As per the notification issued by the ministry of corporate affairs, starting from April 1, it is mandatory for companies using accounting software to record audit trail of every financial transactions.
In light of this new regulation, Mr. Prashant Ganti, Head of Product – global tax, accounting and payroll would be happy to discuss:
– What this new regulation would mean for all registered businesses.
– What businesses need to look for in an accounting software to be compliant.
– How Zoho Books helps businesses with this specific regulation and other tax requirements.
Zoho Books has been recognised by the Government of India as the Best App in the Business category. Being part of the larger finance suite of apps, Zoho Books brings global best practices and compliance norms like audit trail, GDPR. The integrated finance suite of apps has all bases covered when it comes to managing key back-office operations such as invoicing, payments, travel expense management, inventory management, banking, and accounting. Several thousands of companies manage their business accounting and other finance operations using Zoho Finance suite of apps.
Zoho is a GST Suvidha Provider (GSP), which means Zoho Books provides GST compliance solutions to businesses belonging to different industries and of all sizes.
“A comprehensive audit trail, and good integrity controls are the bedrock of an accounting system that produces financial statements which auditors can confidently vouch for. In this spirit, the government of India is directing all companies to adopt accounting software with audit trail functionality. It is essential for businesses to invest in a cloud-based accounting system like Zoho Books that is compliant by design. This would not only help businesses with today’s compliance needs like automatically capturing the audit trail but, also the ones that will be introduced in the future, with minimal intervention from the user”, says Mr. Prashant Ganti, Head of Product – Global tax, accounting and payroll.
