Bengaluru Startup Founder Blames Zoho Books for Financial Loss Amid Accounting Errors
'You had ONE job': Bengaluru founder claims Zoho Books error caused huge financial loss, company reacts
Hindustan Times
Image: Hindustan Times
Azeem Hussain, co-founder of Bengaluru's FlexyPe, has accused Zoho Books of incorrectly marking failed transactions as paid, resulting in a financial loss of ₹3.8 lakh (approximately $4,600 USD). Zoho claims the issue may stem from payment gateway integration rather than its software, as investigations continue.
- 01FlexyPe's founder claims Zoho Books caused a financial loss of ₹3.8 lakh due to invoicing errors.
- 02The discrepancies were discovered during a manual audit of March data.
- 03Zoho asserts that the issue may be linked to payment gateway integration, not its software.
- 04Cashfree Payments, the payment gateway involved, stated the issue has been resolved.
- 05Hussain plans to file a formal complaint seeking recovery of losses and damages.
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Azeem Hussain, co-founder of FlexyPe, a checkout platform based in Bengaluru, India, has voiced serious concerns about inaccuracies in Zoho Books, an invoicing software. He claims that the software incorrectly marked failed transactions as successful, leading to a financial mismatch of ₹3.8 lakh (approximately $4,600 USD). Hussain expressed his frustration on LinkedIn, stating that despite being a payments company processing significant daily transactions, they did not catch the errors sooner due to their trust in Zoho's reliability. The discrepancies were uncovered during a manual audit of March data, prompting Hussain to review two years of records for further issues. He plans to file a formal complaint against Zoho and seek recovery of losses along with damages for the operational stress caused. In response, Zoho indicated that preliminary findings suggest the problem may be related to the payment gateway integration rather than its invoicing functionality. Cashfree Payments, the payment gateway mentioned, confirmed that the issue has been resolved and is collaborating with Zoho to prevent future occurrences.
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This incident highlights the risks of relying on invoicing software for financial accuracy, potentially affecting other startups using Zoho Books.
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