Zoho has announced its partnership with Mashreq to bring connected banking solutions in the region through Mashreq NeoBiz. With this solution, NeoBiz account holders will have access to Zoho Books, the most powerful VAT-compliant accounting software, to eliminate manual data entry and automate reconciliation.

NeoBiz is the first digital banking proposition in the UAE exclusively aimed at small and medium enterprises to empower them with a smart choice to initiate, transact and manage their banking requirements. Prashant Ganti, Head of Product Management, Global Tax, Accounting, and Payroll solutions, Zoho Corp said, “Until now, corporate banking and ERP integration was a luxury that only larger businesses enjoyed. We are happy to join forces with Mashreq to equalize this for businesses of all sizes and make everyday banking and accounting easier.”

Rohit Garg, Head of NeoBiz and Business Banking at Mashreq said, “Mashreq continues to be at forefront of digital transformation and we believe that our partnership with Zoho will further enhance customer experience and make banking simple. The collaboration will enable SMEs in the UAE to streamline their business operations by combining seamless banking transactions through NeoBiz and leverage the accounting software of Zoho on a single platform thus increasing productivity and reducing manual errors.”

Benefits of the Zoho-Mashreq partnership:

Single sign-on
Business owners can seamlessly log in to both NeoBiz and Zoho Books with a single sign-on and securely access Zoho Books right from the NeoBiz portal without additional logins or authentications, making it more convenient for businesses to manage their banking and business finance.

Automatically fetch and reconcile bank statements
All NeoBiz transactions are automatically fetched into Zoho Books from the NeoBiz account. Zoho Books’ powerful reconciliation engine automatically reconciles these transactions with the ones already recorded in Zoho Books and helps recreate missing transactions easily. This saves the time that businesses currently spend on manually entering and reconciling bank transactions.

Experience smart accounting with Zoho Books
With NeoBiz, UAE businesses not only have a digitally advanced banking solution, but they can also streamline day-to-day financial operations like invoicing and collecting online payments, run advanced financial reports for deeper insights, and stay VAT compliant.   

Mashreq’s NeoBiz account holders get six months of free subscription of Zoho Books. Businesses that don’t have a NeoBiz account can apply for one within 20 minutes. Once it is approved, they can instantly access Zoho Books right from the NeoBiz digital portal.