Boxfile: A 360-degree Audit & Practice Management Solution for CAs & Corporates

Joseph Christy Antony,Founder & Chief Executive Officer

Joseph Christy Antony

Founder & Chief Executive Officer

The Audit Quality in India is directly related to the economic growth of the country and this specifically highlights the importance of the role of Chartered Accountants. With the world taking on digitalization, cutting-edge technology and tools are needed to stay abreast of the changing trends, ditching the traditional methods otherwise, that help deal with clients more effectively and efficiently.

Started in June 2020, Boxfile has built a world-class solution that will help Chartered Accountants in India to compete with world class accounting practices with the likes of “Big 4” and others. It is a contactless audit platform for CAs and Corporates that includes apps for Practice & Audit Management driven by analytics. The app complies with the global accounting standards, extensible to the international CA and Corporate community with country specific customization.

Boxfile Cloud provides enhanced compliance tools which helps CA firms to address the root cause for non-compliance, audit quality and overall team performance. “Our industry agnostic workflow engine is robust, flexible and scalable, which can support different types of audits across industries,” says Joseph Christy Antony (Founder & Chief Executive Officer).

Time to Ditch the Traditional Methods
The full implementation of the Companies Act 2013 from the 2018 financial year brought along the rotation of auditors and penal actions for non-compliance. The Chartered Accountants are now realizing the importance of audit software for compliance and standardization across the firm to avoid future issues due to audit rotation/quality review. Also, the Indian Government’s push for the creation of “Big 8” audit firms, which includes 4 large Indian firms, and audit rotation is having a cascading effect in the CA fraternity as the firms in the Medium to Large segment are getting an opportunity to work on bigger assignments. ,

The National Financial Reporting Authority (NFRA) was instituted to ensure the maintenance of fully compliant audit documentation and papers. It has now become more of a necessity rather than a niceto have attribute of an audit file. The clients have moved to sophisticated technologies but the audit firms are leveraging traditional technologies and discrete systems and fail to realize the importance of integrated systems. With businesses taking on cloud based
technology, the processes have become much easier and integrated and it also replaces heavy investments in the hardware, thus significantly taking down the costs of installation and maintenance. The cloud based platform also enhances mobility and accessibility to the required systems and tools.

Boxfile Audit has inbuilt audit programs and procedures based on the local regulations to ensure auditors adhere to the appropriate audit standards for documentation and audit evidence. The system provides a suite of reports that can help track the performance like Engagement status reports, Time shee reports from Time sheet Application, Independence declarations which are contextual, Acceptance, and agreeing on the terms of the audit engagement.

Boxfile Cloud provides enhanced compliance tools which helps CA firms to address the root cause for non-compliance, audit quality and overall team performance

An Intuitive Cloud Platform Complying with Global Accounting Standards
Boxfile Audit provides an internationally accepted automated cloudbased audit methodology for the users. The user friendly and intuitive Boxfile cloud platform one of a kind 360-degree Audit & Practice Management solution for CAs & Corporates. The platform provides clients a suite of products like Audit, Office, Timesheet & Billing.

The benefits of using Boxfile are Virtual and paperless audit, ensuring easy switching across the files, Reliability with assured security and compliance in place, Simplified and unified document management, Analytics driven automated workflows, Collaboration, and integrated systems connecting Connected CRM, HRMS , Project, Timesheet & Billing system for efficient operations.

Boxfile was awarded the 2021 TANSEED StartupTN award for the "Best Upcoming SaaS Company'from the Honorable Chief Minister of Tamil Nadu Mr. M.K Stalin.It was recently selected by Startup India to commemorate the 75th year of India’s Independence “Azadi Ka Amrit Mahotsav”, to showcase the spread and depth of entrepreneurship across India.

Boxfile is thrilled to have launched the Boxfile Cloud in January 2022 which has attracted substantial traction and growth, onboarding SMEs and enterprises. Leading CA firms in Mumbai, Chennai, Bengaluru, and Delhi have started implementing Boxfile Cloud and it has acquired 500 plus users on the platform. As encouraging as the journey up yet has been, there is a long way to go. Boxfile has initiated discussions with ICAI - CMP in India for scaling and is currently indulged in establishing channel partnerships with UAE & Australia-based firms for global expansion.

Boxfile has a rather defined roadmap that comprises specific milestones from a Business & Market and Product capabilities standpoint. “As a company, we envision two broader product lines, one for CAs in practice and another for CAs in Corporates/ Companies for India and International markets. This will provide us a significant market presence and user base for us to grow into a global organization”,concludes Joseph Christy Antony.