Zoho Books ensures better accountability and improved fraud protection, say majority respondents

Zoho Books is a GST-compliant cloud accounting platform. The Chennai-headquartered global technology company Zoho Corporation said nearly 60% of the respondents were able to identify and correct discrepancies in their financial records.

“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 management, Zoho Finance and Operations Suite said.

The survey, sampled 470 businesses, and was aimed at understanding how businesses benefited from using the audit trail in Zoho Books.

The ministry of corporate affairs (MCA) requires businesses to have audit trail capabilities in their accounting software from April 1, 2023.

The audit trail mandate stipulates that businesses must maintain a complete record of their financial transactions including change logs. With audit trail, the auditors and regulators can enforce better internal controls, easily trace transaction history, and identify 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 said.Zoho Books is a cloud-based accounting software that helps businesses take care of their finance, perform core accounting functions, track stocks, reconcile bank accounts, manage projects, and keep them GST/e-invoicing compliant.