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New Update – Audit Trial Is Mandatory In Accounting Software Of Companies! Are You Ready?

Audit Trial

Are you using accounting software to manage your company’s books? If yes, be attentive! A new amendment comes from the Ministry Of Corporate Affairs. They issued a notification on 24th March, 2021 under the Companies (Accounts) Amendment Rules. A new proviso has been added in Rule 3 Sub-rule (1).. According to this provision, there is compulsion of three changes in the features of accounting software, which are:

  • Edit Log of each transaction
  • Log of date when changes were made
  • Audit trial can’t be disabled

 

This rule will come into effect from 1st April, 2021.

 

Explanation Of New Amendment in Accounts Rules

According to this amendment, the companies that are using accounting software for maintaining its books shall use a software which has a feature of recording audit trail of each and every transaction. Additionally, the software can create edit log of each change made in books along with the date when the changes were made. It is also important to ensure that the audit trial cannot be disabled.

We guess, the purpose of this amendment is pushing companies to keep their accounts Up To Date. Now the account section of companies has to play an active role to the maximum.

 

HostBooks Accounting Software

We are proud to announce that if you are looking for the accounting software that can meet new proviso rules, we can assist you. HostBooks brings a smart accounting application name as ‘hb Accounting’ that has all features to match new proviso rules. Additionally, this software can save your 50% time and cost by automating the complete accounting process. Other than that, there are many unique features that make this software best to choose such as:

  • AI-Based Bank Reconciliations
  • Fixed Asset Management
  • Price Grouping And Discount Management
  • Roles & Responsibility Management
  • Inventory Management
  • Inbuilt Payment Gateway
  • AR/AP Process
  • Invoice Approval process
  • Invoice to Cash Process in a single place
  • Automated Payment option
  • A Complete Customized Application

 

Then what are you waiting for? Shake your hands with us to utilize the maximum benefits of accounting software. We are glad to assist you.

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