Zoho Books is a GST-compliant cloud accounting platform. The Chennai-headquartered world expertise firm Zoho Corporation stated practically 60% of the respondents had been in a position to determine and proper discrepancies of their monetary data.
“Audit trail is an intrinsic part of an accounting system. This capability strengthens the internal controls by ensuring financial integrity and compliance,” Prashant Ganti, head of product administration, Zoho Finance and Operations Suite stated.
The survey, sampled 470 companies, and was geared toward understanding how companies benefited from utilizing the audit path in Zoho Books.
The ministry of company affairs (MCA) requires companies to have audit path capabilities of their accounting software program from April 1, 2023.
The audit path mandate stipulates that companies should keep an entire file of their monetary transactions together with change logs. With audit path, the auditors and regulators can implement higher inside controls, simply hint transaction historical past, and determine discrepancies.
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“At Zoho, even before the audit trail was mandated by the MCA, we’ve been evangelising it to our customers not just in India but across the world. As a result of this, the majority of our customers have been using the audit trail, and have benefitted from it as captured in our survey results,” Ganti stated.Zoho Books is a cloud-based accounting software program that helps companies handle their finance, carry out core accounting capabilities, monitor shares, reconcile financial institution accounts, handle tasks, and maintain them GST/e-invoicing compliant.
Source: economictimes.indiatimes.com