Recording the day-to-day financial affairs of a business is a part of Bookkeeping. The preparation of financial accounts is known as Accounting. Accounting is mandatory for all forms of businesses including Small Enterprises and Freelancers. Apart from the compulsion, it is always better to keep the financial statements up to date and accurate to avoid financial muddles. Maintenance of accounts is as essential for a home-run business as it is for an industrialist. There are mandatory standards of accounting a business needs to follow. To conform to such criteria, it becomes essential to take help from experts.