Billing software for MSMEs: Software company Zoho on Wednesday launched its billing software Zoho Billing, an evolved version of its existing Zoho Subscriptions for SMEs and growing businesses with flexibility in billing. While Zoho Subscriptions addressed the challenges around managing recurring billing and tracking new metrics for businesses using subscription models, companies focusing on one-time sales are considering tiered subscription plans, according to Zoho.
The company has added multiple features to Zoho Billing for end-to-end billing solutions including retainer invoicing for advance payments, one-time or flat-fee billing, project billing, expense billing, and Quote-to-Cash (Q2C). It also offers consolidated billing, metered billing, online payment collection and record offline payments.
Moreover, businesses selling mobile app subscriptions through app stores like Apple’s AppStore or Google Play store can integrate their billing for a unified backend across selling channels.
For subscription management, the software offers trial management, prorated billing, customer lifecycle management and retention. It has 13 country-specific editions including India for businesses to be compliant with the regional tax regulations.
In terms of analytics, the solution provides over 50 reports with metrics on accounts receivable, cash inflow, recurring revenue and customer subscriptions. It integrates with other Zoho apps for accounting, inventory order management, customer relationship management, and advanced analytics.
The company has set four plans for monthly subscriptions ranging from Rs 749 to Rs 11,999. “Zoho Billing helps businesses to be proactive by offering them complete control of their billing processes, helping them act fast on opportunities, and serving as an important touchpoint for customers, thereby providing them a competitive edge,” said Sivaramakrishnan Iswaran, Global Head, Zoho Finance and Operations Suite.
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Founded in 1996, Zoho offers over 55 applications-based solutions for different business categories. According to data platform Statista, the Indian software market is projected to reach $8.44 billion in 2023 with enterprise software dominating the market with a projected market volume of $3.49 billion in 2023. The market is expected to grow at 11.31 per cent between 2023 and 2028, resulting in a market volume of $14.42bn by 2028.