MCA mandates companies to have Audit trail in accounting software from 1st April 2023

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What is this mandate ?

  • In the digital era, trade businesses are looking to digitize by automating their day to day processes with POS/ERP software. These solutions provide comprehensive security and traceability so that businesses have maximum possible control on all store operations.
  • To bring this control, the MCA (Ministry of corporate affairs) has mandated the recording of all transactions in a company and compulsorily have audit trail in their accounting software from April 1st 2023.
audit trail - mca mandates

What is audit trail ? Why is this important ?

  • Audit trail in accounting software refers to the trail of all activities like create, edit, update, delete or cancel in a particular event and by whom with date and time
  • From creating a sales or a purchase invoice to editing the invoice details, from creating a new item/ ledger to editing its default behavior, can fetched in one click with Audit trail in an Accounting software
  • They are so accurate that when a sales bill edit occurs, the entire history of invoice amount, time, date and, responsible counter person, from creation till modification will be recorded
  • This also includes tracking void items, void bills,auditing of price look-up, aborted and edit or cancel bills etc...
  • It aims to track, penalize and discourage fraudulent changes in accounting entries or business operations
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audit trail - mca mandates

About audit trail availability in Gofrugal products and solutions

audit trail - mca mandates
audit trail - mca mandates
audit trail - mca mandates
audit trail - mca mandates

Gofrugal's vision from day 1 i.e 17 years back is to offer a comprehensive business management software with security and audit trail on all business operations. We understood the importance of security way back in 2004 and audit logging is available in all products of Gofrugal even in the basic version.

With Gofrugal's audit trail in accounting software, businesses can prevent frauds from happening in the first place as they enjoy 100% traceability and control, accountability for mistakes, learning and establishing the right business process and practices. Most importantly it helps to identify any suspicious un-authorized access to data. Since the trading business is a low margin business and there is always margin pressure, having an audit trail ensures business mistakes are reduced (as accountability can be established). It is the foundation on which a healthy business is built.

There is no special configuration required to enable it and this is logged by default. Added to that, no one can disable the audit-trailing. Most importantly to give more control to business owners we have enabled audit on inventory movements too. The audit reports include invoicing, inventory, security and accounting audit changes. With a simple click a business owner or the auditor can review and approve these exceptions remotely anytime on the mobile itself.

We have made this new mandate easy for our existing customers as there is no change expected out of them as Gofrugal products and solutions already have Audit-trail log. Going forward our solutions will be made adaptive, collaborative and business specific for better experience to all users, from decision makers to counter employees.

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