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accounts-rules

Do You Know MCA (Ministry Of Corporate Affairs) Amends The Accounts Rules?

MCA has issued a new notification on 24th March, 2021 regarding Amendment to Rule 3(1) of Companies (Accounts) Rules 2014. According to this, every company which uses accounting software for maintaining its books of account, shall only use a software that has:

  • Feature for recording audit trail of each and every transaction
  • Create edit log of each change made in the books of accounts along with the date when such changes were made
  • Ensure that the audit trail cannot be disabled.

This amendment will come into effect from 1st April 2021.

What Is The Importance Of This Amendment?

for-companies

For Companies

  • Help You To Detect And Prevent Fraud
  • Enhance Your Financial Record's Accuracy
  • Help You To Find Lost Transaction Quickly
for-it-department

For Income Tax Department

  • Help to track all transactions made by companies
  • Help to minimize the tax evasion cases
  • Help to collect significant amount of tax
audit-trail-record

Are You Ready For Audit Trail Record?

If you are finding a software which can offer you an automated audit trail record feature, end your search with hb Accounting Software. HostBooks Accounting is a cloud based All-In-One software is built to ease all accounting difficulties.

Winning Features Of hb Accounting Software:

  • Automated data entry
  • Audit Trial Record
  • Access accounts anytime anywhere
  • Multi-Currency
  • Easy integration
  • Inbuilt Payment Gateway
  • AI-Based Bank Reconciliations
  • Automated Payment option
  • Invoice to Cash Process in a single place
  • A Complete Customized Application

If you want to manage your books of account seamlessly, connect with us.
We are happy to assit you!

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