During Q1 of 2021 the Ministry of Corporate Affairs (MCA) had issued the mandate that required companies to use accounting software that had audit trails and transaction log facilities baked into them from April 2021. The purpose of this mandate was to have a record & trail of all transactions and creating logs of any changes made to the books of account. This rule was being implemented to curb frauds & unrecorded transactions.
Due to many small and medium companies not having such an accounting or ERP system and such short notice of the mandate, it became an issue for companies to comply with it. Taking that and other factors into consideration, the deadline for it was deferred by a year to March 2022 by the MCA. Now, it’s December 2021 already and we are sure many are still searching for a software that can help them manage business with ease as well as comply with the Audit Trail & Recording rules of the government.
If you are one of them as well then we advise you to check out SAP Business One. It is the most comprehensive ERP solution for every SMEs irrespective of industries. It offers unmatched end-to-end functionality for Accounting, CRM, Sales, Purchase, Inventory Management, Finance, & more and transforms your business into an Agile & Smart entity. Plus it has the audit trail & logging features that the new rules require. Check it out here:
To read more on the Audit Trail feature for accounting and its deference head here: