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Tally Makes Audit Compliance A Breeze This Audit Season
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Thursday, July 12, 2012:
Tally Solutions Pvt. Ltd, one of India’s most preferred business solutions companies, announced the launch of its latest offering, Tally.ERP 9 Release 3.6; with compliance features designed to help the 30 million MSME units of India sail through the audit season, by making their books Revised Schedule VI compliant. The release enriches the auditing experience for the Chartered Accountant (CA) and enables his clients to keep their books Audit Ready. The Auto-Bank Reconciliation facility enhances the banking experience by making it faster, more accurate and hassle-free.
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Mr. Bharat Goenka, Managing Director, Tally Solutions said “Tally works ahead of times to incorporate all the statutory requirements as and when they are mandated by the Govt. Thus helping business houses to focus on growing their business and avoid the risk of unforeseen penalties and fines due to non-compliance”.
Audit compliance is a complex and time consuming process. The months of July-August-September are the periods of deep trench for most business houses in India. It is the audit season and is mainly marked by hours spent with the company’s auditor to get books verified, stat requisites complied and returns filed. The pressure of the audit process forces the businessman to shift focus from his business to meeting audit and statutory compliances.
This year, in order to bring in more transparency into the books, the government has mandated changes that further complicate the audit process. New formats for balance sheet and P&L statements, as well as new formats for documenting records are now in place. In other words businesses now will be required to spend more time with their auditors, responding to a longer list of exceptions and clarifications. Tally’s Release 3.6 is armed sufficiently to solve this problem to a major extent.
Additionally, data security is assured with enhanced password security features. Release 3.6 is geared to help business houses in India to grow by concentrating on their core business processes by leaving the hassles of statutory compliances and bank reconciliations to their Tally softwares. At the click of a button, users will be more Audit Ready with the enhanced audit tool. This in turn simplifies the CA’s work leading to a more accurate and efficient audit process and a shorter audit period.
KEY FEATURES OF RELEASE 3.6
§ Tally Live Updates notify and install product and statutory updates through Tally.Net subscription
§ Enhanced Password Security in line with accepted global practices
§ Financial data automatically mapped to folder heads as per the provisions of the ‘revised Schedule VI’
§ Users are Audit Ready with their books ready to be audited at any time
§ Bank statements reconciled automatically by simply importing the bank statement
§ Pre-configured cheque printing for respective banks
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