Cloud-based auditing software, aka online or web-based auditing software, is hosted on a remote server. The data is sent to the cloud, processed and returned to the end-user. A company using cloud-based software need not set up individual desktops with software because everyone has the flexibility to access the cloud anytime on any device.
Frequently Asked Questions
You can perform audit and compliance activities in real-time with 24/7 access. Everything is online; there’s nothing to install. Data is backed up automatically; updates are free and instantly available. AssureAI Audit automation software is highly secure and reduces upfront business costs.
The tool is fully integrated with Tally Accounting Software, where we have a facility for a single click data import of entire books of accounts into the AssureAI platform. An API-based data import facility for QuickBooks is under development and will be rolled out soon.
AssureAI has developed a TDL plugin that will be tagged to all subscribers’ license numbers and provided to them for installation in their machines. Once done, the button for data export to AssureAI will be activated in the customer’s tally, through which the JSON file can be created in a single click for importing into AssureAI.
TDL plugin for AssureAI Data export is available for both Tally.ERP9 as well as Tally Prime versions.
Does the tool support data imports from large ERP systems like SAP, Oracle, Microsoft Dynamics, Navision, etc.?
The tool does not presently support data imports from these ERP systems.
AssureAI provides feature for automatic generation of Annexures for uploading Tax Audit Report in Form 3CD which covers areas like 40A(2)(b), 40A(3) & 40A(3A), 269SS & 269T, 43B & 36(1)(VA) and Ratios. Automatic generation of annexures eliminates the need for data entry, thereby minimising error changes.
What is the provision for ‘mapping/tagging’ of ledgers to pre-defined schedule III heads/sub-heads? Is it time-consuming?
Mapping / Tagging of Ledgers is a one-time activity to be done for the first time, and after that, the system remembers the mapping and carries it forward year after year. Even for the first time, there is a ‘Rule based’ auto-mapping facility with a built-in and customisable rule engine through which generally 60 – 80 % of the ledgers are auto mapped in a ‘single click’. Even for the rest of the logs, there is a facility for bulk selection and application mapping feature, which helps in significantly reducing the time taken for mapping.
Ideally, a client company with around 2000 ledgers will not take a trained user more than 60-75 minutes for the first year and 15-30 minutes from the second year onwards.
Does AssureAI support the generation of Financial Statements only for companies? What about Partnerships and Proprietorship entities?
We support the generation of Financial Statements for all the business entities, including Partnerships, Proprietorships and Companies.
No, presently, only IGAAP Financial Statements can be generated from AssureAI.
Whether the tool supports only Annual Audit – or is it possible to conduct Monthly or periodic audits using the tool?
Though the tool is designed for Annual Statutory Audit, the features can be used to conduct monthly or internal audits of clients.
How do we know that the ‘single-click’ data import is free from errors? How do we confirm that all the masters and vouchers are fully imported and that no vouchers are skipped for technical or other reasons?
We have a built-in ‘Ledger Reconciliation’ module which takes care of this aspect. Upon data import and completion of the mapping, AssureAI seamlessly reconstructs the books of accounts in the cloud by posting all ledgers, opening balances and vouchers, and generating an ‘AssureAI Trial Balance’. This is automatically compared with the ‘Trial Balance’ as imported from the books of accounts, and the Reconciliation is ‘Passed’. This way, errors and omissions in data import are eliminated at the threshold, and the statements generated from AssureAI are always in sync with the underlying books of accounts.
Is there a way to import excel trial balance into your software for preparing for financial statements without using tally / QuickBooks?
This feature is presently not available. However, this is very much on our developmental agenda to provide a part for excel import of Trial Balance or Books and will update here once it is ready and deployed.
It is stated that the clients of CAs are connected through a dedicated Client User Interface (UI). Should clients also take AssureAI Subscription?
No, the client user login is totally free, and there are no charges for that. Also, presently there are no restrictions on the number of clients/client users. The CA can add any number of client users and it is absolutely free.
No. The client UI will have only limited functionalities. The client can upload their books of accounts in a Zip File. The client will be able to respond to all the audit queries and upload the Document Requests received from the CA. Besides, the client can also create, approve or accept the letters and documents, such as Engagement letters, MRLs, etc., required as part of the audit workflow procedures.
Is there any limitation on the number of ledgers or vouchers for a client file that AssureAI can handle?
There are no restrictions on the number of vouchers and ledgers for importing the data into AssureAI Cloud.
AssureAI hosts your data in a secure Amazon web service (AWS). The data is transmitted over the Secure Socket Layer(SSL), the most secure way of data transmission. Audit evidence and other confidential documents are stored on the most secure AWS S3 in an encrypted format.
Business Continuity Plans are established, maintained and tested using the state-of-the-art backup and disaster recovery services provided by our cloud service provider (Amazon AWS). Processes are designed to support continued business operations with minimal disruptions in case of incidents that affect continuity.
We accept Razor pay payments through Credit / Debit Cards, Net Banking and UPI payments. Contact us at email@example.com if your preferred mode of payment is not available on our website so that we will email the quote along with the payment link or NEFT details.
There are no set-up fees or hidden costs with Standard and Premium plans. However, the Enterprise plan will incur a nominal one-time set-up fee.
You can always upgrade to a higher plan and enjoy additional features.
There is a detailed ‘cancel procedure sequence’. There is a one-month moneyback guarantee for users who have subscribed without a free trial.
The customers will be intimated and given a time of 30 days to renew or backup the data. After that, the data will be deleted from the server.
Yes, we offer a free trial to help you try our product before purchasing it.
The subscription will automatically renew if you select the ‘Recurring Payment’ option. Otherwise, we will reach out with renewal notice reminders.
There are no specific system requirements. Any Windows or MAC PC with a browser and internet connection would suffice.
For exporting data from Tally, you need a licensed version of Tally ERP9 or Tally Prime.
A detailed User manual, Knowledge base search feature at the click of a button and Short ‘How-to’ videos are available. Besides, we are available to support whenever required to enable the users to effectively utilise the features in the tool.
No. The prices are exclusive of applicable taxes, and an additional 18 % GST applies to the price.
The plan comes with 50 GB of S3 file storage for Standard and 100 GB for Premium plans.
Additional storage can be purchased from Amazon, and as per the current AWS pricing, it will cost around INR 300-400/- per month for 100 GB storage, depending on the plan tenure chosen.
Exclusive access to a secure trial environment is provided to the trial user where they can try all features with your clients’ data.
Yes. You get to try all features of the product during the trial period, and there is no limitation. You can upload your client’s data and test the tool. We have pre-loaded the trial account with sample data to facilitate a quick review of the tool and save time.
The data will be periodically deleted after the trial period ends.
No. You can sign-up and use AssureAI for 14-days without giving your credit card details. At the end of the trial or when you decide to subscribe to our software, you will need to pick up a plan from the Pricing page and proceed to make payment online.
Yes. Up to 5 firm users can try the tool on a single trial sign-up during the trial period.