set an agreed retention rate for each invoice, allowing customers to withhold a portion of the payment. The retained amount is tracked separately, ensuring clarity and smooth cash flow management until the withheld funds are released.
By automating the retention process, this feature simplifies financial management for construction businesses, enabling you to focus on delivering projects while maintaining financial transparency and compliance.
Fixed Asset Management Simplified in Zoho Books
Managing fixed assets is a critical part of any business’s financial health. With Zoho Books’ Fixed Asset Management feature, users can now easily create, manage, and sell their fixed assets in one centralized location.
Track depreciation automatically, ensuring accurate calculations and real-time reports for smarter decision-making. This feature also helps businesses stay audit-ready by maintaining a detailed asset history, providing full transparency and accountability.
By optimizing the utilisation of existing assets and making data-driven decisions, Zoho Books empowers businesses to make informed investments and streamline their fixed asset management processes.
Advanced Expense Management with Zoho Expense Add-On
Zoho Books introduces Zoho Expense as an add-on, designed to elevate your expense management processes.
With Zoho Expense, you can automate employee reporting, streamline budget control, and ensure compliance with business expense policies. The integration reduces manual effort by syncing reimbursed expenses automatically, enhancing accuracy and efficiency.
This seamless expense management solution helps businesses save time, minimize errors, and stay on top of expenses, ensuring better control and smoother operations.
Coming Soon: Dext Integration
Zoho Books will soon integrate with Dext, bringing a powerful tool for UK businesses to automate their financial data entry. This integration allows for the automatic extraction of key details from receipts and invoices, reducing manual effort and ensuring precision in financial records.
With Dext and Zoho Books working together, businesses can streamline their bookkeeping processes, enhance financial accuracy, and stay ahead in managing their finances—all while focusing on what truly matters: running their business smoothly.
Stay tuned for more updates on this exciting new feature!
As we conclude this month’s Zoho Books update December 2024, we’re excited to see how these enhancements can streamline your financial management processes and improve overall efficiency.
We invite you to explore these new features and discover how they can simplify your workflows, increase efficiency, and drive business growth. Should you have any questions or need further assistance why not book a meeting with our experts.
Zoho Books Success Story: A game-changer for GiftTrees!
When GiftTrees sought to integrate their accounting with their CRM, they turned to Goldstar IT for a seamless migration from Xero to Zoho Books.
Check out our GiftTrees Success Story and discover how this strategic move streamlined their operations, improved financial insights, and cut costs, positioning GiftTrees for future growth.
Services Provided
- Xero to Zoho Books Migration
- Integration with Zoho CRM
- Integration with Zoho Analytics
- Zoho Expense deployment
- GoCardless Integration
Zoho Solutions
- Zoho CRM
- Zoho Analytics
- Zoho Books
- Zoho Expense
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