Accounting is not just a business activity. Though it is one of the major business activities carried out by any business, it is not restricted to big businesses , but also plays a crucial role in many other day to day life activities. It doesn’t matter how large scale or small scale your business is, or your organization is, you will have to do accounting. People argue that if you are your own boss, you don’t need to do accounting.Well, may be you are not accountable in that case to any higher authority, but if you don’t do accounting, very near in the future there will be a situation when you are no longer in the business.In fact, accounting is about how you spend your money, how you save your money, how you distribute your money and how you plan on your profits and losses.Not just in business, even in our personal lives , accounting is mandatory.If you are not into accounting, you don’t know how much money you have made, you don’t know how much profit you have made or loss incurred, how much you can spend and how much you have to pay for the loans. A good accounting is mandatory for a successful business and development.