Zoho Corporation Introduces AI-Driven Accounting for Nigeria

Zoho Corporation has launched the Nigeria edition of Zoho Books, a cloud-based accounting platform, aimed at simplifying VAT and e-invoicing compliance for Nigerian businesses. This initiative also includes the Nigerian editions of other applications within Zoho’s finance and operations suite, which are designed to enhance financial management through artificial intelligence.

Prashant Ganti, Vice President of Global Product Strategy and Alliances at Zoho, stated that the solutions are intended to alleviate the administrative burdens businesses face due to Nigeria's evolving tax requirements. The platform allows businesses to automatically apply VAT rates, manage withholding tax, and generate VAT schedules for the TaxProMax portal.

Additionally, it enables the direct generation and submission of e-invoices to the Nigeria Revenue Service portal. A survey indicated that only 24% of small and medium-sized businesses in Nigeria currently utilize AI tools for financial management, highlighting an opportunity for increased AI adoption.