The introduction of modern financial software and systems has made transactions and finance management simple. The GST Act brought in considerable progress by introducing elements like E-invoicing and E-way billing. According to the October 2020 mandate of the Government of India, E-Invoicing is mandatory for all B2B businesses with a turnover of Rs.100 crore. When put into action, these steps have helped businesses run in a hassle-free manner.
In order to understand the role of Tally Prime for E-Invoicing and Audit Trail, we first need to understand these terms clearly.

What is E-Invoicing and Audit Trail?

E-Invoicing, as the term suggests is an electronic invoicing system that allows B2B businesses to authenticate their transactions/invoices under the Goods and Services Tax Network (GSTN). It is an electronic document shared between the supplier and buyer and validated by the tax portal of the Government.

An Audit trail on the other hand, is a step-by-step record of any or all financial transactions of a business. It can be used to keep track of or verify transactions and acts as proof of financial history. It is as simple as saving receipts in order to prove that you paid for a product. In the financial sector, an audit trail is the most basic yet vital element of any business.

About Tally Prime:

Tally Prime is a one-of-a-kind software that is enabling businesses to move a step closer to a paperless office. It is a business software that will take care of all your financial paperwork. This is allowing businesses to widely focus on their development instead of the hassle of accounting, inventory, payroll, etc.

You can set up this software within minutes and understand its functions in a very short span of time. It is designed in a user-friendly manner and also comes with a 7-day free trial! Call now.

How can Tally Prime help with E-Invoicing?

The latest version of TallyPrime offers a very easy transition to the Invoice Registration Portal (IRP). It can easily generate a GST Compliant Invoice of any type and also allows users to configure it according to their businesses. The intelligent system has automatic and additional elements like multiple billing formats, currency support, multiple price levels, addresses, etc.

Furthermore, the system automatically manages bills receivable and payable upon saving the invoice. The software comes with a number of easy-to-use and compelling features that will make your billing process extremely simple, saving a lot of time!

Tally Prime and Audit Trail:

The Ministry of Corporate Affairs (MCA) has mandated the use of Audit Trail featured accounting software for all the businesses that fall under the ministry.

Tally Prime has a new inbuilt feature called the Tally Audit that allows the auditor to keep a record of any changes made in the transaction. The Tally Prime Edit Log specifically caters to companies falling under the MCA. One of the key features of this software is that it adjusts to the user data and does not require the companies to change the way they maintain their finances. TallyPrime Edit Log simplifies the audit trail by digitizing the entire process.

Non-MCA companies:

Even companies that do not come under the MCA, have a chance to maintain an edit log through the latest release of the Tally Prime Software. The dongle-enabled digital signature ensures security to the maximum level and makes it easy to add signatures, export, and print all business documents.

Tally Prime brings speed, efficiency, consistency, and detail to the table. It is an all-in-one intuitive solution for all your transaction needs.

TAGS: ACCOUNTING, E-INVOICING IN TALLY PRIME, TALLY PRIME, THE AUDIT TRAIL